|Day's range||66.53 - 66.76|
After a somewhat quiet summer, oil markets could become a lot more volatile as sanctions on Iran and possible demand destruction take their toll on oil prices
In one of its latest memos, the U.S. department of Energy has said that the U.S. can use its oil resources with more flexibility, embracing an energy dominance agenda
On August 10–17, the United States Oil ETF (USO) fell 2.8%, the United States 12-Month Oil ETF (USL) fell 2.3%, and the ProShares Ultra Bloomberg Crude Oil ETF (UCO) fell 5.2%. These ETFs track US crude oil futures.
Iran’s permanent envoy to OPEC, Kazem Gharibabadi has reminded the members of the cartel that no other country can overtake its production or export quotas
The plan to overhaul the emission rule is by far going to be President Donald Trump's biggest move to revive the ailing U.S. coal industry.
On August 16, US crude oil’s implied volatility was 23.4%—at par to its 15-day average. The inverse relationship between oil prices and oil’s implied volatility is illustrated in the following graph.
Iranian oil minister says France's oil giant Total SA has pulled out of Iran after cancelling gas project.
Based on China Petroleum & Chemical Corporation’s (HKG:386) earnings update in March 2018, analyst consensus outlook appear vastly optimistic, with earnings expected to grow by a high double-digit of 50.81%Read More...
With natural gas rapidly approaching the so-called “Shoulder Season”, bearish traders are counting on a big drop in demand and a steady-to-higher rise in production. In a perfect situation, this scenario should lead to lower prices over the near-term. In order for a bearish scenario to develop, temperatures are going to have to remain at average or below average levels and production has to remain over 80 Bcf/d.
A decade ago, analysts suggested that U.S. oil companies target Venezuela’s Citgo refineries as compensation for Venezuela’s expropriation of their assets, and now, that may finally become a reality
After months of delays, disasters and bad PR, Exxon’s Papua New Guinea project seems to be on its way up, and with the trade war escalating, it could end up being more profitable than expected
Positioned on the Mediterranean Sea and between European markets and Middle East suppliers, Egypt has a developed energy infrastructure for refining, storage and export and exporting oil and gas
Turkey may have just shot itself in the foot in its latest tariff hike on imports from the United States, threatening the country’s coal supply, and by extension, its energy sector
One positive that can be taken from last week’s events is that sometimes it is necessary for an event to come along and drive stocks back into value areas. Too often, bull markets sputter along near all-time highs because of limited buying. However, profit-taking and position-paring is often necessary to bring prices into areas that are attractive to new buyers. It’s this new capital that then drives stocks to new highs.
Crude oil markets were very shaky during the week, going back and forth, but recovering quite nicely on Thursday and Friday. Because of this, they may have saved themselves as the volatility seems to be picking up.
The US stock markets fell a bit during the day on Friday initially, but continue to find support around previous levels that had offered resistance. Because of this, and the fact that the weekly candle stick is starting to look very much like a hammer, I remain positive.
Silver markets were range bound during the Friday session, stabilizing after a massive selloff for the week. However, I think that this market still looks very bearish and I think it’s only a matter time before the sellers come back. Looking at the US dollar might provide some clues though.
The Australian dollar rallied a bit during the trading session on Friday, to close out the week on solid footing. As we approached the 0.73 level, we are starting to form a rather important weekly candle.
Natural gas prices moved higher on Friday, following Thursday’s in line inventory report. The trajectory of injections continues to flatten ahead of the withdrawal season, which signals that prices should move higher. The weather in the US is expected to move toward warmer than normal without any areas that are normal or below normal over the next 8-14 day period. Natural gas prices moved higher climbing slightly more than 1.25%, but was unable to recapture resistance near an downward sloping trend line that comes in near 2.97. Momentum is neutral as the MACD (moving average convergence divergence) histogram is printing in the black with a flattening trajectory which points to consolidation.
Baker Hughes reported no change to the number of active oil and gas rigs in the U.S., while reporting a small rise in active rigs in Canada
Nigeria's state owned oil company is set to float 40 percent of its stock on the Nigerian Stock Exchange once the President signs the relevant bill
On August 16, natural gas’s implied volatility was 21.2%, which was ~1.4% above its 15-day moving average. In the trailing week, natural gas’s implied volatility fell 1.4%. Natural gas September futures fell 1.6% during the same period. Since June, these two metrics have been moving in tandem.