Month: April 2019

Today’s Economic Events

GE MAR Import Prices (MoM) exp: 0.4% prev: 0.3%
07:45 FR APR Business Confidence Indicator exp: 101.9 prev: 102
07:45 FR APR Production Outlook Indicator exp: NA prev: -1
09:00 GE APR IFO – Business Climate exp: 99.7 prev: 99.6
09:00 GE APR IFO – Current Assessment exp: 103.5 prev: 103.8
09:00 GE APR IFO – Expectations exp: 96.1 prev: 95.6
09:30 UK MAR Public Finances (PSNCR) (B GBP) exp: NA prev: 0.6
09:30 UK MAR Public Sector Net Borrowing (B GBP) exp: -0.8 prev: -0.7
15:30 US W15 Crude Oil Inventories (WoW chg) exp: NA prev: -1396 read more

U.S. indices closed higher on Tuesday with the S&P 500 and Nasdaq achieving record closing highs, lifted by shares in the Health Care Equipment & Services (+2.03%), Retailing (+1.49%) and Media (+1.3%) sectors. On the economic data front, New home sales increased 4.5% MoM to an annualized 692K in March (vs 649K expected, 662K in February). The S&P 500 (2,933.68) stays above both its 20d moving average (2,878.57 – positive slope) and 50d moving average (2,824.18 – positive slope).

European markets are expected to start on a flat note. read more

The Easter holidays intruded on base oil markets this week, as many buyers and sellers vacated their desks to leave business transacting at a slower pace than normal. Most prices in Europe, the Middle East and Africa remained static.

API Group I oils are more or less where they were a week ago, while Group II prices weakened further and a further influx of Group III to Europe put supply clearly above demand.

Crude and feedstock levels moved higher this week, potentially creating further problems for API Group I suppliers since margins have already been squeezed nearly to nothing. read more

BRENT Crude Technical Snap (Daily)

Pivot: 73.55 Our preference: long positions above 73.55 with targets at 75.20 & 75.60 in extension. Alternative scenario: below 73.55 look for further downside with 72.90 & 72.30 as targets. Comment: the RSI lacks downward momentum.

Today’s Economic Events

15:00 EC APR A Euro-Zone: Consumer Confidence exp: -7 prev: -7.2
15:00 US MAR New Home Sales (k) exp: 648 prev: 667

U.S. indices closed mixed on Monday. Stocks in the Energy (+2.05%), Media (+0.83%) and Household & Personal Products (+0.54%) sectors were mostly on the upside while Consumer Durables & Apparel (-1.77%), Automobiles & Components (-1.27%), and Real Estate (-1.05%) sectors were under pressure. On the economic data front, existing home sales declined 4.9% MoM in March (vs -3.8% expected, +11.2% in February). Also, the Chicago Fed National Activity Index rose to -0.15 in March (vs -0.10 expected) from -0.31 in February. The S&P 500 (2,907.97) stays above both its 20d moving average (2,871.80 – positive slope) and 50d moving average (2,819.67 – positive slope).


European markets are expected to start on a flat note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 71.95 Our preference: short positions below 71.95 with targets at 71.35 & 71.05 in extension. Alternative scenario: above 71.95 look for further upside with 72.25 & 72.45 as targets. Comment: as long as 71.95 is resistance, expect a return to 71.35.

Today’s Economic Events

07:00 GE MAR Producer Price Index (MoM) exp: 0.2% prev: -0.1%
08:15 FR APR P Markit Composite PMI exp: 49.7 prev: 48.9
08:15 FR APR P Markit Manufacturing PMI exp: 50 prev: 49.7
08:15 FR APR P Markit Services PMI exp: 49.7 prev: 49.1
09:00 EU APR P Markit Composite PMI exp: 51.8 prev: 51.6
09:00 EU APR P Markit Manufacturing exp: 48 prev: 47.5
09:00 EU APR P Markit Services PMI exp: 53.1 prev: 53.3
09:30 UK MAR Retail Sales (MoM) exp: -0.4% prev: 0.2%
13:30 US APR Philadelphia Fed. exp: 11.4 prev: 13.7
13:30 US MAR Retail Sales exp: 0.9% prev: -0.2%
13:30 US MAR Retail Sales less Autos exp: 0.6% prev: -0.4%
13:30 US W14 Initial Jobless Claims (k) exp: 206 prev: 196
14:45 US APR P Markit Composite PMI exp: NA prev: 54.6
14:45 US APR P Markit Manufacturing PMI exp: 52.7 prev: 52.4
14:45 US APR P Markit Services PMI exp: 55.1 prev: 55.3
15:00 US FEB Business Inventories exp: 0.3% prev: 0.8%
15:00 US MAR Leading Indicators exp: 0.4% prev: 0.2% read more

U.S. indices closed lower on Wednesday, dragged by shares in the Health Care Equipment & Services (-3.58%), Pharmaceuticals, Biotechnology & Life Sciences (-2.37%) and Telecommunication Services (-1.33%) sectors. On the economic data front, trade deficit narrowed to $49.4B in February (forecasted $53.4B) from $51.1B in the prior month. In other news, wholesale inventories rose 0.2% MoM in February (expected +0.3%, +1.2% in January). The S&P 500 (2,900.45) stays above both its 20d moving average (2,863.93 – positive slope) and 50d moving average (2,812.16 – positive slope).

European markets are expected to start on a flat note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 71.60 Our preference: long positions above 71.60 with targets at 72.15 & 72.60 in extension. Alternative scenario: below 71.60 look for further downside with 71.40 & 71.05 as targets. Comment: the RSI advocates for further advance.