Today’s Economic Events

10:00 EC MAR Business Climate Indicator exp: 0.68 prev: 0.69
10:00 EC MAR Euro-Zone: Economic Confidence exp: 105.8 prev: 106.1
10:00 EC MAR Euro-zone: Industrial Confidence exp: -0.7 prev: -0.4
10:00 EC MAR F Euro-Zone: Consumer Confidence exp: -7.2 prev: -7.2
12:30 US 4Q T GDP (QoQ) exp: 2.3% prev: 2.6%
12:30 US 4Q T GDP Price (QoQ) exp: 1.8% prev: 1.8%
12:30 US 4Q T Personal Consumption exp: 2.5% prev: 2.8%
12:30 US W11 Initial Jobless Claims (k) exp: 222 prev: 221
13:00 GE MAR P Consumer Price Index (MoM) exp: 0.5% prev: 0.4%
13:00 GE MAR P CPI – EU Harmonised (MoM) exp: 0.6% prev: 0.5% read more

U.S. indices closed lower on Wednesday, pressured by shares in the Semiconductors & Semiconductor Equipment (-1.22%), Automobiles & Components (-0.89%) and Pharmaceuticals, Biotechnology & Life Sciences (-0.85%) sectors. On the economic data front, trade deficit narrowed to $51.1B in January (estimated $57.0B) from $59.9B in the previous month. The S&P 500 (2,805.37) stays above both its 20d moving average (2,800.92 – flat slope) and 50d moving average (2,747.14 – positive slope).

European markets are expected to start on a flat note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 67.60 Our preference: long positions above 67.60 with targets at 68.70 & 69.00 in extension. Alternative scenario: below 67.60 look for further downside with 67.20 & 66.95 as targets. Comment: the RSI is bullish and calls for further advance.

Today’s Economic Events

07:45 FR FEB Producer Price Index (MoM) exp: NA prev: 0.1%
07:45 FR MAR Consumer Confidence exp: 96 prev: 95
12:30 US JAN Trade Balance (B USD) exp: -57.5 prev: -59.8
14:30 US W11 Crude Oil Inventories (WoW chg) exp: NA prev: -9589

U.S. indices closed higher on Tuesday lifted by shares in the Telecommunication Services (+1.46%), Banks (+1.45%) and Energy (+1.45%) sectors. On the economic data front, housing starts dropped 8.7% MoM to 1.162M in February (estimated 1.21M) from 1.273M in January and building permits declined 1.6% MoM to 1.296M (forecasted 1.305M) from 1.317M. In other news, the FHFA house price index rose 0.6% MoM in January (expected +0.4%). Finally, the Conference Board Consumer Confidence Index declined to 124.1 in March (estimated 132.5) from 131.4 in February. The S&P 500 (2,818.46) stays above both its 20d moving average (2,800.27 – flat slope) and 50d moving average (2,742.68 – positive slope).

European markets are expected to start on a flat note. read more

Base oil markets were mixed this week as API Group I stocks showed some signs of stability while Group II and Group III markets seemed to be on rollercoaster rides.

The European scene is feeling what some described as an assault on the Group II assault on the market, with sellers actively pushing sales to gain or protect market share or in efforts to convince formulators to replace Group I oils with Group II. Whatever the motivation, the effect is more downward pressure on Group II prices.

This scenario was perhaps inevitable given the surge in Group II production within the region of Group II base stocks. Meanwhile, competition within the Group III segment was ratcheted by the return of one supplier to the European market. read more

BRENT Crude Technical Snap (Daily)

Pivot: 66.75 Our preference: long positions above 66.75 with targets at 67.95 & 68.35 in extension. Alternative scenario: below 66.75 look for further downside with 66.20 & 65.65 as targets. Comment: the RSI is mixed to bullish.

Today’s Economic Events

07:45 FR 4Q F GDP (QoQ) exp: 0.3% prev: 0.3%
07:45 FR MAR Business Confidence Indicator exp: 102.8 prev: 103
07:45 FR MAR Production Outlook Indicator exp: NA prev: -5
12:30 US FEB Bulding Permits (k) exp: 1309 prev: 1317
12:30 US FEB Housing Starts (k) exp: 1229 prev: 1230
14:00 US MAR Consumer Confidence exp: 132.2 prev: 131.4

U.S. indices closed mixed on Monday. Shares in the Semiconductors & Semiconductor Equipment (-1.28%), Technology Hardware & Equipment (-0.88%) and Banks (-0.58%) sectors ended on a negative note while shares in the Consumer Durables & Apparel (+0.84%), Retailing (+0.75%) and Automobiles & Components (+0.41%) sectors closed in the green zone. On the economic data front, the Chicago Federal National Activity Index decreased to -0.29 in February (estimated -0.38) from -0.25 in January. Also, the Dallas Federal Manufacturing Activity Index declined to 8.3 in March (forecasted 8.5) from 13.1 in February. The S&P 500 (2,798.36) stays above both its 20d moving average (2,799.04 – flat slope) and 50d moving average (2,738.24 – positive slope).

European markets are expected to start on a positive note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 67.10 Our preference: short positions below 67.10 with targets at 66.15 & 65.65 in extension. Alternative scenario: above 67.10 look for further upside with 67.60 & 67.95 as targets. Comment: the RSI shows downside momentum.