All Articles Tagged - WTI

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

Posted on December 6, 2019 at 9:08 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 9:33 am 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 [..]

Daily Market Comment – All quiet on the currency front, but key data could spice things up

Posted on November 29, 2019 at 9:24 am GMT

Currencies trade in narrow ranges without news – pound retreats a little Euro area inflation data today may disappoint, spelling more pain for euro Is OPEC ‘managing’ market expectations ahead of next week’s meeting? British pound the sole mover in quiet markets It was a very uneventful session across financial markets, with little to speak of in terms of news and with most currencies trading in awfully tight ranges as American traders stayed home for Thanksgiving. A notable exception [..]

Technical Analysis – WTI oil futures hold onto bullish bias but momentum is weakening

Posted on November 26, 2019 at 8:31 am GMT

WTI oil futures have eased slightly off the 58.56 resistance, which is the 61.8% Fibonacci retracement of the down leg from 63.22 to 50.98, following the recent price appreciation from the bounce off the 200-period simple moving average (SMA). The short-term oscillators reflect a stall in the positive momentum. The MACD, in the positive zone has slipped below its red trigger line, while the RSI is decreasing in the bullish region and is nearing the 50-level. However, as the price [..]

Technical Analysis – WTI oil futures overbought after capturing one-month high

Posted on November 22, 2019 at 1:06 pm GMT

WTI oil futures for January delivery closed above the 200-period moving average (SMA) on the four-hour chart on Wednesday and spiked to a one-month high of 58.64, confirming a new higher low at 54.84. The price is currently consolidating around 58.60, this being the 61.8% Fibonacci of the 63.22-50.98 downleg, which is expected to challenge the bulls in the short-term as the RSI and the Stochastics flag overbought conditions – a sign that positive momentum may soften. A downside reversal is expected [..]

Technical Analysis – WTI oil futures cautiously positive; pullback steers price below 200-SMA

Posted on October 29, 2019 at 3:54 pm GMT

WTI oil futures are leaning towards a positive short-term picture despite penetrating back below the 200-period simple moving average (SMA). The short-term oscillators are confirming a neutral-to-positive outlook unfolding, with the price now breaking back above the 200-period SMA. The RSI’s negative momentum is easing, heading higher in the bearish territory to the neutral mark. The MACD, despite having fallen below its red trigger line, holds above the zero line. However, the Kijun-sen and 200-period SMA are adopting a horizontal [..]

Daily Market Comment – Euro reels after dismal PMIs, but don’t panic yet

Posted on September 23, 2019 at 8:18 am GMT

Euro drops after German PMIs suggest recession ahead – but there may be good news there too Trump’s trade remarks dampen risk appetite Oil prices jump on reports that Saudi output may be offline for longer Euro reels as preliminary PMIs paint a gloomier picture The single currency is on the back foot early on Monday, following the release of the preliminary French and German PMIs for September, which signaled that more pain lies ahead for the European economy. All [..]

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 – ECB meeting front and center as trade worries ease

Posted on September 12, 2019 at 8:11 am GMT

ECB decision today – euro reaction to hinge on size of stimulus package Trade fears recede after US and China extend olive branches – stocks soar Oil prices dive as Trump considers easing Iran sanctions ECB meeting: Is ‘Super Mario’ coming with a bazooka or a toy gun? The much-anticipated ECB meeting concludes today at 11:45 GMT, and a press conference by President Mario Draghi will follow at 12:30 GMT. Policymakers are widely expected to deliver a blend of stimulus [..]

Daily Market Comment – Iran tensions rattle stocks, boost oil

Posted on July 22, 2019 at 7:47 am GMT

Stocks pull back, oil climbs as Iran escalates tensions with UK Dollar outperforms after Fed’s Bullard downplays prospect of ‘double’ cut Big week for euro, with a crucial ECB meeting on Thursday US equities retreat, oil rebounds after Iran seizes British ship Geopolitical headlines rattled markets late on Friday, with the benchmark S&P 500 (-0.62%) closing in the red after Iran seized a British oil tanker in the Strait of Hormuz, escalating hostilities with London to a new level. Oil [..]

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