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Showing posts from July, 2019

Oil Trapped In Narrow Price Band | OilPrice.com - OilPrice.com

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Oil prices appear to be trapped within a relatively narrow range, squeezed between competing forces on both the upside and downside.There is no shortage of news, but WTI is stuck between $50 and $60, and Brent is stuck between $60 and $70. Obviously, nothing is ever static in the oil market, and the one truism about oil is that volatility can and will return. But for now, oil is range-bound, supported by supply outages, OPEC+ cuts and geopolitical unrest on the one hand, but capped by weak demand and a looming return of surplus on the other.“Oil markets have been becalmed within tight ranges amid falling volatility,” Standard Chartered wrote in a note. “While front-month Brent has settled higher on seven of the past eight trading days, the pace of the ascent has been glacial.”Opposing forces are keeping crude prices in place. The threat to the Strait of Hormuz is old news by now, and the markets are not overly concerned about a possible outage. Iran and the UK, each with their own tan…

EIA: US crude oil production continues to set records - WorldOil

7/31/2019WASHINGTON - U.S. crude oil production in each of the first five months of 2019 showed increases over their 2018 levels, with April 2019 establishing a new monthly record. Production grew the most in the Permian region and the U.S. Gulf of Mexico. The U.S. Energy Information Administration (EIA) initially expected the decline in crude oil prices between October and December 2018 to slow U.S. crude oil production growth for the first half of 2019. However, several factors have contributed to increases in the U.S. production forecast. First, crude oil prices began rising in early 2019, partially offsetting the price drop seen at the end of 2018. In addition, crude oil prices in Midland, Texas, rose faster than the U.S. benchmark West Texas Intermediate (WTI), which is priced in Cushing, Oklahoma. As a result, the price spread between Midland and Cushing narrowed, allowing producers in the Permian region to receive relatively better prices. Several projects have also come online…

Will WTI Crude Oil Prices Pass $60 after Today's Report? - Market Realist

Today, the EIA reported its US crude oil inventory data for the week ended July 26. The report showed a decline of 8.4 MMbbls (million barrels). This fall exceeded Reuters Poll’s estimated decline by 5.9 MMbbls. Most importantly, the US crude oil inventories spread contracted to zero, meaning oil inventories were at par with their five-year average.In the week ended July 19, the inventories spread was at 2%. The inventories spread is the difference between US crude oil inventories and their five-year average. Often, oil prices are inversely related to this spread.Moreover, gasoline inventories declined by 1.8 MMbbls for the week ended July 26. The fall was greater than Reuters’s forecast of a 1.45 MMbbls decline. The bullish draw in gasoline inventories is also likely to push oil prices upward. The difference between gasoline inventories and their five-year average remains unchanged for the second straight week.Will WTI crude oil prices pass $60?Despite the ongoing Middle-East talks, …

Is The US Close To Solving Its Venezuela Problem? | OilPrice.com - OilPrice.com

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The U.S. could be viewing the situation in Venezuela as close to being resolved, as suggested by the extension of the U.S. sanctions waiver for Chevron to continue operating legally in Venezuela for three more months, according to Carlos Vecchio, the ambassador to the U.S. of Venezuela’s opposition leader Juan Guaidó.“The oil sector is very complicated, three months isn't anything. So it tells you, in our view, that we can build a solution in a short period of time,” S&P Global Platts quoted Vecchio as saying in a speech at the National Press Club in Washington, D.C.Chevron has been lobbying with the U.S. Administration to receive an extension to its sanctions waiver after its expiration date of July 27.The U.S. Department of the Treasury did extend on Friday the sanction waivers to Chevron and four oilfield services companies—Halliburton, Schlumberger, Baker Hughes, and Weatherford International—to continue to deal until October 25 with Venezuela’s state oil firm PDVSA, which…

Oil Prices Go Five for Five - Rigzone

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by  Matthew V. Veazey| Rigzone Staff | Wednesday, July 31, 2019

WTI and Brent futures finished higher for the fifth consecutive trading day. West Texas Intermediate (WTI) and Brent crude oil futures finished higher for the fifth consecutive trading day.The September WTI gained 53 cents Wednesday, settling at $58.58 per barrel. The light crude marker traded within a range from $57.86 to $58.82.“September WTI yesterday finally broke out to the upside from the sideways congestion pattern that the market had been in for over a week and the September contract closed above the $57.44 major resistance level and closed right near the downtrend line of resistance seen on the daily chart,” said Steve Blair, senior account executive with the RCG Division of Marex Spectron.Brent crude oil also edged upward during midweek trading. The October contract price finished the day at $65.05 per barrel, reflecting a 42-cent gain.“October Brent closed above the major resistance level at $64.42 yesterday and c…

EIA: US crude oil production continues to set records - WorldOil

7/31/2019WASHINGTON - U.S. crude oil production in each of the first five months of 2019 showed increases over their 2018 levels, with April 2019 establishing a new monthly record. Production grew the most in the Permian region and the U.S. Gulf of Mexico. The U.S. Energy Information Administration (EIA) initially expected the decline in crude oil prices between October and December 2018 to slow U.S. crude oil production growth for the first half of 2019. However, several factors have contributed to increases in the U.S. production forecast. First, crude oil prices began rising in early 2019, partially offsetting the price drop seen at the end of 2018. In addition, crude oil prices in Midland, Texas, rose faster than the U.S. benchmark West Texas Intermediate (WTI), which is priced in Cushing, Oklahoma. As a result, the price spread between Midland and Cushing narrowed, allowing producers in the Permian region to receive relatively better prices. Several projects have also come online…

Crude Oil Price Forecast: 31 July 2019 - Where Next For Prices? [Video] - FXStreet

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Oil prices rose on Wednesday following a larger-than-expected drop in U.S. inventories and after the Federal Reserve cut U.S. interest rates for the first time in more than a decade.Meanwhile Hedge Funds and Money Managers cut their bullish wagers in U.S. Crude futures in the latest week.Where are commodity prices heading next?  Watch Phil Carr at The Gold & Silver Club review Crude Oil with the latest price forecast and predictions:[embedded content]

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Stock Market Today: Dow, S&P Live Updates for August 1, 2019 - Bloomberg

[unable to retrieve full-text content]Stock Market Today: Dow, S&P Live Updates for August 1, 2019BloombergThe dollar climbed in Asian trading after Federal Reserve Chairman Jerome Powell warned against expecting a lengthy U.S. monetary easing cycle. Stocks slid ...

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Market Live: Nifty opens around 11,050, Sensex falls 150 pts; Zee Entertainment slips 3% - Moneycontrol.com

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Aug 01, 09:31 AM (IST) Dollar Update: The dollar rose to a two-year peak against the euro and hit a two-month high versus the yen on Thursday as US Federal Reserve Chairman Jerome Powell ruled out a lengthy easing cycle after delivering the first rate cut since the financial crisis. Aug 01, 09:26 AM (IST) Brokerages View - Source: CNBC-TV18:CLSA on Zee Entertainment
Maintain buy, target at Rs 515 per share
Stake sale to allay near-term concerns; management continuity critical
Deal is at an 11% premium to market price 
Further 8-18% stake sale in co is likelyBNP Paribas on Zee Entertainment
Hold rating, target at Rs 390 per share
Uncertainty continues till September
Despite the deal announcement, promoter stake sale overhang will remainCiti on Zee Entertainment
Maintain neutral call, target at Rs 430 per share
Oppenheimer buying up to 11% is not enough
Closing positive catalyst watch introduced before announcement
Await clarity on the precedence of the repayment to the various lendersHSBC…

Crude oil falls $1.00 or -1.67% - ForexLive

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Trades at $57.66 currentlyThe price of crude oil is trading dow nearly 1 dollar or -1.67% at $57.66.  The low for the day reached $57.43. Technically, the price remains between the 200 day MA below at $57.16, and the 100 day moving average above at $59.25.  The price has closed higher for five straight days. The close yesterday was at $58.58.  A move below the 100 day moving average will be more bearish for crude oil.  The inventory data released yesterday from the Department of Energy showed another big draw of -8496K.

ForexLive

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Oil Prices Go Five for Five - Rigzone

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by  Matthew V. Veazey| Rigzone Staff | Wednesday, July 31, 2019

WTI and Brent futures finished higher for the fifth consecutive trading day. West Texas Intermediate (WTI) and Brent crude oil futures finished higher for the fifth consecutive trading day.The September WTI gained 53 cents Wednesday, settling at $58.58 per barrel. The light crude marker traded within a range from $57.86 to $58.82.“September WTI yesterday finally broke out to the upside from the sideways congestion pattern that the market had been in for over a week and the September contract closed above the $57.44 major resistance level and closed right near the downtrend line of resistance seen on the daily chart,” said Steve Blair, senior account executive with the RCG Division of Marex Spectron.Brent crude oil also edged upward during midweek trading. The October contract price finished the day at $65.05 per barrel, reflecting a 42-cent gain.“October Brent closed above the major resistance level at $64.42 yesterday and c…

Oil Prices Go Five for Five - Rigzone

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by  Matthew V. Veazey| Rigzone Staff | Wednesday, July 31, 2019

WTI and Brent futures finished higher for the fifth consecutive trading day. West Texas Intermediate (WTI) and Brent crude oil futures finished higher for the fifth consecutive trading day.The September WTI gained 53 cents Wednesday, settling at $58.58 per barrel. The light crude marker traded within a range from $57.86 to $58.82.“September WTI yesterday finally broke out to the upside from the sideways congestion pattern that the market had been in for over a week and the September contract closed above the $57.44 major resistance level and closed right near the downtrend line of resistance seen on the daily chart,” said Steve Blair, senior account executive with the RCG Division of Marex Spectron.Brent crude oil also edged upward during midweek trading. The October contract price finished the day at $65.05 per barrel, reflecting a 42-cent gain.“October Brent closed above the major resistance level at $64.42 yesterday and c…

Crude Oil Prices Buoyed by Declining Crude Inventories - US Market Open - DailyFX

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MARKET DEVELOPMENT –Crude Oil Prices Buoyed by Declining Crude InventoriesDailyFX 2019FXTrading ForecastsOil: Crude oil futures are notably firmer this morning with Brent crude up over 1% following yesterday’s API crude oil inventory data. The report showed a larger than expected crude drawdown of 6.02mln barrels over the last week (Exp. 2.6mln barrels). Alongside this, reports of supply disruptions at Libya’s El-Sharara oilfield has also underpinned the complex. Eyes will be on the DoE crude report for confirmation of the API data.GBP / EUR:After 2-days of heavy selling for GBP, the currency is showing modest gains this morning, reclaiming the 1.22 handle amid a bout of profit taking ahead of the FOMC and BoE rate decisions. Elsewhere, EURUSD trades within a tight range as today’s mixed inflation and growth data unlikely to change the near-term outlook for the ECB with the central bank scheduled to announce a fresh stimulus package at the September meeting.AUD / CAD: Across commodity…

Don't Expect A Genuine Bull Run In Oil | OilPrice.com - OilPrice.com

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Oil prices were higher to begin the week on expectations that the US Federal Reserve will lower its key interest rate by 25 basis points later today. As technicians, we feel somewhat positive on the market with Brent gradually moving from $60 in mid-June to near $65 this week, but we have to admit that recent market obsession with a central bank move to come to the rescue of a slowing economy has us thinking that global growth concerns will be here to stay at least in the near term.For starters, there is no question that the Fed’s recently dovish pivot- which has driven the expectation the bank will cut rates later today- has benefited risk assets. Crude oil prices are higher by about $2-$3 since Chairman Powell’s dovish testimony before Congress in June and the US stock market is higher by about 3% despite a lack of progress in US/China trade talks (this week Trump was lamenting the failure of Chinese firms to step-up US agricultural purchases as he hoped they would.) Unfortunately, …

Oil jumps 1.5% on expectations of Fed rate cut, supply drawdown - CNBC

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Oil prices rose on Tuesday, on track to close at a two-week high, on optimism the U.S. Federal Reserve will cut interest rates this week for the first time in more than 10 years, boosting demand expectations in the world's biggest oil user.Meanwhile, ahead of weekly data, crude oil inventories in the United States were also forecast to have dropped for a seventh straight week.Analysts also noted the market was up on optimism over U.S.-China trade talks, which could boost oil demand around the world.On its second to last day as the front-month Brent crude for September delivery were up $1.27, or 2.0%, at $64.98 a barrel by 2:22 p.m. EDT, while U.S. West Texas Intermediate crude was up $1.40, or 2.5%, to $58.27.That put both contracts on track to rise for a fourth day in a row to what would be their highest closes since July 15."WTI spiked in late trade after passing through $57.50 a barrel, which was a psychological resistance, and $57.64, which was a recent trading high,"…

What Awaits Gold And Oil On Fed Day - Investing.com

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Since 2019 began, probably no day has been as important to global markets as today.At 2:00 PM ET (18:00 GMT), the Federal Open Market Committee will announce the first cut in U.S. since the 2008/09 financial crisis.Markets are 100% sure of that.What they aren’t so certain about is whether it will be a 25 basis points cut, or more. And whether there will be a succession of cuts in the coming months.Federal Reserve Chair Jay Powell’s at 2:30 PM ET onwards is expected to lend more clarity on the FOMC’sLogic dictates that the bigger or more extended the rate cut(s), the lesser the yield will be on the . And the lesser the incentive for holding cash, the greater the motivation will be for diverting capital into inflationary assets, especially commodities such as and .The following are potential scenarios for oil and gold based on the FOMC’s announcement:25-BP CutGoldGold could very quickly attempt to test the 2019 high of $1,453.01 on its and $1,454.35 on .There’s every possibility it will…

Gold Price, Crude Oil Price: Breakouts Ahead of Fed Rate Decision - DailyFX

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Gold and Crude Oil Prices, Analysis and Charts:Gold breaks its restrictive range.Crude oil bouncing off the 200-day moving average.Q32019Goldand OilForecastsand Top Trading OpportunitiesGold Finally Breaks Through ResistanceAfter trading in a symmetrical triangle for the last couple of weeks, gold has finally broken higher just ahead of the FOMC rate decision later today. We have looked at this set-up recently and mentioned thatan upside break was on the cards, but we felt that it was more likely to happen post-FOMC meet, when the rate decision and possible forward guidance was known. While the move is technically positive, it may be reversed post-FOMC if the Fed disappoints, so care is needed. If the move higher continues, gold is set-up to re-test the recent 6+ year high of $1,453/oz. made of July 18.Live Coverage of the FOMC Rate Decision – Register Here.The DailyFX Calendarcovers all important market moving data releases and events.Gold Price Daily Chart (January – July 30, 2019)I…

What Awaits Gold And Oil On Fed Day - Investing.com

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Since 2019 began, probably no day has been as important to global markets as today.At 2:00 PM ET (18:00 GMT), the Federal Open Market Committee will announce the first cut in U.S. since the 2008/09 financial crisis.Markets are 100% sure of that.What they aren’t so certain about is whether it will be a 25 basis points cut, or more. And whether there will be a succession of cuts in the coming months.Federal Reserve Chair Jay Powell’s at 2:30 PM ET onwards is expected to lend more clarity on the FOMC’sLogic dictates that the bigger or more extended the rate cut(s), the lesser the yield will be on the . And the lesser the incentive for holding cash, the greater the motivation will be for diverting capital into inflationary assets, especially commodities such as and .The following are potential scenarios for oil and gold based on the FOMC’s announcement:25-BP CutGoldGold could very quickly attempt to test the 2019 high of $1,453.01 on its and $1,454.35 on .There’s every possibility it will…

Oil gains ground after data shows fall in US stockpiles - Business Day

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Tokyo — Oil prices rose for a fifth day on Wednesday, buoyed by a bigger-than-expected drop in US inventories and as investors awaited a widely expected cut in interest rates by the Federal Reserve, the first in more than 10 years.Brent crude was up 44c, or 0.7%, at $65.16 a barrel by 0324 GMT.US West Texas Intermediate (WTI) crude gained 41c, or 0.7%, to $58.46 a barrel.“The market is quite optimistic leading into what the Fed is going to do on interest rates and as a result of that we’ll see more demand,” Jonathan Barratt, chief investment officer at Probis Group in Sydney, said by phone, referring to the widely expected cut.Central bankers in the US began their two-day meeting on Tuesday and are expected to lower borrowing costs for the first time since the depths of the financial crisis more than a decade ago.US consumer spending and prices rose moderately in June, pointing to slower economic growth and benign inflation, which cemented expectations of Fed rate cuts.US President Do…

Stocks Mixed as Trade Talks Wrap Up; Dollar Steady: Markets Wrap - Bloomberg

[unable to retrieve full-text content]Stocks Mixed as Trade Talks Wrap Up; Dollar Steady: Markets WrapBloombergU.S. and European stock futures ticked higher, and the dollar and Treasuries marked time, ahead of the Federal Reserve's projected interest-rate cut. Stocks ...

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Rupee, bond prices fall as crude oil gains - Livemint

The Indian rupee and bond prices fell on Wednesday as the market worried that a rise in global oil prices will stoke domestic inflation. Traders, meanwhile, exercised caution, rattled by renewed trade war concern following US President Donald Trump’s threats to Beijing amid tariff negotiations and ahead of the Federal Reserve’s long-awaited rate cut in a decade.Having opened at 68.90 a dollar, the Indian unit, in early deals, was traded at 68.90, down 0.08% from its previous close of 68.86.The yield on the 10-year government bond was at 6.404% compared with Tuesday's close of 6.39%. Bond prices and yields move in opposite directions.Global crude oil prices have risen in eight of nine trading sessions, gaining 5.2% during the period. In July, prices declined 2.1%.Later in the day, the US Federal Reserve is widely expected to cut interest rates for the first time since the financial crisis more than a decade ago.Back home, in pre-trade, benchmark equity index Sensex was down 0.2% at…

Iran warning: Oil price fears as tension mounts - ‘There could be consequences’ - Express.co.uk

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The potentially explosive situation in the region has been in the spotlight in recent days, especially since the seized the UK-flagged Stena Imperio last Saturday (July 19) and took it to the port of after claiming it had been involved in a collision with a fishing vessel - a move then-Foreign Secretary described as “unacceptable”. Prior to this, the attacks on the two Saudi tankers were damaged by explosions in the Gulf of Oman, with Iran widely suspected of being behind the incidents despite Tehran’s emphatic denials. The report, entitled Strait of Hormuz and published by data specialists , underlines the potential knock-on effect which a sustained period of instability could have on world markets.Prepared by Giorgios Beliers, Refinitiv’s Oil Research Manager for the Middle East and North Africa, and Ranjith Raja, it stated: “After the incidents in June, insurance premiums for ships passing the Strait of Hormuz jumped 10 p…

Gold Price, Crude Oil Price: Breakouts Ahead of Fed Rate Decision - DailyFX

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Gold and Crude Oil Prices, Analysis and Charts:Gold breaks its restrictive range.Crude oil bouncing off the 200-day moving average.Q32019Goldand OilForecastsand Top Trading OpportunitiesGold Finally Breaks Through ResistanceAfter trading in a symmetrical triangle for the last couple of weeks, gold has finally broken higher just ahead of the FOMC rate decision later today. We have looked at this set-up recently and mentioned thatan upside break was on the cards, but we felt that it was more likely to happen post-FOMC meet, when the rate decision and possible forward guidance was known. While the move is technically positive, it may be reversed post-FOMC if the Fed disappoints, so care is needed. If the move higher continues, gold is set-up to re-test the recent 6+ year high of $1,453/oz. made of July 18.Live Coverage of the FOMC Rate Decision – Register Here.The DailyFX Calendarcovers all important market moving data releases and events.Gold Price Daily Chart (January – July 30, 2019)I…