WTI

OPEC: What’s the deal? – Special Report

Posted on April 8, 2020 at 3:28 pm GMT

This will be a pivotal week for energy markets. The world’s largest oil producers will meet to discuss cutting their production in an attempt to stabilize a market that has been devastated by collapsing demand. OPEC and Russia will sit down for talks on Thursday, before the G20 energy ministers convene on Friday. The immediate reaction in oil prices will depend on whether a deal is struck at all, and if so, by how much they will cut. In the [..]

Oil wars during a pandemic: It could get messy – Special Report

Posted on March 13, 2020 at 1:34 pm GMT

After the production alliance between Saudi Arabia and Russia fell apart, pushing oil prices dramatically lower on concerns of a supply war at a time when the virus outbreak depresses demand, everyone is wondering what’s the floor for crude. We seem to be headed for a period where markets are flooded with supply as the major players compete for market share, which could keep prices at very low levels. Ultimately, the dust will settle and prices could recover, but that [..]

Daily Market Comment – Yen explodes higher, oil crashes as the OPEC+ wars begin

Posted on March 9, 2020 at 11:02 am GMT

Investors in panic mode as oil collapses, sending shockwaves through markets Global stocks plunge, commodity currencies flash crash, dollar in agony as markets price in more Fed cuts Japanese yen the main winner, gold briefly tops $1700, euro capitalizes Markets in mayhem as oil price war compounds virus fears It’s been a dramatic beginning to the week in financial markets, with risk aversion being the only game in town as the weekend saw the OPEC+ alliance come to an end, [..]

Technical Analysis – WTI futures fail to conquer neckline of looming double bottom

Posted on February 18, 2020 at 8:57 am GMT

WTI oil futures yesterday – as positive momentum evaporated – were unable to decisively overrun the neckline and complete a possible double bottom pattern. The commodity today has declined to the nearby Ichimoku cloud’s upper band around 51.30, with backing from the technical indicators and the easing in the red Tenkan-sen line. The short-term oscillators suggest an increase in negative momentum for now. The MACD, in the positive region, has slipped below its red trigger line, while the falling RSI [..]

Technical Analysis – WTI futures possibly forming a double bottom pattern

Posted on February 11, 2020 at 9:42 am GMT

WTI oil futures during yesterday’s trading session reversed ahead of the 49.29 fresh bottom – which is a 13-month low – forming the start of a likely double bottom pattern. Currently, the overhead Ichimoku cloud, the slipping red Tenkan-sen line and all downward sloping simple moving averages (SMAs) promote a strong negative picture. Moreover, the RSI is hovering below its 50 mark, further backing this view. That said, the MACD has climbed above its red trigger line, in the negative [..]

Technical Analysis – WTI futures remains bearish despite recent pullback

Posted on January 28, 2020 at 9:21 am GMT

WTI oil futures appears to be sustaining its very short-term bearish picture despite the oscillators currently reflecting an improvement in positive momentum. Further aiding the move south are the downward sloping 20-, 50- and 100-period simple moving averages (SMAs) and their bearish crossovers of the 200-period SMA. The MACD has climbed above its red trigger line deep in the negative zone, while the RSI, currently in the oversold territory, is flirting with the 30 level. Noteworthy though, is the restrictive [..]

Daily Market Comment – Oil crashes, stocks roar higher as geopolitical nerves calm

Posted on January 9, 2020 at 9:58 am GMT

Yen and gold slump, equities jump as US-Iran tensions take a back seat Dollar outperforms amid fading Fed rate-cut expectations – lots of Fed speakers today In Canada, BoC Governor Poloz delivers remarks and might strike a dovish tone Oil collapses alongside safe havens as worries of US-Iran war fade Global markets continued to price out the risk of an imminent all-out war between the US and Iran yesterday, amid signs that neither side is seeking further escalation. The fact [..]

Daily Market Comment – Geopolitical fears ease, but risk sentiment remains fragile

Posted on January 7, 2020 at 9:47 am GMT

Safe havens pull back, stocks recover as some geopolitical risk is priced out Alas, it might be only a matter of time before Middle East fears resurface – how will Iran retaliate? In economics, the ISM non-manufacturing PMI today may prove crucial for the dollar Yen retreats, stocks rebound as Middle East worries ease – for now Global risk appetite improved on Monday, with defensive currencies such as the Japanese yen surrendering some recent gains while US stocks recovered lost [..]

Daily Market Comment – US employment data to dictate mood; OPEC can’t lift oil

Posted on December 6, 2019 at 9:35 am GMT

Spotlight falls on the US jobs report today; risks around dollar asymmetric Is European fiscal stimulus not a pipe dream after all? OPEC pledges deeper production cuts, but oil doesn’t ‘buy it’ In Britain, Boris Johnson debates Jeremy Corbyn for the final time Nonfarm payrolls: Mind the asymmetry The main event today will be the US employment report for November, due at 13:30 GMT. Forecasts point to another solid data set, with nonfarm payrolls (NFP) expected to clock in at [..]

Daily Market Comment – Markets climb on hopes Trump is bluffing; pound soars

Posted on December 5, 2019 at 12:40 pm GMT

Risk appetite returns on reports suggesting Trump was just posturing on trade Pound surges as election polls show Tories consolidating their lead Loonie climbs on less-dovish BoC signals, looks to OPEC meeting Optimistic trade headlines breathe life back into riskier assets US stock markets snapped a three-day losing spell on Wednesday, with the S&P 500 gaining 0.63% on the back of a report claiming that American and Chinese negotiators are “moving closer” to agreeing the amount of tariffs that would [..]

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