Real time trading in Polymers, Base Oils, TiO2 and Nanomaterials
BRENT Crude Technical Snap (Daily)
| Pivot: 63.70 Our preference: short positions below 63.70 with targets at 63.00 & 62.65 in extension. Alternative scenario: above 63.70 look for further upside with 64.10 & 64.40 as targets. Comment: as long as the resistance at 63.70 is not surpassed, the risk of the break below 63.00 remains high. |
Today’s Economic Events
07:00 GE JUN Import Prices (MoM) exp: -0.7% prev: -0.1%
07:45 FR JUL Consumer Confidence exp: 101 prev: 101
07:45 FR JUN Producer Price Index (MoM) exp: NA prev: -0.4%
13:30 US 2Q A GDP (QoQ) exp: 1.8% prev: 3.1%
13:30 US 2Q A GDP Price (QoQ) exp: 2.1% prev: 0.9%
13:30 US 2Q A Personal Consumption exp: 4.1% prev: 0.9%
U.S. indices closed lower on Thursday pressured by shares in the Automobiles & Components (-3.11%), Semiconductors & Semiconductor Equipment (-1.62%) and Energy (-1.16%) sectors. On the economic data front, Durable Goods Orders increased 2.0% MoM in June (estimated +0.7%, -2.3% in May). Initial Jobless Claims fell to 206K in week ending July 20 (estimated 218K) from 216K in the prior week. Wholesale Inventories rose 0.2% MoM in June (estimated +0.5%, +0.4% in May). The S&P 500 (3,003.67) stays above its 20d moving average (2,987.04 – positive slope) and its 50d moving average (2,911.99 – positive slope).
European markets are expected to open on a flat note.
BRENT Crude Technical Snap (Daily)
| Pivot: 63.80 Our preference: short positions below 63.80 with targets at 62.65 & 61.90 in extension. Alternative scenario: above 63.80 look for further upside with 64.40 & 64.80 as targets. Comment: as long as 63.80 is resistance, expect a return to 62.65. |
Today’s Economic Events
09:00 GE JUL IFO – Business Climate exp: 97.2 prev: 97.4
09:00 GE JUL IFO – Current Assessment exp: 100.1 prev: 100.8
09:00 GE JUL IFO – Expectations exp: 93.9 prev: 94.2
12:45 EC ECB: Rates decision exp: 0% prev: 0%
13:30 US JUN P Durable Goods Ex Transportation exp: 0.2% prev: 0.4%
13:30 US JUN P Durable Goods Orders exp: 0.6% prev: -1.3%
13:30 US JUN P Wholesale Inventories exp: 0.4% prev: 0.4%
13:30 US W28 Initial Jobless Claims (k) exp: 218 prev: 216
The S&P 500 and Nasdaq closed at all-time highs on Wednesday lifted by shares in the Semiconductors & Semiconductor Equipment (+2.84%), Telecommunication Services (+2.3%) and Banks (+1.25%) sectors. On the economic data front, the Markit U.S. Manufacturing PMI index dropped to 50.0 in July (estimated 51.0) from 50.6 in June. New Home Sales rose to an annualized rate of 646K in June (estimated 658K) from 604K in May. The S&P 500 (3,019.56) stays above its 20d moving average (2,982.54 – positive slope) and its 50d moving average (2,908.61 – positive slope).
European markets are expected to start on a positive note.
EMEA Weekly Base Oil Price Report
Base oil markets throughout Europe, the Middle East and African appear to be easing into their summer layoff. After a small spike in buying activity the past few weeks, trade has stabilized ahead of the traditional August lull.
There are limited opportunities for producers and other sellers to move prices higher since supply and demand are in balance. This is the case for all grades of base oils, although different grades have taken different routes to this point.
Demand for API Group I oils is slowing in Europe, and export opportunities are also limited, perhaps due to the summer slowdown in the northern hemisphere. Prices are stable, and availability is excellent for all viscosities. Aggressive spot and contract trade for Group II has softened the past couple weeks. Group III oversupply appears to be overstated, and most players are reporting that while demand is slowing for the summer, supply is also declining.
BRENT Crude Technical Snap (Daily)
| Pivot: 63.35 Our preference: long positions above 63.35 with targets at 64.45 & 65.25 in extension. Alternative scenario: below 63.35 look for further downside with 62.70 & 61.90 as targets. Comment: the RSI is mixed with a bullish bias. |
Today’s Economic Events
07:45 FR JUL Business Confidence Indicator exp: 102 prev: 102.2
07:45 FR JUL Production Outlook Indicator exp: NA prev: 2.8
08:15 FR JUL P Markit Composite PMI exp: 52.7 prev: 52.7
08:15 FR JUL P Markit Manufacturing PMI exp: 51.7 prev: 51.9
08:15 FR JUL P Markit Services PMI exp: 52.9 prev: 52.9
09:00 EU JUL P Markit Composite PMI exp: 52.1 prev: 52.2
09:00 EU JUL P Markit Manufacturing exp: 47.8 prev: 47.6
09:00 EU JUL P Markit Services PMI exp: 53.4 prev: 53.6
14:45 US JUL P Markit Composite PMI exp: NA prev: 51.5
14:45 US JUL P Markit Manufacturing PMI exp: 51.2 prev: 50.6
14:45 US JUL P Markit Services PMI exp: NA prev: 51.5
15:00 US JUN New Home Sales (k) exp: 650 prev: 626
15:30 US W28 Crude Oil Inventories (WoW chg) exp: NA prev: -3116
U.S. indices closed higher on Tuesday on news that face-to-face talks between U.S. and Chinese trade negotiators will begin next week. Stocks in the Automobiles & Components (+2.34%), Materials (+1.99%) and Banks (+1.66%) sectors helped the market higher. On the economic data front, existing home sales fell to an annualized rate of 5.27M in June (estimated 5.32M) from 5.34M in May as the spring selling season was weaker than expected. The S&P 500 (3,005.47) stays above its 20d moving average (2,977.44 – positive slope) and its 50d moving average (2,904.46 – positive slope).
European markets are expected to start on a flat note.