Month: July 2019

U.S. indices closed mixed on Tuesday. Shares in the Media (+0.9%), Retailing (+0.77%) and Banks (+0.58%) sectors traded higher while shares in the Telecommunication Services (-2.24%), Materials (-1.01%) and Household & Personal Products (-0.88%) sectors were under pressure. On the economic data front, the NFIB Small Business Optimism Index fell to 103.3 in June (vs. 103.1 expected) from 105.0 in May. The S&P 500 (2,979.63) stays above its 20d moving average (2,935.25 – positive slope) and its 50d moving average (2,887.50 – positive slope).

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

Europe, Middle East and Africa base oil prices are stable. There were some attempts to raise prices in export offers, but these offers were negotiated back down to existing levels.

API Group I prices remain unchanged, with no obvious reason to do otherwise. Availabilities are reported as good, with most refining locations having all grades available for sale. There are no reports of increasing price levels in offers, as most sellers prefer to move product rather than hike numbers.

Group II reports contain news that prices are stable, although there are suggestions that levels are coming under pressure where new suppliers have attempted to enter the market. This incursion has generated some lower prices, which some have adopted as the norm. read more

BRENT Crude Technical Snap (Daily)

Pivot: 64.35 Our preference: short positions below 64.35 with targets at 63.25 & 62.90 in extension. Alternative scenario: above 64.35 look for further upside with 64.80 & 65.15 as targets. Comment: the RSI is mixed to bearish.

Today’s Economic Events

No major economic reports scheduled.

U.S. indices closed lower on Monday pressured by shares in the Technology Hardware & Equipment (-1.71%), Pharmaceuticals, Biotechnology & Life Sciences (-1.08%) and Materials (-1.06%) sectors. On the economic front, consumer credit increased $17.09B in May (vs. +$17.00B expected). The S&P 500 (2,975.95) stays above its 20d moving average (2,930.61 – positive slope) and its 50d moving average (2,886.70 – positive slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 63.65 Our preference: long positions above 63.65 with targets at 64.90 & 65.40 in extension. Alternative scenario: below 63.65 look for further downside with 63.00 & 62.40 as targets. Comment: the RSI is mixed to bullish.

Today’s Economic Events

07:00 GE MAY Current Account (B EUR) exp: NA prev: 22.6
07:00 GE MAY Exports (MoM) exp: 0.9% prev: -3.4%
07:00 GE MAY Imports (MoM) exp: 0.4% prev: -0.9%
07:00 GE MAY Industrial Production (MoM) exp: 0.3% prev: -1.9%
07:00 GE MAY Trade Balance (B EUR) exp: 17.1 prev: 17.9
20:00 US MAY Consumer Credit (B USD) exp: NA prev: 17.5

U.S. indices closed slightly lower on Friday pressured by shares in the Pharmaceuticals, Biotechnology & Life Sciences (-1.33%), Household & Personal Products (-0.84%) and Semiconductors & Semiconductor Equipment (-0.64%) sectors. On the economic data front, Nonfarm payrolls increased 244,000 in June (vs. +160,000 expected, +72,000 in May), while jobless rate rose to 3.7% (vs. 3.6% expected) from 3.6%. The S&P 500 (2,990.41) stays above its 20d moving average (2,925.48 – positive slope) and its 50d moving average (2,885.71 – positive slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 63.05 Our preference: long positions above 63.05 with targets at 63.70 & 64.00 in extension. Alternative scenario: below 63.05 look for further downside with 62.65 & 62.10 as targets. Comment: the RSI calls for a rebound.

Today’s Economic Events

US JUN Average Hourly Earnings (MoM) exp: NA prev: 0.3%
US JUN Average Weekly Hours exp: NA prev: 33.6
07:45 FR MAY Trade Balance (M) exp: NA prev: -4981
13:30 US JUN Change in Manufact. Payrolls (k) exp: 1 prev: 3
13:30 US JUN Change in Nonfarm Payrolls (k) exp: 163 prev: 75
13:30 US JUN Unemployment Rate exp: 3.6% prev: 3.6%