|Day's Range||63.59 - 64.92|
There’s nothing in the news today as far as supply and demand is concerned so traders are likely to respond to any new production increase estimates from OPEC. The bogie is 1 million barrels so any forecasts of greater than this number will lead to further downside pressure. Talk of less than 1 million barrels could lead to some position-paring and short-covering.
OPEC members, including Saudi Arabia, and other oil producers will meet in Vienna this week. Oil prices have dropped as markets expect oil production to rise. The threat of a trade war between the U.S. and China also loomed.
Based on Friday’s close at $64.85 and the early price action, the direction of August Comex Gold futures on Monday is likely to be determined by trader reaction to a pair of Gann angles at $64.56 and $65.03.
Non-OECD markets are one of the biggest drivers of oil demand in 2018, but quickly rising oil prices are about to impact demand growth in these markets
Venezuela’s economic, social and political crisis appears to be worsening by the day, having a spectacular impact on the country’s oil industry as PDVSA has been forced to shut in production and suspend shipments
25 percent of the Novorossiysk Commercial Sea Port (NCSP), one of Russia’s most important ports and a major oil hub is up for grabs and rumors are circulating that Rosneft could be interested
Heading into next week’s meeting, attendees are going to have to address rising U.S. output and uncertainty over the outlook for supply. However, given Friday’s steep sell-off, it looks as if investors are leaning heavily towards an increase in production from oil heavyweights Saudi Arabia and Russian.
Based on Friday’s price action and the close at $64.85, the direction of the August WTI crude oil market on Monday is likely to be determined by trader reaction to the major 50% level at $64.67.
A very dynamic market, quickly evolving technology and a lack of revolving consumption make a cartel-like organization of battery metal producers unlikely
Perovskite photovoltaic cells have long been promoted as a potential game changer in renewable technology, but until now, stability and toxicity issues slowed its adoption process
The S&P 500 was very noisy during the week, going back and forth as we tested the 2800 level. Adding to that is the noise coming out of the trade tariffs coming from the United States that are aimed towards China, and most certainly the reaction that would come from China will continue to weigh upon this market.
Crude oil markets initially started the week relatively positive but have turned around to form nasty looking candles as traders are anticipating OPEC increasing output. Beyond that, the US dollar has also strengthened, so that provides a little bit of natural bearishness.
Gold markets initially tried to rally during the week, breaking above the $1300 level. However, we ended up turning around and breaking down through a major uptrend line. This is a very negative turn of events, and we are closing towards the bottom of the range for the week, which is also a very negative turn of events.
The US dollar has exploded to the upside during the week, breaking through a significant amount of resistance against the Canadian dollar. Oil markets course could help if they start to fall, but quite frankly I think a lot of this has to do with fears about trade spat between the US and Canada.
The British pound went back and forth during the week, reaching towards the ¥147 level before pulling back. We have formed a bit of a neutral candle, and I think a lot of traders are concerned about potential trade wars between the United States and China. With the Americans adding more tariffs and the Chinese promising to retaliate, it’s very likely that this pair continues to be very noisy.
The Australian dollar fell significantly during the week, crashing through a short-term uptrend line, and then of course the psychologically important 0.75 level underneath. We did not break below the bottom of the hammers from last month, but at this point it’s likely that closing as low as we did signify that we are going to.
Alt coins were relatively quiet during the trading session on Friday, and over the last several days have been somewhat stagnant. The question now is whether they are trying to make some type of base? That would of course be a very positive turn of events and could get traders excited about than once again. Both Bitcoin and Ethereum have shown signs of support as well, at least on the weekly charts. That could come into play over here.
The Dow Jones 30 and the NASDAQ 100 both sold off during the trading session on Friday as the United States announced more tariffs against the Chinese, and then of course the Chinese retaliated. Because of this, it makes sense that a little bit of a “risk off” move was had going into the weekend, and I think that’s exactly what we are seeing on this chart.
The British pound rallied significantly during the trading session on Friday, reaching towards the vital 1.33 handle. This may be a bit of a turnaround for the downtrend that started on Thursday, but I think that this could be a bit of a “dead cat bounce.”
With the OPEC meeting nearing, there seems to be no consensus among the OPEC members and Russia and this infighting could lead to some unexpected outcomes
Investing.com – WTI crude oil prices settled lower as data pointing to an ongoing expansion in U.S. output and fears that Saudi Arabia and Russia were set to hike production weighed on sentiment.
By Fergal Smith TORONTO (Reuters) - The Canadian dollar weakened on Friday to the lowest in nearly a year against its U.S. counterpart, as U.S. oil prices tumbled nearly $2 a barrel and domestic data showed a surprise drop in manufacturing sales. The price of oil, one of Canada's major exports, fell ahead of an OPEC meeting in Vienna next week. "We could see a production hike from Saudi Arabia, which could take an awful lot of froth out of the oil price and that is weighing on the Canadian dollar," said Michael Hewson, chief market analyst at CMC Markets (UK).
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Oil has had a rocky week as markets eagerly await OPEC’s June 22 meeting in Vienna, poised to be one of the most exciting cartel gatherings in some time
Oil prices for producers in West Texas' Permian Basin have slumped to nearly $20 below the International Brent Crude benchmark. That's an unexpected windfall for regional refiners including HollyFrontier, CVR and Delek U.S.A.