Real time trading in Polymers, Base Oils, TiO2 and Nanomaterials
BRENT Crude Technical Snap (Daily)
| Pivot: 59.40 Our preference: long positions above 59.40 with targets at 60.40 & 60.85 in extension. Alternative scenario: below 59.40 look for further downside with 58.95 & 58.60 as targets. Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited. |
Today’s Economic Events
07:00 GE JUL Import Prices (MoM) exp: 0% prev: -1.4%
15:30 US W33 Crude Oil Inventories (WoW chg) exp: NA prev: -2732
U.S. indices closed lower on Tuesday erasing strong gains in the morning as shares in the Food, Beverage & Tobacco (-1.61%), Health Care Equipment & Services (-1.06%) and Bank (-0.98%) sectors became under pressure. On the economic data front, the Conference Board Consumer Confidence Index slipped to 135.1 in August (vs. 129.0 expected) from 135.8 in July. Also, the Richmond Fed Manufacturing Index rose to 1 in August (vs. -4 expected) from -12 in July. The S&P 500 (2,869.16) stays below its 20d moving average (2,899.28 – negative slope) and its 50d moving average (2,946.24 – flat slope).
European markets are expected to start on a flat note.
EMEA Base Oil Price Report
As the holiday season nears an end, base oil markets around Europe, the Middle East and Africa are beginning to show signs of normal activity with a number of enquiries for export and domestic regional sales being pushed around the market.
The strike at a refinery in Northwestern Europe continues to affect the producer’s ability to offer for September cargoes and even local supplies have been curtailed. The producer is saying that they may not be able to offer base oils until October at the earliest, depending on when the strike ends.
BRENT Crude Technical Snap (Daily)
| Pivot: 59.25 Our preference: short positions below 59.25 with targets at 58.75 & 58.60 in extension. Alternative scenario: above 59.25 look for further upside with 59.70 & 60.15 as targets. Comment: as long as 59.25 is resistance, expect a return to 58.75. |
Today’s Economic Events
07:45 FR AUG Business Confidence Indicator exp: 101 prev: 100.7
07:45 FR AUG Consumer Confidence exp: 102 prev: 102
07:45 FR AUG Production Outlook Indicator exp: NA prev: 0
15:00 US AUG Consumer Confidence exp: 129.9 prev: 135.7
U.S. indices closed higher on Monday lifted by shares in the Media (+1.68%), Consumer Durables & Apparel (+1.53%) and Technology Hardware & Equipment (+1.52%) sectors. On the economic data front, Durable goods orders gained 2.1% MoM in July (vs +1.2% expected), driven by a demand for Boeing Planes. Durable goods orders ex-transportation slid -0.4% (vs 0.0% expected). Core capital goods shipments ex-aircraft dropped 0.7% (vs +0.1% expected), the first decline since March. The S&P 500 (2,878.38) breaks below its 20d moving average (2,9063.38 – negative slope) and remains below its 50d moving average (2,946.65 – flat slope).
European markets are expected to start on a flat note.
BRENT Crude Technical Snap (Daily)
| Pivot: 59.80 Our preference: long positions above 59.80 with targets at 60.40 & 60.65 in extension. Alternative scenario: below 59.80 look for further downside with 59.45 & 59.00 as targets. Comment: a support base at 59.80 has formed and has allowed for a temporary stabilisation. |
Today’s Economic Events
15:00 US JUL New Home Sales (k) exp: 648 prev: 646
U.S. indices closed mixed in a choppy trading session on Thursday. Shares in the Banks (+0.95%), Food & Staples Retailing (+0.68%) and Consumer Durables & Apparel (+0.5%) sectors traded higher while shares in the Health Care Equipment & Services (-1.03%), Materials (-0.7%) and Commercial & Professional Services (-0.7%) sectors were under pressure. On the economic data front, Initial Jobless Claims fell to 209K in week ending August 17 (estimated 216K) from 221K in the prior week. The Markit U.S. Manufacturing PMI tipped down to 49.9 in August (estimated 50.5) from 50.4 in July. The Leading Index rose 0.5% MoM in July (estimated +0.3%). The S&P 500 (2,922.95) breaks above its 20d moving average (2,922.55 – negative slope) but remains below its 50d moving average (2,947.71 – flat slope).
European markets are expected to start on a flat note.