Category: News

Commodity Closing – Europe/Oil-Gas Majors 23.07.18

Iran tensions/industrial actions lift Crude

Oil prices rose on Monday on worries over supply after tensions increased between Iran and the United States. Meanwhile some offshore workers began a 24-hour strike on three oil and gas platforms in the British North Sea.

Brent Crude Technical Snap

Pivot: 72.40. Long positions above 72.40 with targets at 73.80 & 74.10 in extension.  Below 72.40 look for further downside with 71.80 & 71.20 as targets.  RSI is above its neutrality area at 50.

Today’s Economic Events

15:00 EC JUL A Euro-Zone: Consumer Confidence exp: -0.6 prev: -0.5
15:00 US JUN Existing Home Sales (M) exp: 5.5 prev: 5.4

General Market Comment

US indices closed lower to finish the week on Friday, pressured by shares in the Automobiles & Components (-1.26%), Media (-1.13%) and Real Estate (-0.92%) sectors. No major economic data was released Friday. The S&P 500 (2,801.83) remains above both its 20d moving average (2,762.36 – positive slope) and 50d moving average (2,751.32 – 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 Friday. No major economic data was released yesterday. read more

Brent Crude Technical Snap

Pivot: 71.85. Long positions above 71.85 with targets at 73.30 & 73.80 in extension. Below 71.85 look for further downside with 71.20 & 70.85 as targets. RSI is mixed to bullish.

Today’s Economic Events

07:00 GE JUN Producer Price Index (MoM) exp: 0.3% prev: 0.5%
09:00 EC MAY Euro-Zone Current Account (B EUR) exp: NA prev: 26.2
09:30 UK JUN Public Finances (PSNCR) (B GBP) exp: NA prev: 4.5
09:30 UK JUN Public Sector Net Borrowing (B GBP) exp: 4.1 prev: 3.4

General Market Comment

US indices closed mixed on Thursday. Shares in the Diversified Financials (-1.69%), Insurance (-1.56%) and Banks (-1.18%) sectors were under pressure while shares in the Real Estate (+1.01%), Utilities (+0.94%) and Media (+0.66%) sectors ended on a positive note. On the economic data front, initial jobless claims decreased to 207K in the week ending July 14 (estimated 220K) from a revised 215K previously. Continuing claims increased to 1.75M in the week ending July 7 (anticipated 1.73M) from a revised 1.74M last week. In addition, the Philadelphia Fed index rose to 25.7 in July (estimated 21.5) from 19.9 in June. Finally, the Bloomberg consumer comfort index increased to 58.8 in the week ending July 15 from 58 in the prior week and the leading economic index rose by 0.5% in June (estimated +0.4%) after remaining unchanged in May. The S&P 500 (2,804.49) remains above its 20d moving average (2,759.76 – positive slope) and 50d moving average (2,749.24 – positive slope). read more

Brent Crude Technical Snap

Pivot: 72.00. Long positions above 72.00 with targets at 73.45 & 74.55 in extension. Below 72.00 look for further downside with 71.20 & 70.60 as targets. RSI is mixed to bullish.

Today’s Economic Events

09:30 UK JUN Retail Sales (MoM) exp: 0% prev: 1.3%
13:30 US JUL Philadelphia Fed. exp: 21.6 prev: 19.9
13:30 US W27 Initial Jobless Claims (k) exp: 222 prev: 214
15:00 US JUN Leading Indicators exp: 0.4% prev: 0.2%