Author: Specialist

Commodity Closing – Europe/Oil-Gas Majors 20.09.18

EMEA Base Oil Report Week: 18/9/18

Base oil markets in Europe, the Middle East and Africa had a quiet week in terms of buying activity but were exceptionally busy for shipping fixtures, perhaps in response to deals settled at the beginning of September.

Sellers apparently were willing to offer attractive rates after the summer recess, during which stocks of Group I base oils swelled to such an extent that they were almost desperate to clear inventory. Certainly many cargoes were bought for export to all corners of Africa and as far away as the Far East. read more

General Market Comment

US indices closed mixed on Wednesday. Shares in the Commercial & Professional Services (-2.51%), Utilities (-2.12%) and Telecommunication Services (-1.35%) sectors closed on a negative note while shares in the Banks (+2.28%), Automobiles & Components (+2.01%) and Diversified Financials (+1.38%) sectors gained traction. On the economic data front, current account deficit narrowed to $101.5B in 2Q (forecasted $103.4B) compared to $121.7B in 1Q. Also, housing starts rose to 1.282M units in August (expected 1.238M) from 1.174M units in July, while building permits fell to 1.229M in August (estimated 1.31M) vs. 1.303M a month earlier. The S&P 500 (2,907.95) remains above its 20d moving average (2,890.18 – positive slope) and 50d moving average (2,851.62 – positive slope). read more

Today’s Economic Events

09:30 UK AUG Retail Sales (MoM) exp: -0.2% prev: 0.9%
13:30 US SEP Philadelphia Fed. exp: 18 prev: 11.9
13:30 US W36 Initial Jobless Claims (k) exp: 209 prev: 204
15:00 EC SEP A Euro-Zone: Consumer Confidence exp: -1.9 prev: -1.9
15:00 US AUG Existing Home Sales (M) exp: 5.4 prev: 5.3
15:00 US AUG Leading Indicators exp: 0.5% prev: 0.6%

Commodity Closing – Europe/Oil-Gas Majors 14.09.18

Today’s Economic Events

10:00 EC JUL Euro-Zone External Trade Balance (M EUR) exp: NA prev: 22510
13:30 US AUG Retail Sales exp: 0.4% prev: 0.5%
13:30 US AUG Retail Sales less Autos exp: 0.5% prev: 0.6%
14:15 US AUG Industrial Capacity Utilization exp: 78.2% prev: 78.05%
14:15 US AUG Industrial Production (MoM) exp: 0.3% prev: 0.1%
15:00 US JUL Business Inventories exp: 0.5% prev: 0.1%
15:00 US SEP P U. of Michigan Confidence exp: 96.8 prev: 96.2

General Market Comment

US indices closed mixed on Thursday. Shares in the Food & Staples Retailing (-1.27%), Banks (-0.73%) and Transportation (-0.52%) sectors ended on a negative note while shares in the Technology Hardware & Equipment (+1.94%), Semiconductors & Semiconductor Equipment (+1.72%) and Media (+1.68%) sectors gained momentum. On the economic data front, CPI improved by 0.2% MoM in August (estimated 0.3%) from an increase of 0.2% in July while CPI YoY advanced by 2.7% in August (forecasted 2.8%) compared to 2.9% last year. In other news, initial jobless claims reached 204k in week ended on September 8th (estimated 210k) from 205k in the previous week. Continuing claims lowered to 1.696M in week ended September 1st (expected 1.71M) vs. 1.711M a week earlier. Also, the Bloomberg consumer comfort index advanced to 59 in week ended September 9th compared to 58 the prior week. Finally, the monthly deficit widened to $214.1B in August (estimated $211B) from $107.7B in July. The S&P 500 (2,904.18) remains above its 20d moving average (2,880.42 – positive slope) and 50d moving average (2,840.99 – positive slope). read more

Commodity Closing – Europe/Oil-Gas Majors 07.09.18

Brent Crude Technical Snap

Pivot: 77.00. Short positions below 77.00 with targets at 76.15 & 75.65 in extension. Above 77.00 look for further upside with 77.45 & 77.80 as targets. RSI advocates for further decline.

Today’s Economic Events

US AUG Average Hourly Earnings (MoM) exp: NA prev: 0.1%
US AUG Average Weekly Hours exp: NA prev: 33.8
07:00 GE JUL Current Account (B EUR) exp: NA prev: 26.2
07:00 GE JUL Exports (MoM) exp: 0.1% prev: 0.1%
07:00 GE JUL Imports (MoM) exp: -0.1% prev: 1.3%
07:00 GE JUL Industrial Production (MoM) exp: -0.1% prev: -0.9%
07:00 GE JUL Trade Balance (B EUR) exp: 19.4 prev: 21.8
07:45 FR JUL Central Govt. Balance (B EUR) exp: NA prev: -58.9
07:45 FR JUL Trade Balance (M) exp: NA prev: -6248
10:00 EC 2Q F Euro-Zone: GDP (QoQ) exp: 0.4% prev: 0.4%
13:30 US AUG Change in Manufact. Payrolls (k) exp: 26 prev: 37
13:30 US AUG Change in Nonfarm Payrolls (k) exp: 195 prev: 157
13:30 US AUG Unemployment Rate exp: 3.8% prev: 3.9% read more