US indices closed mixed on Tuesday. Shares in the Transportation (-1.36%), Utilities (-1.18%) and Insurance (-0.89%) sectors ended on a negative note while shares in the Semiconductors & Semiconductor Equipment (+1.28%), Automobiles & Components (+1.14%) and Health Care Equipment & Services (+0.98%) sectors gained strength. On the economic data front, factory orders improved by 0.1% in January (estimated 0.3%), the same pace as in December. Also, durable goods orders increased by 0.3% in January (forecasted 0.4%) after advancing by 1.2% in December.
The S&P 500 (2,832.57) stays above both its 20d moving average (2,792.55 – positive slope) and 50d moving average (2,718.79 – positive slope).
European markets are expected to open on a positive note.
EMEA Weekly Base Oil Report 19.03.19
API Group I prices are stabilizing across Europe, the Middle East and Africa due to an uptick in demand and less availability of material. Meanwhile Group II values in Europe have fallen and Group IIIs are under pressure because of imports of unapproved grades and aggressive pricing for new Group II output within the region.
Crude oil and feedstock costs firmed the past few days. Dated deliveries of Brent crude are now at $67.40 per barrel for May front month settlement, around $1 higher than last week. West Texas Intermediate rose some $2 to $58.95/bbl for April front month. ICE LS gas oil slipped to $606 per metric ton for April front month. These prices are established from ICE London trading late Monday.
BRENT Crude Technical Snap 19.03.19
BRENT Crude Technical Snap (Daily)
| Pivot: 67.20 Our preference: long positions above 67.20 with targets at 67.85 & 68.15 in extension. Alternative scenario: below 67.20 look for further downside with 66.95 & 66.70 as targets. Comment: the RSI advocates for further upside. |
Economic Calendar 19.03.19
Today’s Economic Events
09:30 UK JAN Unemployment Rate (ILO) exp: 4% prev: 4%
10:00 GE MAR Zew Survey (Current Situation) exp: 12.8 prev: 15
10:00 GE MAR Zew Survey (Econ. Sentiment) exp: -11 prev: -13.4
14:00 US JAN F Durable Goods Ex Transportation exp: NA prev: -0.1%
14:00 US JAN F Durable Goods Orders exp: NA prev: 0.4%
14:00 US JAN Factory Orders exp: 0.3% prev: 0.1%
General Market Comment 18.03.19
US indices closed higher on Monday, lifted by shares in the Energy (+1.39%), Retailing (+1.36%) and Banks (+1.31%) sectors. On the economic data front, the NAHB housing market index remained unchanged at 62 in March (estimated 63).
The S&P 500 (2,832.94) stays above both its 20d moving average (2,789.91 – positive slope) and 50d moving average (2,712.78 – positive slope).
European markets are expected to open on a flat note.
Foreign Exchange
The US dollar was bearish against all of its major pairs on Monday with the exception of the CAD and the GBP. On the economic data front, the NAHB housing market index remained unchanged at 62 in March (estimated 63).
The Euro was bullish against all of its major pairs except for the AUD. The euro zone trade balance excess widened to E17B in January (E15B expected) from E16B a month earlier. According to Rightmove, UK house prices increased by 0.4% in March after a 0.7% rise in February.
The Australian dollar was higher against all of its major pairs.
BRENT Crude Technical Snap 15.03.19
BRENT Crude Technical Snap (Daily)
| Pivot: 66.75 Our preference: long positions above 66.75 with targets at 67.60 & 68.10 in extension. Alternative scenario: below 66.75 look for further downside with 66.35 & 66.00 as targets. Comment: the RSI lacks downward momentum. |
Economic Calendar 15.03.19
Today’s Economic Events
07:00 GE FEB Wholesale Price Index (MoM) exp: NA prev: -0.7%
10:00 EC FEB Euro-Zone: CPI (MoM) exp: 0.3% prev: 0.3%
12:30 US MAR Empire Manufacturing exp: 9.1 prev: 8.8
13:15 US FEB Industrial Capacity Utilization exp: 78.4% prev: 78.22%
13:15 US FEB Industrial Production (MoM) exp: 0.4% prev: -0.6%
14:00 US MAR P U. of Michigan Confidence exp: 95.7 prev: 93.8
General Market Comment 14.03.19
US indices closed mixed on Thursday. Shares in the Automobiles & Components (-1.68%), Semiconductors & Semiconductor Equipment (-0.87%) and Materials (-0.79%) sectors closed on a negative note while shares in the Technology Hardware & Equipment (+0.7%), Banks (+0.68%) and Insurance (+0.42%) sectors gained traction. On the economic data front, import price index increased by 0.6% MoM in February (estimated 0.3%) from an improvement of 0.1% in January. New home sales declined to 607k in January (forecasted 622k) compared to 652k a month earlier. In other news, initial jobless claims slightly advanced to 229k in week ended March 9th (expected 225k) from 223k in the previous week while continuing claims increased to 1.776M in week ended March 2nd (estimated 1.763M) compared to 1.758M in the prior week. Finally, the Bloomberg consumer comfort index decreased to 60.8 in week ended March 10th vs. 62.1 a week earlier.
The S&P 500 (2,808.48) stays above its 20d moving average (2,783.20 – positive slope) and 50d moving average (2,698.83 – positive slope).
European markets are expected to start-open on a positive-negative-flat note.
BRENT Crude Technical Snap 14.03.19
BRENT Crude Technical Snap (Daily)
| Pivot: 67.10 Our preference: long positions above 67.10 with targets at 68.30 & 68.80 in extension. Alternative scenario: below 67.10 look for further downside with 66.50 & 66.00 as targets. Comment: the RSI advocates for further upside. |
Economic Calendar 14.03.19
Today’s Economic Events
07:00 GE FEB F Consumer Price Index (MoM) exp: 0.5% prev: 0.5%
07:00 GE FEB F CPI – EU Harmonised (MoM) exp: 0.5% prev: 0.5%
07:45 FR FEB F Consumer Price Index (MoM) exp: 0% prev: 0%
07:45 FR FEB F CPI – EU Harmonised (MoM) exp: 0.1% prev: 0.1%
12:30 US W9 Initial Jobless Claims (k) exp: 224 prev: 223
14:00 US JAN New Home Sales (k) exp: 619 prev: 621