Month: July 2018

Oil to hold steady 2018/19 – Reuters Poll

Oil prices are viewed likely to hold steady during 2018 and 2019 as as increased output from OPEC and the U.S. is expected to offset increasing demand led by Asia and supply disruptions from Iran and elsewhere, a Reuters poll showed on Tuesday. A survey of 44 economists and analysts forecast Brent crude to average $72.87 a barrel in 2018, 29 cents higher than the $72.58 projected in the previous month’s poll and above the $71.68 average so far this year. read more

Commodity Closing – Europe/Oil-Gas Majors 31.07.18

Brent Crude Technical Snap

Pivot: 74.40.  Long positions above 74.40 with targets at 74.95 & 75.25 in extension. Below 74.40 look for further downside with 73.80 & 73.50 as targets. RSI is mixed and calls for caution.

Today’s Economic Events

07:00 GE JUN Retail Sales (MoM) exp: 0.9% prev: -1.6%
07:45 FR JUL P Consumer Price Index (MoM) exp: NA prev: 0%
07:45 FR JUL P CPI – EU Harmonised (MoM) exp: -0.3% prev: 0%
08:55 GE JUL Unemployment Change (k) exp: -10.1 prev: -15
08:55 GE JUL Unemployment Rate exp: 5.2% prev: 5.2%
10:00 EC 2Q A Euro-Zone: GDP (QoQ) exp: 0.42% prev: 0.4%
10:00 EC JUN Euro-Zone: Unemployment Rate exp: 8.3% prev: 8.4%
13:30 US JUN Personal Income exp: 0.4% prev: 0.4%
13:30 US JUN Personal Spending exp: 0.4% prev: 0.2%
14:45 US JUL Chicago Purchasing Manager Index exp: 61.3 prev: 64.1
15:00 US JUL Consumer Confidence exp: 125.9 prev: 126.4 read more

General Market Comment

US indices closed lower at the start of the week on Monday, pressured by shares in the Software & Services (-2.35%), Retailing (-1.39%) and Capital Goods (-1.16%) sectors. On the economic data front, pending home sales increased by 0.9% in June, above the expectation of +0.1%, from -0.5% in the last month. In addition, Dallas Fed manufacturing activity decreased to 32.3 in July (anticipated 31) from 36.5 in May. The S&P 500 (2,802.60) remains above both its 20d moving average (2,802.60 – positive slope) and 50d moving average (2,763.27 – positive slope). read more

Commodity Closing – Europe/Oil-Gas Majors 30.07.18

Brent Crude Technical Snap

Pivot: 74.50.  Short positions below 74.50 with targets at 74.10 & 73.80 in extension.  Above 74.50 look for further upside with 74.85 & 75.10 as targets.  RSI is capped by a bearish trend line.

Today’s Economic Events

09:30 UK JUN M4 Money Supply (MoM) exp: NA prev: 0.4%
10:00 EC JUL Business Climate Indicator exp: 1.31 prev: 1.39
10:00 EC JUL Euro-Zone: Economic Confidence exp: 111.9 prev: 112.3
10:00 EC JUL Euro-zone: Industrial Confidence exp: 6.4 prev: 6.9
10:00 EC JUL F Euro-Zone: Consumer Confidence exp: -0.6 prev: -0.6
13:00 GE JUL P Consumer Price Index (MoM) exp: 0.4% prev: 0.1%
13:00 GE JUL P CPI – EU Harmonised (MoM) exp: 0.4% prev: 0.1%

General Market Comment

US indices closed lower to finish the week on Friday, pressured by shares in the Semiconductors & Semiconductor Equipment (-2.22%), Software & Services (-2%) and Technology Hardware & Equipment (-1.81%) sectors. On the economic data front, 2Q advance GDP increased to 4.1% (estimated 4.2%) from a revised 2.2% in the previous quarter. 2Q advance personal consumption also increased to 4% (expected 3%) from a revised 0.5% in the prior quarter. Finally, the University of Michigan consumer sentiment index decreased to 97.9 in final estimate in July (expected 97.1) from 98.2 in the prior month. The S&P 500 (2,818.82) remains above both its 20d moving average (2,788.30 – positive slope) and 50d moving average (2,761.62 – positive slope). read more

Commodity Closing – Europe/Oil-Gas Majors 27.07.18