Category: News

Commodity Closing – Europe/Oil-Gas Majors 15.11.18

NEW YORK – The U.S. oil market is scrambling to adjust to a deep selloff over the last several weeks, with forward prices signaling a supply glut which could upend plans for producers and traders through 2019.

Today’s Economic Events

09:30 UK OCT Retail Sales (MoM) exp: 0.1% prev: -0.8%
10:00 EC SEP Euro-Zone External Trade Balance (M EUR) exp: NA prev: 11671
13:30 US NOV Empire Manufacturing exp: 19.5 prev: 21.1
13:30 US NOV Philadelphia Fed. exp: 19.8 prev: 22.2
13:30 US OCT Retail Sales exp: 0.5% prev: 0.1%
13:30 US OCT Retail Sales less Autos exp: 0.5% prev: -0.1%
13:30 US W44 Initial Jobless Claims (k) exp: 212 prev: 214
15:00 US SEP Business Inventories exp: 0.3% prev: 0.5%
16:00 US W44 Crude Oil Inventories (WoW chg) exp: 2649 prev: 5783 read more

General Market Comment

US indices closed lower on Wednesday, pressured by shares in the Technology Hardware & Equipment (-2.24%), Insurance (-1.9%) and Banks (-1.66%) sectors. On the economic data front, MBA mortgage applications fell by 3.2% in week ended November 9th from a decline of 0.7% in the previous week. In other news, CPI advanced by 0.3% MoM in October, in-line with estimates, compared to an improvement of 0.1% in September. The S&P 500 (2,701.58) remains below its 20d moving average (2,729.90 – negative slope) and 50d moving average (2,818.36 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 14.11.18

DUBAI/LONDON – OPEC and its partners are discussing a proposal to cut oil output by 1.4 million barrels per day (bpd), three sources familiar with the issue said, although Russia may not be on board for such a large reduction.

Today’s Economic Events

07:45 FR OCT F Consumer Price Index (MoM) exp: 0.1% prev: 0.1%
07:45 FR OCT F CPI – EU Harmonised (MoM) exp: 0.1% prev: 0.1%
09:30 UK OCT CPI – EU Harmonised (MoM) exp: 0.2% prev: 0.1%
09:30 UK OCT PPI – Input (MoM) exp: 0.7% prev: 1.3%
09:30 UK OCT PPI – Output (MoM) exp: 0.2% prev: 0.4%
10:00 EC 3Q P Euro-Zone: GDP (QoQ) exp: 0.2% prev: 0.2%
10:00 EC SEP Euro-Zone: Industrial Production (MoM) exp: -0.3% prev: 1%
13:30 US OCT Consumer Price Index (MoM) exp: 0.3% prev: 0.1%
13:30 US OCT CPI – Ex Food & Energy (MoM) exp: 0.2% prev: 0.1% read more

General Market Comment

US indices closed lower on Tuesday, dragged lower by shares in the Energy (-2.39%), Telecommunication Services (-0.81%) and Technology Hardware & Equipment (-0.79%) sectors. On the economic data front, the NFIB small business optimism index slightly decreased to 107.4 in October (estimated 108) from 107.9 in September. In other news, the monthly budget reached a deficit of $100.5B in October (estimated $100B) from a deficit of $63.2B in September. The S&P 500 (2,722.18) remains below its 20d moving average (2,735.28 – negative slope) and 50d moving average (2,822.10 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 13.11.18

Oil’s slides over 6% on heavy futures selling accelerated on Tuesday, with U.S. futures dropping to lows not seen in 11 months due to ongoing worries about weakening global demand, oversupply and selloffs across other asset classes, including equities.

EMEA Weekly Base Oil Report

Availabilities continue to mount in some sectors of the base oil market within the European, Middle Eastern and African regions, with API Group I and Group III within Europe leading the way in this context.

Group II supply and demand looks fairly balanced at this time, with no indicators this will change before year-end, and possibly not until after new production comes on stream in Rotterdam during the second quarter of 2019. Even after this start-up, the market may not alter drastically from the supply side, due to a downturn in the number of import cargoes necessary to cover an ever expanding part of the market. read more

Today’s Economic Events

07:00 GE OCT F Consumer Price Index (MoM) exp: 0.2% prev: 0.2%
07:00 GE OCT F CPI – EU Harmonised (MoM) exp: 0.1% prev: 0.1%
07:45 FR 3Q P Wages (QoQ) exp: 0.4% prev: 0.4%
09:30 UK SEP Unemployment Rate (ILO) exp: 4% prev: 4%
10:00 GE NOV Zew Survey (Current Situation) exp: 65.6 prev: 70.1
10:00 GE NOV Zew Survey (Econ. Sentiment) exp: -24.7 prev: -24.7
19:00 US OCT Monthly Budget Satement (B USD) exp: NA prev: 119

General Market Comment

US indices closed lower on Monday as the Dow dropped by over 600pts. Shares in the Semiconductors & Semiconductor Equipment (-4.61%), Technology Hardware & Equipment (-4.44%) and Retailing (-3%) sectors were under pressure. On the economic data front, there was no major data released yesterday. The S&P 500 (2,726.11) breaks below its 20d moving average (2,739.67 – flat slope) and stays below 50d moving average (2,825.59 – negative slope).

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