Real time trading in Polymers, Base Oils, TiO2 and Nanomaterials
BRENT Crude Technical Snap (Daily)
| Pivot: 67.25 Our preference: short positions below 67.25 with targets at 65.20 & 64.60 in extension. Alternative scenario: above 67.25 look for further upside with 68.10 & 68.60 as targets. Comment: the RSI shows downside momentum. |
Today’s Economic Events
07:00 GE APR Retail Sales (MoM) exp: 0.1% prev: 0%
09:30 UK APR M4 Money Supply (MoM) exp: NA prev: -0.5%
13:00 GE MAY P Consumer Price Index (MoM) exp: 0.3% prev: 1%
13:00 GE MAY P CPI – EU Harmonised (MoM) exp: 0.3% prev: 1%
13:30 US APR Personal Income exp: 0.3% prev: 0.1%
13:30 US APR Personal Spending exp: 0.2% prev: 0.9%
14:45 US MAY Chicago Purchasing Manager Index exp: 54.3 prev: 52.6
15:00 US MAY F U. of Michigan Confidence exp: 100.9 prev: 102.4
U.S. indices closed mixed on Thursday. Shares in the Energy (-1.18%), Telecommunication Services (-1.17%) and Banks (-1.15%) sectors were under pressure while shares in the Household & Personal Products (+1.18%), Consumer Services (+1.09%) and Semiconductors & Semiconductor Equipment (+0.74%) sectors ended on a positive note. On the economic data front, annualized GDP increased 3.1% QoQ in second estimate for 1Q (vs +3.0% expected, +3.1% in first estimate). Initial jobless claims rose to 215K in week ended May 25 (estimated 214K) from 212K in the prior week while continuing claims declined to 1.657M in week ended May 18 (forecasted 1.662M) from 1.683M a week earlier. In other news, wholesale inventories increased by 0.7% MoM in a preliminary estimate in April (expected +0.1%). The S&P 500 (2,788.86) stays below both its 20d moving average (2,856.39 – negative slope) and 50d moving average (2,871.66 – negative slope).
European markets are expected to start on a negative note.
BRENT Crude Technical Snap (Daily)
| Pivot: 68.90 Our preference: long positions above 68.90 with targets at 70.15 & 70.60 in extension. Alternative scenario: below 68.90 look for further downside with 68.55 & 68.25 as targets. Comment: the RSI is bullish and calls for further upside. |
Today’s Economic Events
13:30 US 1Q S GDP (QoQ) exp: 3% prev: 3.2%
13:30 US 1Q S GDP Price (QoQ) exp: 0.9% prev: 0.9%
13:30 US 1Q S Personal Consumption exp: 1.2% prev: 1.2%
13:30 US APR P Wholesale Inventories exp: 0.2% prev: -0.1%
13:30 US W20 Initial Jobless Claims (k) exp: 215 prev: 211
16:00 US W20 Crude Oil Inventories (WoW chg) exp: -612 prev: 4740
U.S. indices closed lower on Wednesday, dragged by shares in the Consumer Durables & Apparel (-2.33%), Pharmaceuticals, Biotechnology & Life Sciences (-1.49%) and Utilities (-1.34%) sectors. On the economic data front, the Richmond Federal Manufacturing Index increased to 5 in May (estimated 7) from 3 a month earlier. The S&P 500 (2,783.02) stays below both its 20d moving average (2,863.13 – negative slope) and 50d moving average (2,872.54 – negative slope).
European markets are expected to start on a flat note.
BRENT Crude Technical Snap (Daily)
| Pivot: 70.20 Our preference: short positions below 70.20 with targets at 69.25 & 68.55 in extension. Alternative scenario: above 70.20 look for further upside with 70.55 & 70.90 as targets. Comment: the RSI is bearish and calls for further downside. |
Today’s Economic Events
07:45 FR 1Q F GDP (QoQ) exp: 0.3% prev: 0.3%
07:45 FR APR Households Consumption (MoM) exp: 0.4% prev: -0.1%
07:45 FR APR Producer Price Index (MoM) exp: NA prev: 0%
07:45 FR MAY P Consumer Price Index (MoM) exp: 0.2% prev: 0.3%
07:45 FR MAY P CPI – EU Harmonised (MoM) exp: 0.3% prev: 0.4%
08:55 GE MAY Unemployment Change (k) exp: -7 prev: -12
08:55 GE MAY Unemployment Rate exp: 4.9% prev: 4.9%
U.S. indices closed lower on Tuesday, pressured by shares in the Food, Beverage & Tobacco (-2.36%), Household & Personal Products (-1.7%) and Utilities (-1.61%) sectors. On the economic data front, the FHFA house price index increased 0.1% MoM in March (estimated +0.2%). Also, the Conference Board consumer confidence index rose to 134.1 in May (forecasted 130.0) from 129.2 a month earlier. In other news, the Dallas Federal Manufacturing Activity Outlook Index fell to -5.3 in May (expected 6.2) from 2.0 in April. The S&P 500 (2,802.39) stays below both its 20d moving average (2,871.27 – negative slope) and 50d moving average (2,873.53 – flat slope).
European markets are expected to start on a negative note.
Base oil markets throughout Europe, the Middle East and Africa are in flux at the moment, with API Group I oils stabilizing while Group II and III continue to face downward pricing pressure.
The API Group I market appears to be balancing after months of being oversupplied. Buyers are reacting by looking now for replacement and export stocks since they fear that prices may start to rise – a reaction that is creating additional demand though perhaps only temporarily. Producers, still suffering from poor margins, insist they are determined to limit further discounts – either by restricting production or refusing to sell at exceptionally low numbers. Group I offers are being accepted without counters.