Commodity Closing – Europe/Oil-Gas Majors 24.10.18

NEW YORK – Oil prices jumped on Wednesday, rebounding after several days of weakness as a much bigger-than-expected drawdown in U.S. gasoline and diesel inventories augured for a coming seasonal increase in refining demand.

Today’s Economic Events

GE SEP Import Prices (MoM) exp: 0.5% prev: 0%
07:45 FR OCT Business Confidence Indicator exp: 107 prev: 107
07:45 FR OCT Production Outlook Indicator exp: NA prev: 9
08:15 FR OCT P Markit Composite PMI exp: 54.1 prev: 54
08:15 FR OCT P Markit Manufacturing PMI exp: 52.5 prev: 52.5
08:15 FR OCT P Markit Services PMI exp: 54.8 prev: 54.8
09:00 EU OCT P Markit Composite PMI exp: 53.9 prev: 54.1
09:00 EU OCT P Markit Manufacturing exp: 53 prev: 53.2
09:00 EU OCT P Markit Services PMI exp: 54.5 prev: 54.7
14:45 US OCT P Markit Composite PMI exp: NA prev: 53.9
14:45 US OCT P Markit Manufacturing PMI exp: 55.5 prev: 55.6
14:45 US OCT P Markit Services PMI exp: NA prev: 53.5
15:00 US SEP New Home Sales (k) exp: 623 prev: 629
15:30 US W41 Crude Oil Inventories (WoW chg) exp: NA prev: 6490 read more

General Market Comment 

US indices closed lower on Tuesday even though they recovered from a big drop at the open. Shares in the Energy (-2.67%), Transportation (-1.71%) and Capital Goods (-1.57%) sectors traded lower. On the economic data front, the Richmond Federal Manufacturing index decreased to 15 in October (estimated 24) from 29 in the previous month. The S&P 500 (2,740.69) remains at levels below both its 20d moving average (2,837.18 – negative slope) and 50d moving average (2,866.24 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 23.10.18

Oil prices fell nearly 3 percent to more than one-month lows on Tuesday after Saudi Arabia said it could supply more crude quickly if needed, easing concerns ahead of U.S. sanctions on Iran. Sentiment was bearish as U.S. equity markets sold off in early NY trade.

EMEA Base Oil Price Report

By Ray Masson

Many base oil suppliers find themselves between a rock and a hard place this week as efforts to hike selling prices have been thwarted by falling demand and plentiful avails.

Markets have started to move longer, making it difficult for sellers to cover increases in raw material costs. The delta between API Group I solvent neutral 500 and diesel prices in Europe is the smallest for years and has prompted some refiners to shift production from base oil to diesel.

Some refiners who are able to produce bright stock have tweaked the system to increase quantities of this grade, but traditional export markets for large quantities of this grade are weak at this time since receivers can turn to alternative sources. read more

Today’s Economic Events

07:00 GE SEP Producer Price Index (MoM) exp: 0.3% prev: 0.3%
15:00 EC OCT A Euro-Zone: Consumer Confidence exp: -3.1 prev: -2.9

General Market Comment 22.10.18

US indices closed mixed on Monday. Shares in the Banks (-2.55%), Diversified Financials (-1.84%) and Real Estate (-1.42%) sectors were under pressure while shares in the Semiconductors & Semiconductor Equipment (+0.96%), Retailing (+0.86%) and Software & Services (+0.85%) sectors closed in the green zone. On the economic data front, the Chicago Federal National Activity index was diminished to 0.17 in September (estimated 0.21) from 0.27 in the previous month. The S&P 500 (2,755.83) remains at levels below both its 20d moving average (2,845.93 – negative slope) and 50d moving average (2,867.86 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 22.10.18

Oil futures were little changed on Monday after paring earlier losses despite Saudi Arabia’s pledge to raise crude production to a record high, two weeks before U.S. sanctions potentially choke off Iranian supplies.

General Market Comment

US indices closed mixed to finish the week on Friday. Shares in the Consumer Durables & Apparel (-2.88%), Semiconductors & Semiconductor Equipment (-1.84%) and Health Care Equipment & Services (-1.27%) sectors were under pressure while shares in the Household & Personal Products (+5.51%), Food, Beverage & Tobacco (+1.64%) and Utilities (+1.58%) sectors gained traction. On the economic data front, existing home sales declined by 3.4% MoM to 5.15M units in September (estimated 5.29M units) from 5.33M units in August. The S&P 500 (2,767.78) remains at levels below both its 20d moving average (2,854.10 – negative slope) and 50d moving average (2,869.41 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 19.10.18

Oil prices rose on Friday on signs of surging demand in China, the world’s second-biggest oil consumer, although the market was heading for a second week of losses on rising U.S. inventories and concern that trade wars were curbing economic activity.