Month: February 2020

EMEA Base Oil Price Report

With attendee numbers down from last year, the ICIS World Base Oils & Lubricants Conference was obviously feeling the effects of the Covid-19 coronavirus that started out in China. Many players from the Far East, India and even Europe were missing. With new cases being identified in Italy and the United Kingdom this week, the term pandemic is starting to be used.

Industrial and commercial operations in China have been particularly affected so far, but the implications for a global downturn are real and are starting the drip-feed through routine and ordinary business. The impacts on the base oil industry have so far been relatively localized to Far Eastern markets, but many discussions at the conference last week centered around supply and pricing for the short, medium and even longer terms. read more

BRENT Crude Technical Snap (Daily)

Pivot: 56.30 Our preference: long positions above 56.30 with targets at 57.20 & 57.70 in extension. Alternative scenario: below 56.30 look for further downside with 56.00 & 55.60 as targets. Comment: the RSI advocates for further upside.

BRENT Crude Technical Snap (Daily)

Pivot: 57.85 Our preference: short positions below 57.85 with targets at 56.30 & 55.60 in extension. Alternative scenario: above 57.85 look for further upside with 58.25 & 58.60 as targets. Comment: the RSI is bearish and calls for further decline.

BRENT Crude Technical Snap (Daily)

Pivot: 59.40 Our preference: short positions below 59.40 with targets at 58.40 & 58.05 in extension. Alternative scenario: above 59.40 look for further upside with 59.70 & 60.00 as targets. Comment: the RSI advocates for further decline.

BRENT Crude Technical Snap (Daily)

Pivot: 58.85 Our preference: long positions above 58.85 with targets at 59.70 & 60.25 in extension. Alternative scenario: below 58.85 look for further downside with 58.30 & 57.80 as targets. Comment: the RSI is mixed to bullish

BRENT Crude Technical Snap (Daily)

Pivot: 57.50 Our preference: long positions above 57.50 with targets at 58.85 & 59.25 in extension. Alternative scenario: below 57.50 look for further downside with 56.95 & 56.30 as targets. Comment: the RSI is bullish and calls for further upside

BRENT Crude Technical Snap (Daily)

Pivot: 57.55 Our preference: short positions below 57.55 with targets at 56.70 & 56.15 in extension. Alternative scenario: above 57.55 look for further upside with 58.40 & 59.00 as targets. Comment: the RSI is bearish and calls for further decline

BRENT Crude Technical Snap (Daily)

Pivot: 56.70 Our preference: long positions above 56.70 with targets at 57.45 & 57.90 in extension. Alternative scenario: below 56.70 look for further downside with 56.05 & 55.50 as targets. Comment: the RSI is mixed to bullish.

BRENT Crude Technical Snap (Daily)

Pivot: 55.90 Our preference: long positions above 55.90 with targets at 56.80 & 57.30 in extension. Alternative scenario: below 55.90 look for further downside with 55.60 & 55.30 as targets. Comment: the RSI calls for a new upleg.

BRENT Crude Technical Snap (Daily)

Pivot: 55.40 Our preference: long positions above 55.40 with targets at 56.10 & 56.35 in extension. Alternative scenario: below 55.40 look for further downside with 55.10 & 54.85 as targets. Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.