Month: November 2018

Commodity Closing – Europe/Oil-Gas Majors 07.11.18

LONDON – A return to oil production cuts by OPEC and its allies next year cannot be ruled out, two OPEC sources said on Wednesday, to avert a possible supply glut that could weigh on prices.

NYMEX Crude Oil	61.74 USD	-0.47	-0.76%
ICE Brent Crude	72.05 USD	-0.08	-0.11%
NYMEX RBOB Gasoline	1.65 USD	-0.04	-2.39%
Dubai Crude Spot	70.39 USD	+0.20	+0.28%
ICE Gas Oil	698.75 USD	+21.25	+3.04%
NYMEX No2 Heating Oil	2.23 USD	+0.04	+1.93%
NYMEX Nat Gas	3.53 USD	-0.02	-0.65%
ICE NBP Nat Gas	67.96 GBP	+1.92	+2.83%

Today’s Economic Events

07:00 GE SEP Industrial Production (MoM) exp: 0% prev: -0.3%
10:00 EC SEP Euro-Zone: Retail Trade (MoM) exp: 0% prev: -0.2%
15:30 US W43 Crude Oil Inventories (WoW chg) exp: NA prev: 3217
20:00 US SEP Consumer Credit (B USD) exp: 14.9 prev: 20.1

General Market Comment

US indices closed higher on Tuesday ahead of the midterm elections. Shares in the Materials (+1.51%), Capital Goods (+1.22%) and Health Care Equipment & Services (+1.1%) sectors traded higher. On the economic data front, there was no news to report. The S&P 500 (2,755.45) breaks above its 20d moving average (2,734.87 – negative slope) but stays below 50d moving average (2,835.31 – negative slope).

European markets are expected to start on a positive note.

Foreign Exchange read more

Commodity Closing – Europe/Oil-Gas Majors 06.11.18

Iran’s oil exports have fallen sharply since U.S. President Donald Trump said at mid-year he would reimpose sanctions on Tehran, but with waivers in hand the Islamic Republic’s major buyers are already planning to scale up orders again going forward.

NYMEX Crude Oil	61.60 USD	-1.50	-2.44%
ICE Brent Crude	71.54 USD	-1.63	-2.28%
NYMEX RBOB Gasoline	1.67 USD	-0.02	-1.06%
Dubai Crude Spot	69.96 USD	-1.24	-1.77%
ICE Gas Oil	676.75 USD	-5.25	-0.78%
NYMEX No2 Heating Oil	2.17 USD	-0.02	-1.08%
NYMEX Nat Gas	3.56 USD	-0.01	-0.34%
ICE NBP Nat Gas	65.75 GBP	-0.08	-0.12%

EMEA Weekly Base Oil Report

What’s new this week in European, Middle Eastern and African base oil markets? The answer depends on which base oils one speaks of.

API Group I base oils have ample availabilities against weak demand – a combination that has producers assessing ways to trim production. At the same time, Group II availability is snug enough to be exerting upward pressure on prices. Delivery prices for Group III oils are moving slightly higher, though this does not seem to have affected values for sales within Europe. read more

Today’s Economic Events

08:50 FR OCT F Markit Composite PMI exp: 54.3 prev: 54.3
08:50 FR OCT F Markit Services PMI exp: 55.6 prev: 55.6
09:00 EU OCT F Markit Composite PMI exp: 52.7 prev: 52.7
09:00 EU OCT F Markit Services PMI exp: 53.3 prev: 53.3
10:00 EC SEP Euro-Zone: PPI (MoM) exp: 0.4% prev: 0.3%

General Market Comment

US indices closed mixed on Monday. Shares in the Technology Hardware & Equipment (-1.7%), Retailing (-0.61%) and Media (-0.57%) sectors traded lower while shares in the Diversified Financials (+2.09%), Insurance (+1.72%) and Real Estate (+1.69%) sectors gained momentum. On the economic data front, Markit US services PMI reached 54.8 in October (estimated 54.6) from 53.5 in September. Markit US composite PMI improved to 54.9 in October compared to 53.9 a month earlier. Finally, the ISM non-manufacturing index slightly diminished to 60.3 in October (expected 59) from 61.6 in the previous month. The S&P 500 (2,738.31) remains at levels below both its 20d moving average (2,741.11 – negative slope) and 50d moving average (2,838.14 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 05.11.18

NEW YORK – Oil prices rose on Monday after a steep five-day slump, as the United States formally imposed punitive sanctions on Iran but granted eight countries temporary waivers allowing them to keep buying oil from the Islamic Republic.

NYMEX Crude Oil	63.50 USD	+0.36	+0.57%
ICE Brent Crude	73.39 USD	+0.56	+0.76%
NYMEX RBOB Gasoline	1.70 USD	-0.00	-0.23%
Dubai Crude Spot	71.68 USD	+0.48	+0.67%
ICE Gas Oil	681.50 USD	+3.25	+0.48%
NYMEX No2 Heating Oil	2.20 USD	+0.03	+1.16%
NYMEX Nat Gas	3.53 USD	+0.25	+6.97%
ICE NBP Nat Gas	66.05 GBP	-1.50	-2.27%

Today’s Economic Events

14:45 US OCT F Markit Composite PMI exp: NA prev: 54.8
14:45 US OCT F Markit Services PMI exp: NA prev: 54.7
15:00 US OCT ISM – Non Manufacturing exp: 59.2 prev: 61.6

General Market Comment

US indices closed lower on Friday pressured by shares in the Technology Hardware & Equipment (-4.42%), Semiconductors & Semiconductor Equipment (-1.88%) and Media (-1.18%) sectors. On the economic data front, U.S. Nonfarm payrolls gained more than forecasted with 250K jobs added in Oct (200K estimate) vs a revised 118K increase last month. The unemployment rate held steady at 3.7% in Oct. The U.S. trade balance widened more than expected to $54B in Sept from $53.3B in Aug. (-53.6B estimate). The S&P 500 (2,723.06) remains at levels below both its 20d moving average (2,748.42 – negative slope) and 50d moving average (2,840.87 – negative slope). read more