oil

Daily Market Comment – Pound jumps on Brexit deal hopes; dollar edges lower

Posted on September 20, 2019 at 8:29 am GMT

Pound surges on rising odds of a Brexit deal; Barnier-Barclay meeting eyed Dollar edges lower as other central banks hold steady, Treasuries slip Cautious optimism as US-China trade talks resume Oil spikes again after Saudi Arabia strikes Houthi targets in Yemen Pound continues to surge amid Brexit deal talk Hopes that the United Kingdom and the European Union may yet reach a deal on their divorce terms boosted the pound on Friday, taking the currency to 2½-month highs versus the [..]

Oil price retreat a relief for global economy; are more shocks on the way? – Commodity News

Posted on September 19, 2019 at 3:07 pm GMT

The world experienced its biggest oil price shock since the 1991 Gulf War this week after Saudi Arabian oil facilities came under fire from suspected Iranian drone and missile strikes on Saturday. The attack shut down about 50% of Saudi Arabia’s daily oil production, amounting to 5% of global supply, sending prices soaring by more than 20% in the immediate aftermath. But as the United States appears to be reluctant to engage in a military conflict with Iran and calm [..]

Daily Market Comment – US funding squeeze haunts Fed ahead of rate decision; dollar slips

Posted on September 18, 2019 at 8:19 am GMT

US short-term rates jump on liquidity shortage in money markets, forcing Fed to step in FOMC decision awaited after market stress prompts speculation of balance sheet action Oil sharply reverses gains after Saudis pledge quick return to full output Calm returns to US money markets The US Federal Reserve carried out its first overnight repo operation since the financial crisis after short-term borrowing costs surged to 10% on Tuesday. The spike was caused by a funding squeeze brought on by [..]

Technical Analysis – WTI gaps higher and breaks upper boundary

Posted on September 17, 2019 at 10:11 am GMT

WTI oil futures’ steam cooled after a fierce move led to a break above the upper boundary of the three-and-a-half-month sideways market, with the price of the commodity already starting to consolidate again. The price had gapped above the simple moving averages (SMAs), which now paint a positive picture, with their bullish cross. The stall in the price is also reflected in the momentum indicators, as they show positive momentum has calmed. The MACD, although having inclined above its red [..]

Daily Market Comment – Oil eases but stocks remain pressured; dollar edges up as focus turns to Fed

Posted on September 17, 2019 at 8:24 am GMT

Oil prices fall back slightly as imminent risk of war recedes, but tensions remain elevated US dollar in demand ahead of Fed decision; heightened tensions provide support Aussie slips after RBA minutes leave door open to another near-term rate cut Oil markets calmer but tensions high Crude oil prices moderated slightly on Tuesday as the United States and Japan pledged to release their countries’ oil reserves if needed, while President Trump said he’d like to “avoid” going to war with [..]

Daily Market Comment – Oil soars after Saudi attacks; yen and gold up too

Posted on September 16, 2019 at 8:21 am GMT

Oil prices skyrocket after Yemen rebels launch air strikes on Saudi oil facilities Safe havens also jump as poor Chinese data adds to risk-off mood Pound eases from highs after EU casts doubt on Johnson’s claim of Brexit progress Oil prices surge to 4-month high after Saudi oil attacks Crude oil prices skyrocketed on Monday, recording their biggest intra-day gain since 1991 after Houthi rebels in Yemen reportedly carried out drone and cruise missile strikes on two major Saudi Arabian [..]

Technical Analysis – WTI oil futures ease volatility within symmetrical triangle

Posted on September 12, 2019 at 3:26 pm GMT

WTI oil futures for October delivery saw volatility drying up within the boundaries of a symmetrical triangle over the past four months. Any breakout at the lines of the triangle could determine the directional bias, though since the RSI and the MACD keep fluctuating around neutral levels, the current consolidation phase is likely to continue for now. A remarkable move above the downward resistance line and more importantly above the 50% Fibonacci of 59.81 of the downleg from 76.87 to 42.53 could [..]

Commodity dollars bounce back on easing headwinds but outlook remains as clouded as ever – Special Report

Posted on September 12, 2019 at 2:28 pm GMT

Commodity-driven currencies such as the Australian, New Zealand and Canadian dollars are enjoying a bit of a reprieve from an extended sell-off as rekindled hopes of a US-China trade deal and increased stimulus around the world have energized the struggling currencies. But despite early indications that the upcoming trade talks may actually produce substantive progress, the range of factors weighing on the aussie, kiwi and loonie means more downside is likely to come. The ongoing trade war has dented the [..]

Technical Analysis – WTI oil futures test the 38.2% Fibonacci multiple times

Posted on September 6, 2019 at 2:16 pm GMT

WTI oil futures rallied from a seven-month low on August 7, but the gains were halted at 56.68 and around the 38.2% Fibonacci retracement level of the down wave from 66.57 to 50.58. After multiple failed attempts to close above the 56.68 resistance level over the last couple of weeks, the 20-, 50- and 200-day simple moving averages (SMAs) have converged, encapsulating the price of the commodity. More importantly, the bull’s endeavor, to move above the downward sloping 100-day SMA [..]

Technical Analysis – WTI oil futures unable to conquer previous swing low

Posted on August 6, 2019 at 8:35 am GMT

WTI oil futures fell from the 58.79 peak from the beginning of the month to a spike low of 53.58. Presently standing at 55.25, the price is trading between the 56.00 resistance and 53.45 support. Although the Tenkan-sen is showing a downwards direction in the short-term, the Kinjun-sen has flattened over the recent period, with the sideways move suggesting some indecision present. The MACD has crossed above its red trigger line while in the negative region, whilst the RSI points [..]

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