Author: Specialist

Brent oil futures were flat to lower under $73 a barrel late Friday in Europe. The contract held gains from the previous session, although upside appears limited as trade concerns weigh.

Commodity Closing – Europe/Oil-Gas Majors 03.08.18

Brent Crude Technical Snap

Pivot: 72.80.  Long positions above 72.80 with targets at 73.75 & 74.10 in extension. Below 72.80 look for further downside with 72.30 & 71.85 as targets. RSI is mixed to bullish.

Today’s Economic Events

US JUL Average Hourly Earnings (MoM) exp: NA prev: 0.2%
US JUL Average Weekly Hours exp: NA prev: 33.8
07:45 FR JUN Central Govt. Balance (B EUR) exp: NA prev: -55.1
08:50 FR JUL F Markit Composite PMI exp: 54.6 prev: 54.5
08:50 FR JUL F Markit Services PMI exp: 55.3 prev: 55.3
09:00 EU JUL F Markit Composite PMI exp: 54.3 prev: 54.3
09:00 EU JUL F Markit Services PMI exp: 54.4 prev: 54.4
10:00 EC JUN Euro-Zone: Retail Trade (MoM) exp: 0.3% prev: 0%
13:30 US JUL Change in Manufact. Payrolls (k) exp: 23 prev: 36
13:30 US JUL Change in Nonfarm Payrolls (k) exp: 195 prev: 213
13:30 US JUL Unemployment Rate exp: 3.9% prev: 4%
13:30 US JUN Trade Balance (B USD) exp: -46 prev: -43.1
14:45 US JUL F Markit Composite PMI exp: NA prev: 55.9
14:45 US JUL F Markit Services PMI exp: NA prev: 56.2
15:00 US JUL ISM – Non Manufacturing exp: 58.6 prev: 59.1 read more

General Market Comment

US indices closed mixed on Thursday as Apple becomes the first US company to reach a valuation of $1T. Shares in the Media (-0.95%), Materials (-0.72%) and Real Estate (-0.53%) sectors ended on a negative note while shares in the Technology Hardware & Equipment (+2.3%), Household & Personal Products (+2.05%) and Retailing (+1.32%) sectors gained momentum. On the economic data front, initial jobless claims increased to 218K in the week ending July 28 (estimated 220k) from 217K previously. Continuing claims decreased to 1.724M in the week ending July 21 (anticipated 1.75M) from a revised 1.747M last week. In addition, the Bloomberg consumer comfort index decreased to 58.6 in the week ending July 29 from 59 in the prior week. In other news, durable goods orders increased in the final estimate of 0.8% in June (estimated +1%) from -0.3% in the previous month. Finally, factory orders increased by 0.7% in June, estimated to remain flat compared to 0.4% in May. The S&P 500 (2,827.22) remains above both its 20d moving average (2,806.53 – positive slope) and 50d moving average (2,769.00 – positive slope). read more

Commodity Closing – Europe/Oil-Gas Majors 02.08.18

Oil gains on stockpiles decline – Reports

Oil prices strengthened Thursday, turning higher after traders saw an industry report suggesting U.S. crude stockpiles would soon begin to decline again after a surprise rise in the latest week.

Brent Crude Technical Snap

Pivot: 73.15.  Short positions below 73.15 with targets at 72.05 & 71.66 in extension. Above 73.15 look for further upside with 73.50 & 74.10 as targets. RSI is mixed to bearish.

Today’s Economic Events

10:00 EC JUN Euro-Zone: PPI (MoM) exp: 0.3% prev: 0.8%
12:00 UK BoE: Rates decision exp: 0.75% prev: 0.5%
13:30 US W29 Initial Jobless Claims (k) exp: 220 prev: 217
15:00 US JUN F Durable Goods Ex Transportation exp: NA prev: 0.4%
15:00 US JUN F Durable Goods Orders exp: NA prev: 1%
15:00 US JUN Factory Orders exp: 0.9% prev: 0.4%

General Market Comment

US indices closed mixed on Wednesday. Shares in the Automobiles & Components (-1.91%), Capital Goods (-1.56%) and Energy (-1.33%) sectors closed lower while shares in the Technology Hardware & Equipment (+3.74%), Real Estate (+0.69%) and Commercial & Professional Services (+0.67%) sectors gained traction. On the economic data front, MBA mortgage applications decreased by 2.6% in the week ending July 27 from -0.2% previously. In addition, the ADP national employment report showed U.S. companies added 219K jobs in July (estimated +186K) from a revised +181K in the prior month. Markit manufacturing PMI decreased at a final estimate of 55.3 in July (estimated 55.5) from 55.4 in June. Moreover, construction spending MoM decreased by 1.1% in June (expected +0.3%) from a revised +1.3% in May while ISM manufacturing PMI decreased to 58.1 in July (estimated 59.4) from 60.2 in June. Finally, the Fed released the FOMC statement stating that it decided to maintain the target range for the federal funds rate at 1.75% – 2%. The Fed added that the economy is growing at a “strong rate” and continues to expect further gradual rate increases. The S&P 500 (2,813.36) remains above both its 20d moving average (2,802.00 – positive slope) and 50d moving average (2,766.94 – positive slope). read more