|Day's range||67.80 - 69.03|
The S&P 500 went sideways in the CFD market initially on Wednesday, as the 2800 level should offer a bit of support. If we can stay above that level, the market is likely to continue going higher, perhaps reaching towards the 2880 level.
Employment numbers give the Aussie Dollar a boost as focus shifts to today’s stats out of the UK. Another set of weak numbers and the Pound could be looking at sub-$1.30 levels, progress on Brexit doing few favors.
The prices have been steady as the bulls try and hold on to the gains to inspire other traders and investors to join their lot
Oil prices saw a steep correction last week, but a slowdown of the global economy could be a much bigger threat for oil markets in the mid-term
About 76% of the analysts covering Anadarko Petroleum (APC) rated the stock as a “buy,” 21% rated it as a “hold,” and 3% rated it as “underperform.”
Papua New Guinea is one of the least explored oil & gas frontiers, but several environmental challenges and domestic opposition make it a difficult place to actually produce hydrocarbons
The natural gas rig count was at 189 last week, two higher than in the previous week. The natural gas rig count has fallen ~88.2% from its record level of 1,606 in 2008. However, US natural gas marketed production rose ~45.8% between January 2008 and April 2018, despite the natural gas rig count falling. As a result, natural gas active futures have fallen 65.1% since January 2008.
The Intercontinental Exchange is poised to launch a crude oil futures contract of physically delivered Permian WTI in Houston as the city has become a key hub for crude oil exports
Anadarko Petroleum (APC) stock has been on a significant uptrend this year due to the rally in crude oil prices (DBO). Anadarko Petroleum was also supported by strong first-quarter earnings. In the fourth quarter of 2017, Anadarko Petroleum’s EPS was positive for the first time since the first quarter of 2016.
While sanctions on Iran could lead to higher oil prices and a temporary supply shortfall, a few countries actually stand to benefit from the changing dynamics in oil markets
Oil prices fell on Wednesday morning after the EIA reported a large surprise build in crude inventories while analysts expected a decline
August WTI oil futures contracts fell 0.7% in early morning trading on July 18. Brent and WTI crude oil futures rose ~0.5% and ~0.03%, respectively, on July 17.
On May 8, President Trump said that the US is exiting the Iran nuclear deal. On June 26, President Trump pushed Iran’s allies to stop importing crude oil from the country by November 4. Active WTI crude oil prices hit $74.15 per barrel on June 29—the highest level since November 2014.
The S&P 500 rose ~0.4% to 2,809.55 on July 17—the highest closing since February 1. The index rose due to Fed Chair Jerome Powell’s bullish comments about strong US economic growth. The expectations of strong second-quarter earnings results also helped the index.
Following a weak performance last week, crude oil started this week on a weaker note and declined in the first two trading days. Carrying forward the sentiment, crude oil opened lower on Wednesday and was trading with weakness at three-week low price levels in the early hours.
Today’s tone will be determined by momentum and investor reaction to the former bottoms at $1228.20 and $1230.70. Whenever long-term bottoms are taken out, there is always some doubt as to whether the breakdown was fueled by sell-stops or aggressive shorting. The simplest way to tell is to watch the price action and read the order flow at these levels.
Based on Tuesday’s close at .7388, the direction of the AUD/USD on Wednesday is likely to be determined by trader reaction to the intermediate 50% level at .7397. The divergence between the monetary policies of the hawkish Federal Reserve and the dovish Reserve Bank of Australia continues to control the price action. Bearish traders are using this information to sell just about every rally.
Crude oil markets continue to drop during the trading session on Tuesday and has broken through rather significant support. At this point, it looks like the great unwind is continuing.
Upward momentum in the Dollar resumed following Powell’s testimony on Tuesday, with today’s testimony and noise from the Oval Office likely to influence, with inflation numbers out of the UK to hit the Pound.
OPEC will continue to supply a major share of the world’s oil for the foreseeable future according to Wood Mackenzie’s long-term outlook for global oil supply
Last week, President Trump criticized Germany’s reliance on Russian natural gas, but the United States is not without its own lack of independence, spending billions every year on oil from Russia and OPEC
On July 16, US crude oil August 2018 futures closed ~$6.1 above the August 2019 futures contract. On July 9, the futures spread was at a premium of ~$8.49. Between July 9 and July 16, US crude oil August futures fell 7.8%.