19.56 0.00 (0.00%)
After hours: 4:17PM EDT
|Bid||0.00 x 1400|
|Ask||0.00 x 900|
|Day's Range||19.56 - 19.89|
|52 Week Range||14.58 - 24.41|
|PE Ratio (TTM)||N/A|
|Beta (3Y Monthly)||2.08|
|Expense Ratio (net)||0.90%|
Most of the factors that drove prices higher last week were short-term events so if they go away, prices could break. Weighing on prices will be increasing worries over demand as signaled last week by OPEC and the International Energy Agency (IEA).
Bullish traders should be a little nervous early in the week because of uncertainty over flood damage from Hurricane Barry. If the flooding caused little or no damage, which would delay production, then prices could retreat as buyers trim positions placed ahead of the hurricane.
It’s a big week ahead, with key stats, corporate earnings, and geopolitical risk to provide the majors with direction through the week.
Based on Friday’s price action and the close at $66.72, the direction of the September Brent crude oil market on Monday is likely to be determined by trader reaction to the Fibonacci level at $66.59 and the downtrending Gann angle at $66.48.
The crude oil markets rallied a bit during the course of the week, breaking above significant resistance. Ultimately, oil markets may be getting a bit of a boost due to the tropical storm hitting the Gulf Coast.
Crude oil markets went back and forth during the trading session on Monday as we came back to work, and at this point the market looks as if it is trying to figure out where to go next.
We could be looking at a rangebound trade today unless Iran stirs the pot, or there is news about U.S.-China negotiations. The market may not see any volatility until late Tuesday with the release of the latest American Petroleum Institute inventories report, or Wednesday with the release of the U.S. Energy Information Administration’s weekly data.
Last week, US crude oil August futures fell 1.6%. US crude oil August futures closed at $57.51 per barrel on Friday. SPY rose 1.7% last week.
Forget the Taylor Rule, NAIRU or the Phillips Curve all that should matter for traders are forward guidance and inflation expectations.
Traders will be listening to a speech and testimony from Fed Chair Powell to hear his assessment of the economy. Prices could be affected by what he says because the crude oil market is very sensitive at this time to any news that has to do with future demand.
It’s a busy week ahead on the economic calendar, but it all may come down to FED Chair Powell’s testimony and updates from trade talks…
Crude oil markets fell a bit during the trading sessions that made up the previous week, as we continue to see a lot of volatility. Ultimately, this is a market that continues to show the massive confusion.
The crude oil markets have done very little during the trading session as we just went back and forth after the jobs figure on Friday. Ultimately, this is a market that is trying to figure out what to do with itself longer term.
Crude oil traders will be watching closely the U.S. Non-Farm Payrolls report, due to be released at 12:30 GMT. A weaker-than-expected report will likely drive prices lower since this will support the case for lower future demand.
September Brent crude oil futures are currently trading between a pair of retracement zone. This tends to indicate investor indecision. Like we wrote before, the market is being underpinned by supply worries and capped by demand concerns. This is preventing traders from committing too much to either side.
As you would expect, there was very little in the way of movement during the Independence Day holiday as it was solely down to minor electronic trading. After the recent selloff, it’s obvious that the market is trying to figure out where to go next, and the jobs number coming out on Friday could be a potential mover.
Today’s key data is the U.S. Energy Information Administration weekly inventories report, due to be released at 14:30 GMT. It is expected to show a 2.8 million barrel draw down. A bigger than expected decline will be supportive on paper, but ultimately the direction of the market will be determined by trader concerns over demand.
Technical traders should have all eyes focused on the $54.50 price level right now. That is the key price level for any future move in Crude Oil as it is oversold currently and near support. Either way, up or down, Crude Oil continues to be an incredible opportunity for skilled technical traders.
Crude oil markets fell rather hard during the day on Tuesday, as we finally broke out of a tight range. With that being the case, we now go looking for support below.