Month: July 2018

Crude Oil rally stall after 3-Day gains

Oil prices edged lower in Europe Friday in quiet trade following 3 days of gains. Prices took support from Saudi Arabia halting crude transport through a key shipping lane, lower U.S. inventories and sentiment suggesting an easing trade tensions between the US and Europe.

Brent Crude Technical Snap

Pivot: 73.80. Long positions above 73.80 with targets at 74.85 & 75.35 in extension. Below 73.80 look for further downside with 73.50 & 73.05 as targets. RSI lacks downward momentum.

Today’s Economic Events

06:30 FR 2Q A GDP (QoQ) exp: 0.3% prev: 0.2%
07:00 GE JUN Import Prices (MoM) exp: 0.3% prev: 1.6%
07:45 FR JUN Households Consumption (MoM) exp: 0.4% prev: 0.9%
13:30 US 2Q A GDP (QoQ) exp: 4.2% prev: 2%
13:30 US 2Q A GDP Price (QoQ) exp: 2.2% prev: 2.2%
13:30 US 2Q A Personal Consumption exp: 3% prev: 0.9%
15:00 US JUL F U. of Michigan Confidence exp: 97.1 prev: 97.1

General Market Comment

US indices closed mixed on Thursday. Shares in the Automobiles & Components (-3.13%), Software & Services (-2.97%) and Commercial & Professional Services (-1.66%) sectors were under pressure while shares in the Media (+2.47%), Semiconductors & Semiconductor Equipment (+1.34%) and Transportation (+1.29%) sectors gained a bit of strength. On the economic data front, wholesale inventories MoM remained unchanged in the preliminary estimate in June (estimated +0.3%) from a revised +0.4% in May. In addition, initial jobless claims increased to 217K in the week ending July 21 (estimated 215K) from a revised 208K previously. Continuing claims decreased to 1.745M in the week ending July 14 (anticipated 1.733M) from a revised 1.753M last week. In other news, durable goods orders increased in the preliminary estimate of 1% in June (estimated +3%) from -0.3% in the previous month. Finally, the Bloomberg consumer comfort index increased to 59 in the week ending July 22 from 58.8 in the prior week. The S&P 500 (2,837.44) remains above both its 20d moving average (2,783.17 – positive slope) and 50d moving average (2,759.69 – positive slope). read more

Commodity Closing – Europe/Oil-Gas Majors 26.07.18

Brent Crude Technical Snap

Pivot: 73.75. Long positions above 73.75 with targets at 75.00 & 75.60 in extension.  Below 73.75 look for further downside with 73.05 & 72.65 as targets. RSI is mixed to bullish

Today’s Economic Events

07:45 FR JUL Consumer Confidence exp: 98 prev: 97
12:45 EC ECB: Rates decision exp: 0% prev: 0%
13:30 US JUN P Durable Goods Ex Transportation exp: 0.6% prev: 0%
13:30 US JUN P Durable Goods Orders exp: 3% prev: -0.4%
13:30 US JUN P Wholesale Inventories exp: 0.4% prev: 0.6%
13:30 US W28 Initial Jobless Claims (k) exp: 215 prev: 207

General Market Comment

US indices closed higher on Wednesday after President Trump unveiled concessions from the European Union to escape a potential trade war. Shares in the Commercial & Professional Services (+3.09%), Transportation (+2.88%) and Software & Services (+1.72%) sectors jumped higher. On the economic data front, MBA mortgage application decreased by 0.2% in the week ending July 20 compared to -2.5% previously. In addition, new home sales decreased to 631K in June (estimated 668K) from a revised 666K in May. The S&P 500 (2,846.07) remains above both its 20d moving average (2,776.28 – positive slope) and 50d moving average (2,757.18 – positive slope). read more

Commodity Closing – Europe/Oil-Gas Majors 25.07.18

Crude gains on US stocks data

Brent crude futures rose 15 cents to $73.59 a barrel, a 0.2 percent gain, by 11:07 a.m. EDT (1507 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 10 cents to $68.62 a barrel, a 0.2 percent gain. Gains were limited as data from the Energy Information Administration showed a large drawdown in less-critical West Coast crude stocks, which fell their most since December 2011.