Category: News

Commodity Closing – Europe/Oil-Gas Majors 04.12.18

NEW YORK – Crude oil prices pared gains in a volatile trade on Tuesday as fears flared that demand would stall due to a trade war between the U.S. and China, and that Russia remained a stumbling block to a deal to cut global crude supply.

EMEA Weekly Base Oil Report

For its year-end finale the European, Middle Eastern and African base oil markets are throwing up some very unusual events that have made the market a mixed bag at this time.

The European API Group I market is showing considerable length of availability with for all grades, especially heavy neutrals though supply of bright stock appears balanced. Many of the cargoes identified have been intra-company movements with a large quantity of Group I grades moving from Northwestern Europe and the Mediterranean to Far East, for example. read more

Today’s Economic Events

US NOV Total Vehicule Sales (M) exp: 17.2 prev: 17.5
08:50 FR NOV F Markit Manufacturing PMI exp: 50.8 prev: 50.7
09:00 EU NOV F Markit Manufacturing exp: 51.5 prev: 51.5
14:45 US NOV F Markit Manufacturing PMI exp: 55.4 prev: 55.4
15:00 US NOV ISM – Manufacturing exp: 57.7 prev: 57.7
15:00 US NOV ISM – Price Paid exp: 69.5 prev: 71.6
15:00 US OCT Construction Spending (MoM) exp: 0.4% prev: 0%

General Market Comment

US indices pushed higher on Friday lifted by shares in the Semiconductors & Semiconductor Equipment (+2.25%), Telecommunication Services (+1.76%) and Transportation (+1.75%) sectors. On the economic data front, the Chicago PMI increased to 66.4 in November (estimated 58.5) from 58 in October. The S&P 500 (2,760.17) remains above its 20d moving average (2,775.04 – positive slope) but stays below 50d moving average (2,722.37 – negative slope).

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

Commodity Closing – Europe/Oil-Gas Majors 03.12.18

NEW YORK – Oil prices jumped by more than 3 percent on Monday after the United States and China agreed to a 90-day truce in a trade dispute and Canada’s Alberta province ordered a production cut, while exporter group OPEC looked set to reduce supply.

Today’s Economic Events

US NOV Total Vehicule Sales (M) exp: 17.2 prev: 17.5
08:50 FR NOV F Markit Manufacturing PMI exp: 50.8 prev: 50.7
09:00 EU NOV F Markit Manufacturing exp: 51.5 prev: 51.5
14:45 US NOV F Markit Manufacturing PMI exp: 55.4 prev: 55.4
15:00 US NOV ISM – Manufacturing exp: 57.7 prev: 57.7
15:00 US NOV ISM – Price Paid exp: 69.5 prev: 71.6
15:00 US OCT Construction Spending (MoM) exp: 0.4% prev: 0%

General Market Comment

US indices pushed higher on Friday lifted by shares in the Semiconductors & Semiconductor Equipment (+2.25%), Telecommunication Services (+1.76%) and Transportation (+1.75%) sectors. On the economic data front, the Chicago PMI increased to 66.4 in November (estimated 58.5) from 58 in October. The S&P 500 (2,760.17) remains above its 20d moving average (2,775.04 – positive slope) but stays below 50d moving average (2,722.37 – negative slope).

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

Commodity Closing – Europe/Oil-Gas Majors 30.11.18

NEW YORK – Oil prices fell further on Friday as swelling inventories depressed sentiment despite widespread expectations that the Organization of the Petroleum Exporting Countries (OPEC) and Russia would agree some form of production cut next week.

Today’s Economic Events

07:00 GE OCT Import Prices (MoM) exp: 0.4% prev: 0.4%
07:00 GE OCT Retail Sales (MoM) exp: 0.3% prev: 0.1%
07:45 FR NOV P Consumer Price Index (MoM) exp: -0.2% prev: 0.1%
07:45 FR NOV P CPI – EU Harmonised (MoM) exp: -0.2% prev: 0.1%
07:45 FR OCT Producer Price Index (MoM) exp: NA prev: 0.3%
10:00 EC OCT Euro-Zone: Unemployment Rate exp: 8% prev: 8.1%
14:45 US NOV Chicago Purchasing Manager Index exp: 57.6 prev: 58.4

General Market Comment

US indices closed lower on Thursday, pressured by shares in the Semiconductors & Semiconductor Equipment (-1.08%), Software & Services (-1.02%) and Diversified Financials (-0.89%) sectors. On the economic data front, personal income increased by 0.5% in October (estimated 0.4%) from 0.2% in September while personal spending advanced by 0.6% in October (forecasted 0.4%) compared to 0.2% a month earlier. In other news, initial jobless claims reached 234k in week ended November 24th (expected 220k) from 224k in the prior week. Continuing claims increased to 1.71M in week ended November 17th (estimated 1.663M) vs. 1.66M the week before. Also, the Bloomberg consumer comfort index decreased to 60.6 in week ended November 25th compared to 61.3 a week earlier. Pending home sales fell by 2.6% MoM in October (forecasted 0.5%) from an increase of 0.7% in September. Finally, the Fed released the meeting minutes of its November 7-8th meeting stating that an appreciation of the dollar may pose a risk for domestic economic growth and inflation and reiterated the need for further gradual increase in the benchmark rate. Finally, the FOMC also discussed the idea of targeting the Overnight Bank Funding Rate instead of the Federal Funds Rate. The S&P 500 (2,737.76) remains above its 20d moving average (2,721.38 – positive slope) but stays below 50d moving average (2,778.45 – negative slope). read more