Month: January 2020

BRENT Crude Technical Snap (Daily)

Pivot: 59.70 Our preference: short positions below 59.70 with targets at 58.85 & 58.50 in extension. Alternative scenario: above 59.70 look for further upside with 60.00 & 60.30 as targets. Comment: the RSI is bearish and calls for further decline.

BRENT Crude Technical Snap (Daily)

Pivot: 59.75 Our preference: long positions above 59.75 with targets at 60.85 & 61.20 in extension. Alternative scenario: below 59.75 look for further downside with 59.40 & 59.10 as targets. Comment: the RSI is bullish and calls for further advance.

EMEA Base Oil Price Report

Despite a retreat by crude oil costs, base oil prices have started to rise across Europe, the Middle East and Africa thanks to lack of availabilities, particularly for API Group I base stocks.

It’s possible that demand has improved, but the hikes in base oil values stem from buyers not being able to locate supplies, not a large increase in offtake rates.

Group II prices also firmed, thanks in part to increased and higher prices in the United States, from whence a fair portion of European supplies are sourced. Group III values are static but face some upward pressure because of the markups for Group I and II oils. In addition, Group III availability may tighten due to maintenance shutdowns at multiple plants. read more

BRENT Crude Technical Snap (Daily)

Pivot: 58.75 Our preference: long positions above 58.75 with targets at 59.85 & 60.35 in extension. Alternative scenario: below 58.75 look for further downside with 58.50 & 58.05 as targets. Comment: the RSI calls for a rebound.

BRENT Crude Technical Snap (Daily)

Pivot: 60.20 Our preference: short positions below 60.20 with targets at 58.70 & 57.90 in extension. Alternative scenario: above 60.20 look for further upside with 60.90 & 61.60 as targets. Comment: the RSI advocates for further decline.

BRENT Crude Technical Snap (Daily)

Pivot: 61.70 Our preference: long positions above 61.70 with targets at 62.95 & 63.45 in extension. Alternative scenario: below 61.70 look for further downside with 61.25 & 60.60 as targets. Comment: the RSI calls for a rebound.

BRENT Crude Technical Snap (Daily)

Pivot: 62.95 Our preference: short positions below 62.95 with targets at 61.75 & 61.40 in extension. Alternative scenario: above 62.95 look for further upside with 63.60 & 64.05 as targets. Comment: the RSI shows downside momentum.

EMEA Base Oil Price Report

Speculation that prices might rise or at least start to firm after the New Year seems to be unfounded because little has changed in the base oil markets over the past few weeks.

Prices are also very close to where they were a year ago, having proved impervious to outside influences that could have disrupted markets.

API Group I prices are steady, with adequate availabilities of all grades.  The segment may not be awash with material, but buyers are able to pick and choose supply options. Predictions that numbers would rise in January appears to be unfounded as values remain firmly around the same levels as December. read more

BRENT Crude Technical Snap (Daily)

Pivot: 64.60 Our preference: short positions below 64.60 with targets at 64.05 & 63.80 in extension. Alternative scenario: above 64.60 look for further upside with 64.85 & 65.05 as targets. Comment: as long as 64.60 is resistance, expect a return to 64.05.

BRENT Crude Technical Snap (Daily)

Pivot: 65.10 Our preference: short positions below 65.10 with targets at 64.20 & 63.90 in extension. Alternative scenario: above 65.10 look for further upside with 65.50 & 65.70 as targets. Comment: the RSI has broken down its 30 level.