Author: Specialist

Commodity Closing – Europe/Oil-Gas Majors 01.08.18

Brent Crude Technical Snap

Pivot: 74.35.  Short positions below 74.35 with targets at 73.50 & 73.25 in extension. Above 74.35 look for further upside with 74.60 & 74.90 as targets. RSI is mixed to bearish.

Today’s Economic Events

US JUL Total Vehicule Sales (M) exp: NA prev: 17.4
08:50 FR JUL F Markit Manufacturing PMI exp: 53.1 prev: 53.1
09:00 EU JUL F Markit Manufacturing exp: 55.1 prev: 55.1
13:15 US JUL ADP Employment Report (k) exp: 180 prev: 177
14:45 US JUL F Markit Manufacturing PMI exp: NA prev: 55.5
15:00 US JUL ISM – Manufacturing exp: 59.2 prev: 60.2
15:00 US JUL ISM – Price Paid exp: NA prev: 76.8
15:00 US JUN Construction Spending (MoM) exp: 0.3% prev: 0.4%
15:30 US W29 Crude Oil Inventories (WoW chg) exp: NA prev: -6147
19:00 US Fed: Rates decision exp: 2% prev: 2% read more

General Market Comment

US indices closed higher on Tuesday, after news that the US is in talks with China to settle the trade conflict. Shares in the Capital Goods (+2.57%), Real Estate (+1.89%) and Pharmaceuticals, Biotechnology & Life Sciences (+1.58%) sectors ended in the green zone. On the economic data front, personal income increased by 0.4% in June, meeting the estimate, compared to +0.4% a month ago while personal spending also increased by 0.4%, meeting the expectation, from a revised +0.5% in May. Finally, the Conference Board consumer confidence index increased to 127.4 in July, above the estimate of 126, from a revised 127.1 previously. The S&P 500 (2,816.29) remains above both its 20d moving average (2,796.99 – positive slope) and 50d moving average (2,765.34 – positive slope). read more

Oil to hold steady 2018/19 – Reuters Poll

Oil prices are viewed likely to hold steady during 2018 and 2019 as as increased output from OPEC and the U.S. is expected to offset increasing demand led by Asia and supply disruptions from Iran and elsewhere, a Reuters poll showed on Tuesday. A survey of 44 economists and analysts forecast Brent crude to average $72.87 a barrel in 2018, 29 cents higher than the $72.58 projected in the previous month’s poll and above the $71.68 average so far this year. read more

Commodity Closing – Europe/Oil-Gas Majors 31.07.18

Brent Crude Technical Snap

Pivot: 74.40.  Long positions above 74.40 with targets at 74.95 & 75.25 in extension. Below 74.40 look for further downside with 73.80 & 73.50 as targets. RSI is mixed and calls for caution.

Today’s Economic Events

07:00 GE JUN Retail Sales (MoM) exp: 0.9% prev: -1.6%
07:45 FR JUL P Consumer Price Index (MoM) exp: NA prev: 0%
07:45 FR JUL P CPI – EU Harmonised (MoM) exp: -0.3% prev: 0%
08:55 GE JUL Unemployment Change (k) exp: -10.1 prev: -15
08:55 GE JUL Unemployment Rate exp: 5.2% prev: 5.2%
10:00 EC 2Q A Euro-Zone: GDP (QoQ) exp: 0.42% prev: 0.4%
10:00 EC JUN Euro-Zone: Unemployment Rate exp: 8.3% prev: 8.4%
13:30 US JUN Personal Income exp: 0.4% prev: 0.4%
13:30 US JUN Personal Spending exp: 0.4% prev: 0.2%
14:45 US JUL Chicago Purchasing Manager Index exp: 61.3 prev: 64.1
15:00 US JUL Consumer Confidence exp: 125.9 prev: 126.4 read more

General Market Comment

US indices closed lower at the start of the week on Monday, pressured by shares in the Software & Services (-2.35%), Retailing (-1.39%) and Capital Goods (-1.16%) sectors. On the economic data front, pending home sales increased by 0.9% in June, above the expectation of +0.1%, from -0.5% in the last month. In addition, Dallas Fed manufacturing activity decreased to 32.3 in July (anticipated 31) from 36.5 in May. The S&P 500 (2,802.60) remains above both its 20d moving average (2,802.60 – positive slope) and 50d moving average (2,763.27 – positive slope). read more

Commodity Closing – Europe/Oil-Gas Majors 30.07.18