|Bid||0.00 x 1000|
|Ask||0.00 x 4000|
|Day's Range||21.98 - 22.28|
|52 Week Range||14.75 - 22.42|
|PE Ratio (TTM)||N/A|
|Expense Ratio (net)||0.90%|
November WTI and December Brent Crude Oil should continue to push higher throughout the session as long as a possible supply shortage remains the theme. The rally could stop and prices could turn lower if someone counters with concerns over future demand in the wake of the announcement of additional tariffs on China by the United States.
The first video this week starts with the analysis of Bitcoin, which for the past few days is locked inside of a rectangle. This pattern is a trend continuation pattern and it was created after a huge drop, so we assume that…it will result in a drop too, especially that the ultimate long-term support is near!
The Silver markets rally during the trading session on Monday to kick off the week, as the US dollar struggled. Ultimately, the market still has plenty of resistance above and Silver of course has been underperforming gold for some time.
The crude oil markets were slightly bullish during the trading session on Monday but continue to face significant resistance above. It’s not that we can break out, just that there is a lot of work to do before it happens.
Seasonality can be an important factor for commodities investors and that could particularly true this year for oil. While the United States Oil Fund (USO) , which tracks West Texas Intermediate crude oil futures, and the United States Brent Oil Fund (BNO) , which tracks Brent crude oil futures, have notched some impressive 2018 returns, the next couple of months could be trying for crude on a seasonal basis. The Energy Information Administration estimated on Wednesday that the U.S. surpassed Russia and Saudi Arabia as the world's largest producer of crude oil,” reports CNBC.
The early price action and the relatively low volume suggests we’re likely to see a rangebound trade today. Traders may be taking a breather from last week’s volatile, two-sided price action. At the start of the session today, the offsetting issues remain the same. On the bullish side, investors are worried about the impact of the U.S. sanctions on oil supply. They are betting that slashing Iran’s exports will cause a tightening in the market. Bearish traders are banking on Saudi Arabia and other non-OPEC producers to make up most of the shortfall from the Iran sanctions.
The timeline of the events are basically driving the price action, however. The sanctions start in November so that is a more immediate concern for traders. Any worries about demand will come later. Therefore, tightening at this time is the major worry underpinning prices. Additionally, this market is extremely vulnerable to any unexpected supply disruption and if one occurs, prices could spike sharply higher.
Oil prices pulled back early Friday amid concerns additional U.S. tariffs would be placed on China, leading to a potential drop in demand. gold gave back most of its gains on Friday due to upbeat U.S. retail sales and consumer confidence reports. A report that President Trump told his aides to proceed with tariffs on about $200 billion worth of Chinese imports also rattled investors.
Crude oil markets rally during the week, but continue to struggle at the recent resistance, showing that the market simply does not have the necessary momentum yet. Eventually though, we could break out but it doesn’t look like longer-term traders have much to do in the short term.
Crude oil markets were very volatile during the session on Friday, initially shooting straight up in the air, but then pulling back later on as more Chinese trade tariffs are feared.
Oil ETFs should not count on a bump from the drop off in oil supply out of Iran due to U.S. economic sanctions as the Organization of Petroleum Exporting Countries quickly stepped in to fill in the gap, raising global supply to a record high. Over the past month, the United States Oil Fund (USO) , which tracks West Texas Intermediate crude oil futures, advanced 3.4% and the United States Brent Oil Fund (BNO) , which tracks Brent crude oil futures, increased 7.3%. While oil prices strengthened in recent weeks on the lower supply outlook out of Iran, investors should keep in mind that OPEC can step in at anytime to fill in the gap.
This week’s price action suggests there is a bias to the upside, but traders are a little tentative about buying strength or breakouts. They seem to like buying on dips. Prices were supported early in the week on worries over the looming sanctions against Iran, and their impact on supply. Prices were pressured by concerns over emerging market crises and trade disputes, and their effects on demand.
Crude oil market softened again during trading on Thursday, as CPI numbers in the United States dropped. Beyond that, there are concerns about demand globally, so the fact that the world’s driver of demand is possibly slowing down, that’s a bad sign.
Australia’s employment rose a strong 44.0K in August, more than reversing the modest 4.3K drop in July. U.S. producer prices unexpectedly fell in August with the weakness led by declines in the prices of food and a range of trade services. U.S. crude oil production fell by 100,000 bpd, to 10.9 million bpd, as the industry faces pipeline capacity constraints. According to the Federal Reserve’s latest Beige Book released late Wednesday, three of the Fed’s 12 districts – St. Louis, Philadelphia and Kansas City – reported weaker growth in August. Fed Governor Lael Brainard said in a speech on Wednesday that the Federal Reserve likely will continue gradual interest rate increases but will accelerate the pace if signs that financial imbalances continue to build.
An economic calendar is a schedule of economic events that will take place over the next day, week, month or quarter. Trading the economic calendar can be beneficial for some traders.
The battle between the known and the unknown, between the aggressive speculators and professionals, continues on Thursday after a strong surge in prices the previous session has failed to attract enough new buyers so far today to continue the rally.
After a better than expected inventory number coming out of the United States, crude oil markets shot straight up in the air during trading on Wednesday, pressing major resistance above.
The United States Oil Fund (USO) , which tracks West Texas Intermediate crude oil futures, and the United States Brent Oil Fund (BNO) , which tracks Brent crude oil futures, are trading higher to start September and could accrue more gains thanks to potentially favorable supply/demand dynamics. While crude oil prices have pulled back from three-and-a-half year highs as major global oil producers sought to raise output, the oil market still found support from geopolitical risk to supply in Iran. In its latest report, the Energy Information Administration revealed that domestic crude supplies fell by 4.3 million barrels for the week ending Aug. 31, but gasoline stockpiles climbed by 1.8 million barrels, which missed expectations.
The Labor Department reported on Wednesday is producer price index (PPI) for final demand edged lower by 0.1 percent last month after being unchanged in July. The drop in the PPI was the first since February 2017. Economists were looking for an increase of 0.2 percent in August. Crude oil prices rallied to their highest levels of this year after a drop in U.S. crude oil inventories and the prospect of the loss of Iranian supply triggered a strong upward price spike.
Crude oil prices and oil-related ETFs have surged this year, but the energy market may be entering a period of seasonal weakness. Year-to-date, the United States Oil Fund (NYSEArca: USO), which tracks ...
Given the “fragile” situation, it doesn’t look like it is going to take much to spike prices higher. Later today at 1430 GMT, the U.S. Energy Information Administration is expected to report a 1.3 million barrel draw down for the week-ending September 7. A bigger-than-expected draw could drive prices sharply higher.
Crude oil markets shot straight up in the air at the open cry open during the day on Tuesday, as the volatility and confusion in the markets continues.
On September 10, 2018, Brent crude oil November futures settled ~$9.83 higher than WTI crude oil October futures, the highest level for the Brent-WTI spread since June 19, 2018. On August 31, 2018, the spread was ~$7.84.
Brent is being supported by potential supply shortages due to the Iran sanctions. WTI’s gains are being limited by worries over U.S. supply after the rig count failed to increase last week. Furthermore, investors may be sitting on the sidelines ahead of Tuesday’s American Petroleum Institute weekly storage report and Wednesday’s U.S. Energy Information Administration weekly inventories.