Real time trading in Polymers, Base Oils, TiO2 and Nanomaterials
BRENT Crude Technical Snap (Daily)
| Pivot: 69.25 Our preference: long positions above 69.25 with targets at 70.90 & 71.40 in extension. Alternative scenario: below 69.25 look for further downside with 68.55 & 68.10 as targets. Comment: the RSI is mixed with a bullish bias. |
Today’s Economic Events
07:00 GE APR Import Prices (MoM) exp: 0.5% prev: 0%
07:45 FR MAY Consumer Confidence exp: 97 prev: 96
10:00 EC MAY Business Climate Indicator exp: 0.38 prev: 0.42
10:00 EC MAY Euro-Zone: Economic Confidence exp: 103.9 prev: 104
10:00 EC MAY Euro-zone: Industrial Confidence exp: -4.3 prev: -4.1
10:00 EC MAY F Euro-Zone: Consumer Confidence exp: -6.5 prev: -6.5
15:00 US MAY Consumer Confidence exp: 130.6 prev: 129.2
The U.S. market was closed on Monday to celebrate Memorial Day. On Friday, U.S. indices closed higher, boosted by shares in the Banks (+1.09%), Telecommunication Services (+0.67%) and Health Care Equipment & Services (+0.63%) sectors. On the economic data front, durable goods orders declined 2.1% MoM in a preliminary estimate in April (estimated -2.0%, +1.7% in March). The S&P 500 (2,826.06) stays below both its 20d moving average (2,878.30 – negative slope) and 50d moving average (2,873.94 – flat slope).
European markets are expected to start on a flat note.
BRENT Crude Technical Snap (Daily)
| Pivot: 67.80 Our preference: long positions above 67.80 with targets at 69.33 & 69.85 in extension. Alternative scenario: below 67.80 look for further downside with 67.00 & 66.15 as targets. Comment: the RSI calls for a rebound. |
Today’s Economic Events
09:30 UK APR Retail Sales (MoM) exp: -0.4% prev: 1.2%
13:30 US APR P Durable Goods Ex Transportation exp: 0% prev: 0.2%
13:30 US APR P Durable Goods Orders exp: -2.9% prev: 2.8%
U.S. indices closed lower on Thursday as the Dow plunged by appx 285 points. Shares in the Energy (-3.13%), Technology Hardware & Equipment (-1.96%) and Capital Goods (-1.81%) sectors were under pressure. On the economic data front, initial jobless claims slightly decreased to 211K in week ended May 18 (estimated 215K) from 212K in the prior week while continuing claims increased to 1.676M in week ended May 11 (forecasted 1.666M) compared to 1.664M a week earlier. In other news, the Markit U.S. Manufacturing PMI dropped to 50.6 in May (expected 52.6) from 52.6 a month earlier. Finally, new home sales fell 6.9% MoM to 673K units in April (estimated 675k). The S&P 500 (2,822.24) stays below both its 20d moving average (2,8839.99 – negative slope) and 50d moving average (2,873.59 – flat slope).
European markets are expected to start on a flat note.
BRENT Crude Technical Snap (Daily)
| Pivot: 71.35 Our preference: short positions below 71.35 with targets at 70.00 & 69.50 in extension. Alternative scenario: above 71.35 look for further upside with 72.05 & 72.50 as targets. Comment: the RSI is bearish and calls for further downside. |
Today’s Economic Events
07:45 FR MAY Business Confidence Indicator exp: 101 prev: 101.1
07:45 FR MAY Production Outlook Indicator exp: NA prev: -1.6
08:15 FR MAY P Markit Composite PMI exp: 50.4 prev: 50.1
08:15 FR MAY P Markit Manufacturing PMI exp: 50 prev: 50
08:15 FR MAY P Markit Services PMI exp: 50.9 prev: 50.5
09:00 EU MAY P Markit Composite PMI exp: 51.6 prev: 51.5
09:00 EU MAY P Markit Manufacturing exp: 48.1 prev: 47.9
09:00 EU MAY P Markit Services PMI exp: 52.8 prev: 52.8
09:00 GE MAY IFO – Business Climate exp: 99.1 prev: 99.2
09:00 GE MAY IFO – Current Assessment exp: 103.6 prev: 103.3
09:00 GE MAY IFO – Expectations exp: 95 prev: 95.2
13:30 US W19 Initial Jobless Claims (k) exp: 215 prev: 212
14:45 US MAY P Markit Composite PMI exp: NA prev: 53
14:45 US MAY P Markit Manufacturing PMI exp: 52.7 prev: 52.6
14:45 US MAY P Markit Services PMI exp: 53.3 prev: 53
15:00 US APR New Home Sales (k) exp: 677 prev: 692
U.S. indices closed lower on Wednesday, pressured by shares in the Automobiles & Components (-3.56%), Semiconductors & Semiconductor Equipment (-2.13%) and Technology Hardware & Equipment (-1.73%) sectors. The Federal Reserve released their minutes from the April 30 -May 1 meeting stating that their members believe a “patient approach” regarding the target range for the federal funds rate would be “appropriate for some time” and observed that risks outlined earlier in the year (global economic outlook, Brexit, trade negotiations) have “moderated”.
The S&P 500 (2,856.27) stays below both its 20d moving average (2,889.18 – negative slope) and 50d moving average (2,873.36 – positive slope).
European markets are expected to start on a negative note.
Base oil markets throughout Europe, the Middle East and Africa are finding their feet again after a season of poor demand coupled with copious avails of all types of base oil. Business is slowing in areas that celebrate Ramadan, and with the summer vacation season kicking off in June, the market may not return to normal until September
API Group I base oils have tightened a bit around Europe as many of the principal suppliers have few if any spot avails left in tank for May lifting, and with negotiations now ongoing for June cargoes for export sales, some sellers are trying to boost prices for that period. Buyers, though, say they are countering with levels that would represent markdowns.