Real time trading in Polymers, Base Oils, TiO2 and Nanomaterials
BRENT Crude Technical Snap (Daily)
| Pivot: 61.30 Our preference: short positions below 61.30 with targets at 60.30 & 59.45 in extension. Alternative scenario: above 61.30 look for further upside with 61.75 & 62.25 as targets. Comment: the RSI is below its neutrality area at 50% |
Today’s Economic Events
10:00 EC 1Q F Euro-Zone: GDP (QoQ) exp: 0.4% prev: 0.4%
12:45 EC ECB: Rates decision exp: 0% prev: 0%
13:30 US 1Q F Nonfarm Productivity exp: 3.5% prev: 3.6%
13:30 US 1Q F Unit Labor Costs exp: -1% prev: -0.9%
13:30 US APR Trade Balance (B USD) exp: -50.3 prev: -50
13:30 US W21 Initial Jobless Claims (k) exp: 216 prev: 215
US indices closed mixed on Wednesday. Shares in the Energy (-1.08%), Semiconductors & Semiconductor Equipment (-0.68%) and Media (-0.09%) sectors were under pressure while shares in the Real Estate (+2.33%), Utilities (+2.14%) and Software & Services (+1.85%) sectors gained traction. On the economic data front, MBA mortgage applications improved by 1.5% in week ended May 31st from a decline of 3.3% in the previous week. The ADP employment change dropped to 27k in May (forecasted 185k) from 271k in the previous month. In other news, Markit US services PMI reached 50.9 in May (as expected) vs. 53 in April while Markit US composite PMI reached 50.9 in May vs. 53 a month earlier. Also, the ISM non-manufacturing index increased to 56.9 in May (estimated 55.4) from 55.5 in the prior month. Finally, the Federal Reserve released their Beige Book stating that between April through mid-May “almost all districts reported some growth, and a few saw moderate gains in activity”. Nationwide employment continued to improve and the outlook for the coming months was “solidly positive”.
The S&P 500 (2,826.15) stays below both its 20d moving average (2,828.70 – negative slope) and 50d moving average (2,868.62 – flat slope).
European markets are expected to open on a positive note.
BRENT Crude Technical Snap (Daily)
| Pivot: 61.10 Our preference: long positions above 61.10 with targets at 62.10 & 62.80 in extension. Alternative scenario: below 61.10 look for further downside with 60.65 & 60.25 as targets. Comment: the RSI is above its neutrality area at 50%. |
Today’s Economic Events
08:50 FR MAY F Markit Composite PMI exp: 51.1 prev: 51.3
08:50 FR MAY F Markit Services PMI exp: 51.7 prev: 51.7
09:00 EU MAY F Markit Composite PMI exp: 51.6 prev: 51.6
09:00 EU MAY F Markit Services PMI exp: 52.5 prev: 52.5
10:00 EC APR Euro-Zone: PPI (MoM) exp: 0.2% prev: -0.1%
10:00 EC APR Euro-Zone: Retail Trade (MoM) exp: -0.4% prev: 0%
13:15 US MAY ADP Employment Report (k) exp: 187 prev: 275
14:45 US MAY F Markit Composite PMI exp: NA prev: 50.9
14:45 US MAY F Markit Services PMI exp: 50.8 prev: 50.9
15:00 US MAY ISM – Non Manufacturing exp: 55.4 prev: 55.5
15:30 US W21 Crude Oil Inventories (WoW chg) exp: -1344 prev: -282
US indices closed higher on Tuesday as the Dow jumped over 512 points. Shares in the Automobiles & Components (+4.65%), Semiconductors & Semiconductor Equipment (+4.3%) and Consumer Durables & Apparel (+4.18%) sectors gained momentum. On the economic data front, factory orders declined by 0.8% in April (estimated -1%) from an increase of 1.3% in March. Durable goods orders decreased by 2.1% in April vs. a rise of 2.6% a month earlier.
The S&P 500 (2,803.27) stays below both its 20d moving average (2,831.59 – negative slope) and 50d moving average (2,868.06 – flat slope).
European markets are expected to open on a positive note.
The scenes for base oil markets in Europe, the Middle East and Africa have become more varied recently with Europe turning relatively more stable while prices fluctuate in the Middle East and Africa based on local conditions.
Prices for European Group l exports have firmed a little, mainly due to availability being restricted by suppliers that appear to maximizing sales into local markets where margins are higher and where sales can be spread over a wider spectrum of buyers. Refiners also have shifted feedstock from base oils to production of diesel, where margins are more appealing.
BRENT Crude Technical Snap (Daily)
| Pivot: 62.00 Our preference: short positions below 62.00 with targets at 60.00 & 59.20 in extension. Alternative scenario: above 62.00 look for further upside with 62.70 & 63.25 as targets. Comment: the RSI calls for a drop. |
Today’s Economic Events
07:45 FR APR Central Govt. Balance (B EUR) exp: NA prev: -40.7
10:00 EC APR Euro-Zone: Unemployment Rate exp: 7.7% prev: 7.7%
15:00 US APR F Durable Goods Ex Transportation exp: NA prev: 0%
15:00 US APR F Durable Goods Orders exp: NA prev: -2.1%
15:00 US APR Factory Orders exp: -1% prev: 1.9%
US indices closed mixed on Monday. Shares in the Media (-4.07%), Software & Services (-2.68%) and Retailing (-2.11%) sectors were under pressure while shares in the Telecommunication Services (+2.62%), Materials (+1.97%) and Automobiles & Components (+1.81%) sectors gained traction. On the economic data front, Markit US manufacturing PMI declined to 50.5 in May (estimated 50.6) from 52.6 in April. ISM manufacturing slightly decreased to 52.1 in May (forecasted 53) compared to 52.8 a month earlier. In other news, construction spending remained flat MoM in April (expected 0.4%) vs. 0.1% in March.
The S&P 500 (2,744.45) stays below both its 20d moving average (2,838.05 – negative slope) and 50d moving average (2,868.01 – negative slope).
European markets are expected to start on a negative note.