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Safe to say that OPEC gatherings are about to get a shade more uncomfortable. On Monday, rumors leaked that Saudi was likely to ask that Libya and Nigeria to cut production as their increased production was overshadowing the intended positive effect of Saudi’s cuts. However, reports from Bloomberg have stated that Saudi Arabia itself is reporting to OPEC officials that they pumped 10.07 million bpd in June up from 9.88m in May and exceeding their limit for the first time since the production curb ...
On Friday, USD/JPY broke above 114 for the first time since May in large part due to persistent JPY weakness that was catapulted by a BoJ offer. The Bank of Japan offered to buy unlimited bonds at a fixed rate to help limit front end bond yields and emphasize their Yield Curve Control (YCC) approach to monetary policy. However, there were no tenders, which could mean we’ll see further JGB flattening in the near term as we see across the world. The takeaway ...
Inventories did see a bump higher, but the jump was +0.1% while Cushing, Oklahoma inventories (the largest delivery stock in the US) fell for the sixth straight week. A cause of concern that was raised on Wednesday was a Dallas Fed Survey showing Oil executives expect supply to remain abundant relative to demand until H2 2018. There are two developments in the oil market that you should consider that could precede an aggressive move higher ...
Crude Oil price rose for the fourth consecutive day on Tuesday that provides hope that we could see a long overdue mean-reversion move. The fourth consecutive daily rise in price would be the first in a month, and traders will look to inventory data on Wednesday from the EIA for validation that draws are persisting despite the rise in supply. On Friday, traders were met with the 23rd week of an increase in activated oil rigs in the US per Baker Hughes International, but the sellers did not control ...
For those intraday traders, we can pinpoint the pattern a little further. A shorter term key level to watch for is the June 13 low of .7524. Holding above this low keeps new highs towards .7640 vulnerable. A break below this level puts bulls on ice while support may form above .7329. more...
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