Month: November 2018

Commodity Closing – Europe/Oil-Gas Majors 16.11.18

NEW YORK  – Oil rose nearly 1 percent on Friday on expectations that the Organization of the Petroleum Exporting Countries (OPEC) and its allies would agree to cut output next month. However, despite this prices were set to for a weekly drop on underlying concerns that the global market was oversupplied. Meanwhile according to KEMP, global oil markets are increasingly over-supplied with light distillates, such as gasoline, while there are not enough middle distillates, such as diesel, which has opened a big price differential between the two fuels. read more

Today’s Economic Events

07:00 GE OCT Wholesale Price Index (MoM) exp: NA prev: 0.4%
10:00 EC OCT Euro-Zone: CPI (MoM) exp: 0.2% prev: 0.2%
14:15 US OCT Industrial Capacity Utilization exp: 78.2% prev: 78.11%
14:15 US OCT Industrial Production (MoM) exp: 0.2% prev: 0.3%

General Market Comment

US indices closed higher on Thursday, lifted by shares in the Semiconductors & Semiconductor Equipment (+3.21%), Technology Hardware & Equipment (+2.59%) and Software & Services (+2.12%) sectors. On the economic data front, the Empire manufacturing survey increased to 23.3 in November (estimated 20) from 21.1 in October. The Philadelphia Federal Business Outlook declined to 12.9 in November (forecasted 20) compared to 22.2 a month earlier. In other news, retail sales advanced by 0.8% MoM in October (estimated 0.5%) vs. a slight decline of 0.1% in the previous month. Import price index improved by 0.5% MoM in October (expected 0.1%) from an increase of 0.2% in September. Also, initial jobless claims reached 216k in week ended November 10th (forecasted 213k) compared to 214k a week earlier. Continuing claims increased to 1.676M in week ended November 3rd (estimated 1.625M) vs. 1.63M in the prior week. Finally, the Bloomberg consumer comfort index slightly decreased to 60.5 in week ended November 11th from 61.3 a week earlier. The S&P 500 (2,730.20) breaks above its 20d moving average (2,727.97 – negative slope) and 50d moving average (2,815.40 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 15.11.18

NEW YORK – The U.S. oil market is scrambling to adjust to a deep selloff over the last several weeks, with forward prices signaling a supply glut which could upend plans for producers and traders through 2019.

Today’s Economic Events

09:30 UK OCT Retail Sales (MoM) exp: 0.1% prev: -0.8%
10:00 EC SEP Euro-Zone External Trade Balance (M EUR) exp: NA prev: 11671
13:30 US NOV Empire Manufacturing exp: 19.5 prev: 21.1
13:30 US NOV Philadelphia Fed. exp: 19.8 prev: 22.2
13:30 US OCT Retail Sales exp: 0.5% prev: 0.1%
13:30 US OCT Retail Sales less Autos exp: 0.5% prev: -0.1%
13:30 US W44 Initial Jobless Claims (k) exp: 212 prev: 214
15:00 US SEP Business Inventories exp: 0.3% prev: 0.5%
16:00 US W44 Crude Oil Inventories (WoW chg) exp: 2649 prev: 5783 read more

General Market Comment

US indices closed lower on Wednesday, pressured by shares in the Technology Hardware & Equipment (-2.24%), Insurance (-1.9%) and Banks (-1.66%) sectors. On the economic data front, MBA mortgage applications fell by 3.2% in week ended November 9th from a decline of 0.7% in the previous week. In other news, CPI advanced by 0.3% MoM in October, in-line with estimates, compared to an improvement of 0.1% in September. The S&P 500 (2,701.58) remains below its 20d moving average (2,729.90 – negative slope) and 50d moving average (2,818.36 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 14.11.18

DUBAI/LONDON – OPEC and its partners are discussing a proposal to cut oil output by 1.4 million barrels per day (bpd), three sources familiar with the issue said, although Russia may not be on board for such a large reduction.

Today’s Economic Events

07:45 FR OCT F Consumer Price Index (MoM) exp: 0.1% prev: 0.1%
07:45 FR OCT F CPI – EU Harmonised (MoM) exp: 0.1% prev: 0.1%
09:30 UK OCT CPI – EU Harmonised (MoM) exp: 0.2% prev: 0.1%
09:30 UK OCT PPI – Input (MoM) exp: 0.7% prev: 1.3%
09:30 UK OCT PPI – Output (MoM) exp: 0.2% prev: 0.4%
10:00 EC 3Q P Euro-Zone: GDP (QoQ) exp: 0.2% prev: 0.2%
10:00 EC SEP Euro-Zone: Industrial Production (MoM) exp: -0.3% prev: 1%
13:30 US OCT Consumer Price Index (MoM) exp: 0.3% prev: 0.1%
13:30 US OCT CPI – Ex Food & Energy (MoM) exp: 0.2% prev: 0.1% read more

General Market Comment

US indices closed lower on Tuesday, dragged lower by shares in the Energy (-2.39%), Telecommunication Services (-0.81%) and Technology Hardware & Equipment (-0.79%) sectors. On the economic data front, the NFIB small business optimism index slightly decreased to 107.4 in October (estimated 108) from 107.9 in September. In other news, the monthly budget reached a deficit of $100.5B in October (estimated $100B) from a deficit of $63.2B in September. The S&P 500 (2,722.18) remains below its 20d moving average (2,735.28 – negative slope) and 50d moving average (2,822.10 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 13.11.18

Oil’s slides over 6% on heavy futures selling accelerated on Tuesday, with U.S. futures dropping to lows not seen in 11 months due to ongoing worries about weakening global demand, oversupply and selloffs across other asset classes, including equities.