Category: News

Commodity Closing – Europe/Oil-Gas Majors 06.11.18

Iran’s oil exports have fallen sharply since U.S. President Donald Trump said at mid-year he would reimpose sanctions on Tehran, but with waivers in hand the Islamic Republic’s major buyers are already planning to scale up orders again going forward.

EMEA Weekly Base Oil Report

What’s new this week in European, Middle Eastern and African base oil markets? The answer depends on which base oils one speaks of.

API Group I base oils have ample availabilities against weak demand – a combination that has producers assessing ways to trim production. At the same time, Group II availability is snug enough to be exerting upward pressure on prices. Delivery prices for Group III oils are moving slightly higher, though this does not seem to have affected values for sales within Europe. read more

Today’s Economic Events

08:50 FR OCT F Markit Composite PMI exp: 54.3 prev: 54.3
08:50 FR OCT F Markit Services PMI exp: 55.6 prev: 55.6
09:00 EU OCT F Markit Composite PMI exp: 52.7 prev: 52.7
09:00 EU OCT F Markit Services PMI exp: 53.3 prev: 53.3
10:00 EC SEP Euro-Zone: PPI (MoM) exp: 0.4% prev: 0.3%

General Market Comment

US indices closed mixed on Monday. Shares in the Technology Hardware & Equipment (-1.7%), Retailing (-0.61%) and Media (-0.57%) sectors traded lower while shares in the Diversified Financials (+2.09%), Insurance (+1.72%) and Real Estate (+1.69%) sectors gained momentum. On the economic data front, Markit US services PMI reached 54.8 in October (estimated 54.6) from 53.5 in September. Markit US composite PMI improved to 54.9 in October compared to 53.9 a month earlier. Finally, the ISM non-manufacturing index slightly diminished to 60.3 in October (expected 59) from 61.6 in the previous month. The S&P 500 (2,738.31) remains at levels below both its 20d moving average (2,741.11 – negative slope) and 50d moving average (2,838.14 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 05.11.18

NEW YORK – Oil prices rose on Monday after a steep five-day slump, as the United States formally imposed punitive sanctions on Iran but granted eight countries temporary waivers allowing them to keep buying oil from the Islamic Republic.

Today’s Economic Events

14:45 US OCT F Markit Composite PMI exp: NA prev: 54.8
14:45 US OCT F Markit Services PMI exp: NA prev: 54.7
15:00 US OCT ISM – Non Manufacturing exp: 59.2 prev: 61.6

General Market Comment

US indices closed lower on Friday pressured by shares in the Technology Hardware & Equipment (-4.42%), Semiconductors & Semiconductor Equipment (-1.88%) and Media (-1.18%) sectors. On the economic data front, U.S. Nonfarm payrolls gained more than forecasted with 250K jobs added in Oct (200K estimate) vs a revised 118K increase last month. The unemployment rate held steady at 3.7% in Oct. The U.S. trade balance widened more than expected to $54B in Sept from $53.3B in Aug. (-53.6B estimate). The S&P 500 (2,723.06) remains at levels below both its 20d moving average (2,748.42 – negative slope) and 50d moving average (2,840.87 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 02.11.18

The United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil when it reimposes sanctions on Monday to try to force Iran to curb its nuclear, missile and regional activities.

Today’s Economic Events

US OCT Average Hourly Earnings (MoM) exp: NA prev: 0.3%
US OCT Average Weekly Hours exp: NA prev: 33.7
07:00 GE SEP Import Prices (MoM) exp: 0.5% prev: 0%
07:45 FR SEP Central Govt. Balance (B EUR) exp: NA prev: -97.3
08:50 FR OCT F Markit Manufacturing PMI exp: 51.2 prev: 51.2
09:00 EU OCT F Markit Manufacturing exp: 52.1 prev: 52.1
12:30 US OCT Change in Manufact. Payrolls (k) exp: 15 prev: 18
12:30 US OCT Change in Nonfarm Payrolls (k) exp: 195 prev: 134
12:30 US OCT Unemployment Rate exp: 3.7% prev: 3.7%
12:30 US SEP Trade Balance (B USD) exp: -54 prev: -53.2
14:00 US SEP F Durable Goods Ex Transportation exp: NA prev: 0.1%
14:00 US SEP F Durable Goods Orders exp: NA prev: 0.8%
14:00 US SEP Factory Orders exp: 0.3% prev: 2.3% read more

General Market Comment

US indices closed higher on Thursday lifted by shares in the Semiconductors & Semiconductor Equipment (+3.86%), Materials (+3.02%) and Consumer Durables & Apparel (+2.76%) sectors. On the economic data front, U.S. jobless claims fell 2000 to 214K (212K estimate) in the week ending Oct 27th compared to a revised 216K prior. Continuing claims for the week ending Oct 20 came in at 1631K (1640K estimate) vs a revised 1638K in the prior period. Markit US manufacturing PMI fell to 55.7 (55.8 estimate) in Oct compared to 55.9 in Sept. Finally, the ISM manufacturing index fell to 57.7 in Oct, below the 59 estimate compared to 59.8 in Sept. The S&P 500 (2,740.37) remains at levels below both its 20d moving average (2,756.55 – negative slope) and 50d moving average (2,843.54 – negative slope). read more