Real time trading in Polymers, Base Oils, TiO2 and Nanomaterials
BRENT Crude Technical Snap (Daily)
| Pivot: 68.90 Our preference: long positions above 68.90 with targets at 70.15 & 70.60 in extension. Alternative scenario: below 68.90 look for further downside with 68.55 & 68.25 as targets. Comment: the RSI is bullish and calls for further upside. |
Today’s Economic Events
13:30 US 1Q S GDP (QoQ) exp: 3% prev: 3.2%
13:30 US 1Q S GDP Price (QoQ) exp: 0.9% prev: 0.9%
13:30 US 1Q S Personal Consumption exp: 1.2% prev: 1.2%
13:30 US APR P Wholesale Inventories exp: 0.2% prev: -0.1%
13:30 US W20 Initial Jobless Claims (k) exp: 215 prev: 211
16:00 US W20 Crude Oil Inventories (WoW chg) exp: -612 prev: 4740
U.S. indices closed lower on Wednesday, dragged by shares in the Consumer Durables & Apparel (-2.33%), Pharmaceuticals, Biotechnology & Life Sciences (-1.49%) and Utilities (-1.34%) sectors. On the economic data front, the Richmond Federal Manufacturing Index increased to 5 in May (estimated 7) from 3 a month earlier. The S&P 500 (2,783.02) stays below both its 20d moving average (2,863.13 – negative slope) and 50d moving average (2,872.54 – negative slope).
European markets are expected to start on a flat note.
BRENT Crude Technical Snap (Daily)
| Pivot: 70.20 Our preference: short positions below 70.20 with targets at 69.25 & 68.55 in extension. Alternative scenario: above 70.20 look for further upside with 70.55 & 70.90 as targets. Comment: the RSI is bearish and calls for further downside. |
Today’s Economic Events
07:45 FR 1Q F GDP (QoQ) exp: 0.3% prev: 0.3%
07:45 FR APR Households Consumption (MoM) exp: 0.4% prev: -0.1%
07:45 FR APR Producer Price Index (MoM) exp: NA prev: 0%
07:45 FR MAY P Consumer Price Index (MoM) exp: 0.2% prev: 0.3%
07:45 FR MAY P CPI – EU Harmonised (MoM) exp: 0.3% prev: 0.4%
08:55 GE MAY Unemployment Change (k) exp: -7 prev: -12
08:55 GE MAY Unemployment Rate exp: 4.9% prev: 4.9%
U.S. indices closed lower on Tuesday, pressured by shares in the Food, Beverage & Tobacco (-2.36%), Household & Personal Products (-1.7%) and Utilities (-1.61%) sectors. On the economic data front, the FHFA house price index increased 0.1% MoM in March (estimated +0.2%). Also, the Conference Board consumer confidence index rose to 134.1 in May (forecasted 130.0) from 129.2 a month earlier. In other news, the Dallas Federal Manufacturing Activity Outlook Index fell to -5.3 in May (expected 6.2) from 2.0 in April. The S&P 500 (2,802.39) stays below both its 20d moving average (2,871.27 – negative slope) and 50d moving average (2,873.53 – flat slope).
European markets are expected to start on a negative note.
Base oil markets throughout Europe, the Middle East and Africa are in flux at the moment, with API Group I oils stabilizing while Group II and III continue to face downward pricing pressure.
The API Group I market appears to be balancing after months of being oversupplied. Buyers are reacting by looking now for replacement and export stocks since they fear that prices may start to rise – a reaction that is creating additional demand though perhaps only temporarily. Producers, still suffering from poor margins, insist they are determined to limit further discounts – either by restricting production or refusing to sell at exceptionally low numbers. Group I offers are being accepted without counters.
BRENT Crude Technical Snap (Daily)
| Pivot: 69.25 Our preference: long positions above 69.25 with targets at 70.90 & 71.40 in extension. Alternative scenario: below 69.25 look for further downside with 68.55 & 68.10 as targets. Comment: the RSI is mixed with a bullish bias. |
Today’s Economic Events
07:00 GE APR Import Prices (MoM) exp: 0.5% prev: 0%
07:45 FR MAY Consumer Confidence exp: 97 prev: 96
10:00 EC MAY Business Climate Indicator exp: 0.38 prev: 0.42
10:00 EC MAY Euro-Zone: Economic Confidence exp: 103.9 prev: 104
10:00 EC MAY Euro-zone: Industrial Confidence exp: -4.3 prev: -4.1
10:00 EC MAY F Euro-Zone: Consumer Confidence exp: -6.5 prev: -6.5
15:00 US MAY Consumer Confidence exp: 130.6 prev: 129.2
The U.S. market was closed on Monday to celebrate Memorial Day. On Friday, U.S. indices closed higher, boosted by shares in the Banks (+1.09%), Telecommunication Services (+0.67%) and Health Care Equipment & Services (+0.63%) sectors. On the economic data front, durable goods orders declined 2.1% MoM in a preliminary estimate in April (estimated -2.0%, +1.7% in March). The S&P 500 (2,826.06) stays below both its 20d moving average (2,878.30 – negative slope) and 50d moving average (2,873.94 – flat slope).
European markets are expected to start on a flat note.