Real time trading in Polymers, Base Oils, TiO2 and Nanomaterials
BRENT Crude Technical Snap (Daily)
| Pivot: 65.15 Our preference: long positions above 65.15 with targets at 66.00 & 66.30 in extension. Alternative scenario: below 65.15 look for further downside with 64.80 & 64.15 as targets. Comment: the RSI is bullish and calls for further advance. |
EMEA Base Oil Price Report
Base oil markets have returned to full steam after the seasonal break, and buyers and sellers are trying to fathom just where prices and availabilities lie.
A few pieces are missing from the overall puzzle, however, as Orthodox Christmas celebrations took place in Russia and Greece last week, possibly denting activities in some markets.
The scene for API Group I oils is shifting, since availability of all grades is perhaps more prolific than forecast. That and the retreat of feedstock prices are making it difficult for Group I sellers to push for price hikes. Some are sticking with increased offer prices, while others are adopting flexible stances.
BRENT Crude Technical Snap (Daily)
| Pivot: 63.90 Our preference: long positions above 63.90 with targets at 65.00 & 65.25 in extension. Alternative scenario: below 63.90 look for further downside with 63.55 & 63.30 as targets. Comment: the RSI calls for a rebound. |
BRENT Crude Technical Snap (Daily)
| Pivot: 64.70 Our preference: short positions below 64.70 with targets at 63.90 & 63.25 in extension. Alternative scenario: above 64.70 look for further upside with 65.25 & 65.65 as targets. Comment: as long as the resistance at 64.70 is not surpassed, the risk of the break below 63.90 remains high. |
EMEA Base Oil Price Report
Buyers and sellers returned to their desks this week, but base oil trading remained quiet, likely to pick up as the week progressed.
Markets were rocked, however, by a jump in crude oil prices after the United States assassinated Iranian military commander Qasem Soleimani, leading to threats of further attacks by both sides.
API Group I values are being reviewed by sellers, and some are already offering higher numbers than at the end of last year. Rising feedstock prices are being cited as the main reason, but some producers have not raised prices.