Real time trading in Polymers, Base Oils, TiO2 and Nanomaterials
BRENT Crude Technical Snap (Daily)
| Pivot: 67.55 Our preference: long positions above 67.55 with targets at 68.80 & 69.10 in extension. Alternative scenario: below 67.55 look for further downside with 67.25 & 66.95 as targets. Comment: the RSI is bullish and calls for further advance. |
Today’s Economic Events
07:00 GE FEB Import Prices (MoM) exp: 0.4% prev: -0.2%
07:00 GE FEB Retail Sales (MoM) exp: -0.8% prev: 2.9%
07:45 FR FEB Central Govt. Balance (B EUR) exp: NA prev: -17.3
07:45 FR FEB Households Consumption (MoM) exp: 0.1% prev: 1.2%
07:45 FR MAR P Consumer Price Index (MoM) exp: 0.9% prev: 0%
07:45 FR MAR P CPI – EU Harmonised (MoM) exp: 1% prev: 0.1%
08:55 GE MAR Unemployment Change (k) exp: -9.7 prev: -21
08:55 GE MAR Unemployment Rate exp: 4.9% prev: 5%
09:30 UK 4Q Current Account (B GBP) exp: -23.3 prev: -26.5
09:30 UK 4Q F GDP (QoQ) exp: 0.2% prev: 0.2%
09:30 UK FEB M4 Money Supply (MoM) exp: NA prev: 0.2%
12:30 US FEB Personal Income exp: 0.3% prev: -0.1%
12:30 US JAN Personal Spending exp: 0.2% prev: -0.5%
13:45 US MAR Chicago Purchasing Manager Index exp: 61.2 prev: 64.7
14:00 US FEB New Home Sales (k) exp: 622 prev: 607
14:00 US MAR F U. of Michigan Confidence exp: 97.6 prev: 97.8
U.S. indices closed higher on Thursday, led by shares in the Automobiles & Components (+1.41%), Transportation (+1.22%) and Banks (+1.16%) sectors. On the economic data front, final readings of 4Q annualized GDP rose 2.2% QoQ (expected +2.3%, previously estimated +2.6%, +3.4% in 3Q). In other news, initial jobless claims slightly decreased to 211K in week ended March 23 (expected 220K) from 216K in the previous week while continuing claims increased to 1.756M in week ended March 16 (estimated 1.778M) from 1.743M a week earlier. Pending home sales declined by 1.0% MoM in February (forecasted -0.5%, +4.3% in January). The S&P 500 (2,815.37) stays above both its 20d moving average (2,802.46 – positive slope) and 50d moving average (2,751.24 – positive slope).
European markets are expected to start on a positive note.
BRENT Crude Technical Snap (Daily)
| Pivot: 68.05 Our preference: short positions below 68.05 with targets at 67.20 & 66.90 in extension. Alternative scenario: above 68.05 look for further upside with 68.35 & 68.70 as targets. Comment: a break below 67.20 would trigger a drop towards 66.90. |
Today’s Economic Events
10:00 EC MAR Business Climate Indicator exp: 0.68 prev: 0.69
10:00 EC MAR Euro-Zone: Economic Confidence exp: 105.8 prev: 106.1
10:00 EC MAR Euro-zone: Industrial Confidence exp: -0.7 prev: -0.4
10:00 EC MAR F Euro-Zone: Consumer Confidence exp: -7.2 prev: -7.2
12:30 US 4Q T GDP (QoQ) exp: 2.3% prev: 2.6%
12:30 US 4Q T GDP Price (QoQ) exp: 1.8% prev: 1.8%
12:30 US 4Q T Personal Consumption exp: 2.5% prev: 2.8%
12:30 US W11 Initial Jobless Claims (k) exp: 222 prev: 221
13:00 GE MAR P Consumer Price Index (MoM) exp: 0.5% prev: 0.4%
13:00 GE MAR P CPI – EU Harmonised (MoM) exp: 0.6% prev: 0.5%
U.S. indices closed lower on Wednesday, pressured by shares in the Semiconductors & Semiconductor Equipment (-1.22%), Automobiles & Components (-0.89%) and Pharmaceuticals, Biotechnology & Life Sciences (-0.85%) sectors. On the economic data front, trade deficit narrowed to $51.1B in January (estimated $57.0B) from $59.9B in the previous month. The S&P 500 (2,805.37) stays above both its 20d moving average (2,800.92 – flat slope) and 50d moving average (2,747.14 – positive slope).
European markets are expected to start on a flat note.
BRENT Crude Technical Snap (Daily)
| Pivot: 67.60 Our preference: long positions above 67.60 with targets at 68.70 & 69.00 in extension. Alternative scenario: below 67.60 look for further downside with 67.20 & 66.95 as targets. Comment: the RSI is bullish and calls for further advance. |
Today’s Economic Events
07:45 FR FEB Producer Price Index (MoM) exp: NA prev: 0.1%
07:45 FR MAR Consumer Confidence exp: 96 prev: 95
12:30 US JAN Trade Balance (B USD) exp: -57.5 prev: -59.8
14:30 US W11 Crude Oil Inventories (WoW chg) exp: NA prev: -9589
U.S. indices closed higher on Tuesday lifted by shares in the Telecommunication Services (+1.46%), Banks (+1.45%) and Energy (+1.45%) sectors. On the economic data front, housing starts dropped 8.7% MoM to 1.162M in February (estimated 1.21M) from 1.273M in January and building permits declined 1.6% MoM to 1.296M (forecasted 1.305M) from 1.317M. In other news, the FHFA house price index rose 0.6% MoM in January (expected +0.4%). Finally, the Conference Board Consumer Confidence Index declined to 124.1 in March (estimated 132.5) from 131.4 in February. The S&P 500 (2,818.46) stays above both its 20d moving average (2,800.27 – flat slope) and 50d moving average (2,742.68 – positive slope).
European markets are expected to start on a flat note.
Base oil markets were mixed this week as API Group I stocks showed some signs of stability while Group II and Group III markets seemed to be on rollercoaster rides.
The European scene is feeling what some described as an assault on the Group II assault on the market, with sellers actively pushing sales to gain or protect market share or in efforts to convince formulators to replace Group I oils with Group II. Whatever the motivation, the effect is more downward pressure on Group II prices.
This scenario was perhaps inevitable given the surge in Group II production within the region of Group II base stocks. Meanwhile, competition within the Group III segment was ratcheted by the return of one supplier to the European market.