Real time trading in Polymers, Base Oils, TiO2 and Nanomaterials
BRENT Crude Technical Snap (Daily)
| Pivot: 59.95 Our preference: long positions above 59.95 with targets at 60.95 & 61.30 in extension. Alternative scenario: below 59.95 look for further downside with 59.70 & 59.40 as targets. Comment: the RSI is bullish and calls for further upside. |
Today’s Economic Events
07:00 GE JUL Retail Sales (MoM) exp: -1.2% prev: 3.5%
07:45 FR AUG P Consumer Price Index (MoM) exp: 0.4% prev: -0.2%
07:45 FR AUG P CPI – EU Harmonised (MoM) exp: 0.5% prev: -0.2%
07:45 FR JUL Central Govt. Balance (B EUR) exp: NA prev: -77.3
07:45 FR JUL Producer Price Index (MoM) exp: NA prev: -0.5%
09:30 UK JUL M4 Money Supply (MoM) exp: NA prev: 0.1%
10:00 EC JUL Euro-Zone: Unemployment Rate exp: 7.5% prev: 7.5%
13:30 US JUL Personal Income exp: 0.3% prev: 0.4%
13:30 US JUL Personal Spending exp: 0.5% prev: 0.3%
14:45 US AUG Chicago Purchasing Manager Index exp: 47.7 prev: 44.4
15:00 US AUG F U. of Michigan Confidence exp: 93.1 prev: 92.1
U.S. indices closed higher on Thursday after China announced it would not retaliate against the latest U.S. trade tariffs which helped lift shares in the Semiconductors & Semiconductor Equipment (+2.37%), Transportation (+1.98%) and Banks (+1.95%) sectors. On the economic data front, 2Q GDP growth was revised to 2.0% (as expected) from 2.1% previously. Jobless claims rose to 215K in the week ending Aug 24 (expected 214K) from 209K in the prior week. Wholesale inventories gained 0.2% MoM in July (as expected). On Friday, traders look towards the latest earnings results from Campbell Soup (CPB) which is anticipated to report 4Q EPS of $0.42 compared to $0.25 a year ago. The S&P 500 (2,924.58) breaks above its 20d moving average (2,893.21 – negative slope) but stays below its 50d moving average (2,945.60 – flat slope).
European markets are expected to start on a flat note.
BRENT Crude Technical Snap (Daily)
| Pivot: 60.00 Our preference: long positions above 60.00 with targets at 60.50 & 60.75 in extension. Alternative scenario: below 60.00 look for further downside with 59.60 & 59.40 as targets. Comment: the RSI is mixed and calls for caution. |
Today’s Economic Events
07:45 FR 2Q F GDP (QoQ) exp: 0.2% prev: 0.2%
07:45 FR JUL Households Consumption (MoM) exp: 0.4% prev: -0.1%
08:55 GE AUG Unemployment Change (k) exp: 4.8 prev: 1
08:55 GE AUG Unemployment Rate exp: 5% prev: 5%
10:00 EC AUG Business Climate Indicator exp: -0.18 prev: -0.12
10:00 EC AUG Euro-Zone: Economic Confidence exp: 102.2 prev: 102.7
10:00 EC AUG Euro-zone: Industrial Confidence exp: -7.5 prev: -7.4
10:00 EC AUG F Euro-Zone: Consumer Confidence exp: -7.1 prev: -7.1
13:00 GE AUG P Consumer Price Index (MoM) exp: -0.1% prev: 0.5%
13:00 GE AUG P CPI – EU Harmonised (MoM) exp: 0.1% prev: 0.4%
13:30 US 2Q S GDP (QoQ) exp: 2% prev: 2.1%
13:30 US 2Q S GDP Price (QoQ) exp: 2.1% prev: 2.4%
13:30 US 2Q S Personal Consumption exp: 4.3% prev: 4.3%
13:30 US JUL P Wholesale Inventories exp: 0.2% prev: 0%
13:30 US W33 Initial Jobless Claims (k) exp: 215 prev: 209
U.S. indices closed higher on Wednesday lifted by shares in the Automobiles & Components (+2.03%), Consumer Durables & Apparel (+1.42%) and Energy (+1.4%) sectors. U.S. crude inventories plummeted by 10 million barrels last week which sent oil stocks higher. Key stocks to watch on Thursday include Dollar General (DG), Dollar Tree (DLTR) and Best Buy (BBY) as they are anticipated to release earnings pre-market. The S&P 500 (2,887.94) stays below its 20d moving average (2,887.94 – negative slope) and its 50d moving average (2,945.64 – flat slope).
European markets are expected to start on a flat note.
BRENT Crude Technical Snap (Daily)
| Pivot: 59.40 Our preference: long positions above 59.40 with targets at 60.40 & 60.85 in extension. Alternative scenario: below 59.40 look for further downside with 58.95 & 58.60 as targets. Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited. |
Today’s Economic Events
07:00 GE JUL Import Prices (MoM) exp: 0% prev: -1.4%
15:30 US W33 Crude Oil Inventories (WoW chg) exp: NA prev: -2732
U.S. indices closed lower on Tuesday erasing strong gains in the morning as shares in the Food, Beverage & Tobacco (-1.61%), Health Care Equipment & Services (-1.06%) and Bank (-0.98%) sectors became under pressure. On the economic data front, the Conference Board Consumer Confidence Index slipped to 135.1 in August (vs. 129.0 expected) from 135.8 in July. Also, the Richmond Fed Manufacturing Index rose to 1 in August (vs. -4 expected) from -12 in July. The S&P 500 (2,869.16) stays below its 20d moving average (2,899.28 – negative slope) and its 50d moving average (2,946.24 – flat slope).
European markets are expected to start on a flat note.
EMEA Base Oil Price Report
As the holiday season nears an end, base oil markets around Europe, the Middle East and Africa are beginning to show signs of normal activity with a number of enquiries for export and domestic regional sales being pushed around the market.
The strike at a refinery in Northwestern Europe continues to affect the producer’s ability to offer for September cargoes and even local supplies have been curtailed. The producer is saying that they may not be able to offer base oils until October at the earliest, depending on when the strike ends.