|Bid||18.10 x 4000|
|Ask||19.25 x 3200|
|Day's Range||18.02 - 18.17|
|52 Week Range||14.58 - 24.41|
|PE Ratio (TTM)||N/A|
|Beta (3Y Monthly)||2.13|
|Expense Ratio (net)||0.90%|
Keep in mind that Saudi Arabia has yet to comment on the extent of damage on its oil production although Saudi Aramco President and CEO Amin Nasser said, “Work is underway to restore production and a progress update will be provided in around 48 hours.”
Saudi Arabia has yet to comment on the extent of damage on its oil production but industry sources have said some 5-6 million barrels per day (bpd) or 5-6% of global supply have been affected.
It’s a big week ahead for the markets. The FED, the BoE and Brexit are in focus, with stats and chatter on trade also needing some attention.
The crude oil markets try to break out during the week but has failed again as we have turned around completely. The massive amount of volatility continues, but it’s obvious that the buyers can’t quite take over the momentum.
The crude oil markets have gone back and forth during the trading session on Friday as it looks like we are trying to find bits of support after a massive selloff. There has been an extraordinarily large amount of noise in the market over the last couple of weeks, and that looks to be more of the same coming.
As far as the news is concerned, a further easing of tensions between the United States and China could underpin prices, but the announcement of a meeting between U.S. President Donald Trump and Iranian President Hassan Rouhani could trigger a steep break.
The crude oil markets have pulled back a bit during the trading session again on Thursday, as we continue to chop around overall. Crude oil has looked a very negative, but at this point we are trying to form some type of wedge. Even if we do break down from here, there are a lot of support levels underneath.
It’s only speculation right now, but easing sanctions on Iran will be a bearish problem. The news has even offset the bullish tone sent earlier in the week when Prince Abdulaziz bin Salman, Saudi Arabia’s new energy minister, said oil policy would not change and said the OPEC+ output cut deal would be maintained.
After two days with activity focussed in fixed income, there was a significant pivot on Wednesday. US treasuries were little changed, but US equities surged with S&P500; up 0.7%, and most bourses stronger through Europe as well which is set up for a positive day in Asia.
The United States Brent Oil Fund (NYSEArca: BNO), which tracks Brent crude oil futures, rallied Tuesday in advance of Wednesday’s meeting of the Organization of Petroleum Exporting Countries (OPEC) on ...
Yesterday’s sell-off may have been a little overdone since there is no proof that tensions have even eased enough between the United States and Iran to consider the lifting of sanctions against the rogue nation. This could become a factor down the road.
The Aussie Dollar takes another hit this morning. With stats on the lighter side on the day ahead, the focus will remain on Brexit and monetary policy.
Saudi brought in a royal family member in the energy sector's top position, probably to boost oil prices and facilitate Aramco's IPO. These ETFs can benefit if things go as planned.
The markets are headed toward areas on the charts that provided resistance in July. However, the sell-off that began in early August was news driven. At that time, the U.S.-China trade dispute was escalating, increasing fears of a recession and slower demand growth.
The crude oil markets rallied a bit during the trading session on Monday, testing major resistance barriers. At this point, we could be on the verge of a pop higher, but we also could see this market fall right back down.
Stocks and risk assets opened relative composed despite data released on Sunday, which showed China’s exports unanticipatedly shrunk with sales to the US plunging 16 per cent as trade wars grumble.
The bullish tone is likely to extend this week as long as the U.S. and China hold true to their promise to begin trade talks in early October. We don’t expect much from the economic report side since the market has already made up its mind the Fed will cut its benchmark rate 25-basis points on September 18.
There is definitely an upbeat tone in the markets brought on by potential U.S.-China trade talks, however, traders are still going to be tentative about playing the upside too aggressively until there is real progress toward a trade deal and they see an improvement in the demand outlook, which is pretty bleak at this time.
Crude oil markets went back and forth during the week, chopping around yet again. However, it looks as if we are getting ready to go for a bigger move relatively soon based upon recent volatility on shorter-term charts.
Crude oil markets initially fell during the trading session on Friday but by the time we got the jobs number coming out of America, we ended up giving back quite a bit of the selling pressure to form a candle stick.
Recent news suggests that oil producers are attempting to increase production levels after failing to attempt to push prices higher by cutting production levels. Globally, oil producers want to see oil prices rise above $65 ppb in an effort to support profit and production cost expectations.
The market sentiment has brightened considerably. Risk assets surged after the U.S. and China agreed to face-to-face trade talks in October was well-received by the market, amid an already risk-on tone. However, coming fast on the headline heels, and the surprising robust macro data in China Europe, investors sentiment swelled after a bullish ADP jobs report came in well above estimates, and a better-than-expected reading on activity in the U.S. services sector provided the icing on the cake. The double dose of positive is precisely the cure-all elixir for investors beaten down by the blustery trade wars gale-force headwinds.
Crude oil markets rallied a bit during the trading session on Thursday, it going against the grain and breaking through a downtrend line as a bullish inventory number out of the United States was released.
After slipping into bear territory on trade war escalation and recession fears, oil prices received a boost from a slew of positive news including pick up in China's services sector and hopes of trade talks resumption.
The direction of the market on Thursday hinges upon the outcome of the U.S. Energy Information Administration’s weekly inventories report, due to be released at 15:00 GMT. It is expected to show a 2.4 million barrel draw down. However, traders are a little nervous ahead of the report because of the API’s reported build.