|Day's Range||58.38 - 58.74|
Silver markets rallied a bit during the week, breaking towards the $17.00 level before pulling back slightly. Currently, the market looks as if it is trying to consolidate a bit and decide its next move.
Natural gas markets have gapped lower on Monday, reaching down towards the $2.20 level only to turn around and fill that gap. We have now filled that gap and now likely getting ready to set up for a bigger move.
The gold markets rallied a bit during the trading week, slamming into the top of the down trending channel. However, we have given back the gains from that area, so it makes quite a bit of sense that the market stays within this range.
(Bloomberg) -- Oil traders are packing their bags for a trip to the world’s newest petrostate -- a place they know remarkably little about.At least half a dozen traders from Houston, Geneva and London are set to alight in tropical Guyana this weekend to bid on some of the first oil cargoes produced by the tiny South American nation. Ahead of the journey, the traders wondered aloud if they’re heading to an island (they’re not) and what language is spoken there (English).Their lack of familiarity with the former European colony is a testament to Guyana’s unlikely emergence as an oil state. Long dependent on sugar plantations and bauxite mining, the country was the site of a major crude discovery by Exxon Mobil Corp. in 2015. Now it’s poised to produce more oil than neighboring Venezuela, a founding OPEC member.READ ALSO: The World’s Newest Petrostate Isn’t Ready for a Tsunami of CashGuyana has no experience in trading oil -- and it’s looking to learn the basics from its very first buyer. The government last week sent a letter to refiners around the globe inviting them to bid for 3 million barrels of Liza Blend crude, the light-sweet oil it will start exporting next year. The catch is that the buyer must take the unusual role of handling “all operating and back office responsibilities” related to exporting the crude, according to a document seen by Bloomberg.On top of that, the bids must be offered “face to face” -- in the country’s capital of Georgetown -- starting Monday. Such a voyage is rare for traders, who do most of their business on instant-message platforms and by phone.Oil D’œuvreThe oil world is happy to play along. The three cargoes being offered are an appetizer for a bigger prize. After this sale, part of an “incubation and launching” phase, Guyana plans to sell its crude via long-term contracts. The government will load its first cargo in February, but the first oil will be exported in January by Exxon Mobil, which operates the Liza oil field, according to people with knowledge of the situation. Exxon declined to comment on the shipment of the first oil to reach markets.The Liza field is scheduled to start production this month and will reach 120,000 barrels a day next year. By 2025, it’s expected to ramp up to 750,000 barrels daily. The country, a third of the size of Texas, is poised to produce as much oil as Venezuela in five years. Oil exploration takes place off the coast, in the blue waters of the Atlantic ocean, in ships turned into oil platforms.Guyana’s output boom comes at a trying time for global oil markets. The U.S., Brazil and Norway are all growing production even as the Organization of the Petroleum Exporting Countries and its allies cut their own output in a bid to curb a global supply surplus. Guyana’s Liza blend has similar characteristics to grades produced by Nigeria and Angola and is also seen as an alternative to U.S. oil.To contact the reporter on this story: Lucia Kassai in Houston at email@example.comTo contact the editors responsible for this story: David Marino at firstname.lastname@example.org, Catherine Traywick, Mike JeffersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The US dollar climbed during the trading session on Friday as it was announced that there was “an agreement in principle.” Between the United States and China.
The British pound rallied rather significantly during the trading session on Friday as election results came out in favor of a conservative Parliament. That being said, the market has seen a bit of a pullback from the highs.
The British pound has gapped higher against the Japanese yen after the election results showed the conservatives taking over Parliament with a huge majority. At this point, it looks like Brexit will happen.
The Euro continues to find plenty of resistance near the 61.8% Fibonacci retracement level from the bigger move, and of course the downtrend line that I have marked on the chart. The 1.12 level is psychologically important as well, and we have seen a bit of a push back from there.
The Australian dollar initially tried to break out during the trading session on Friday but as you can see the 200 day EMA has offered significant amount of resistance.
General Khalifa Haftar has announced “the decisive battle and the advance on the heart of Tripoli,” after eight months of trying to take over the seat of the UN-recognized Government of National Accord
Callon Petroleum's (CPE) revised deal to acquire Carrizo Oil & Gas is expected to generate more than $100 million of incremental free cash flow in 2020.
Crude oil prices continue to head higher, with gains of over 1 percent on Friday. I expect crude to continue to move upwards and to breach the symbolic $60.00 shortly.
The U.S. Dollar has plunged against a basket of currencies this week as investors reacted to three major events: the Federal Reserve policy statement, the U.S-China trade deal and the outcome of the U.K. elections. A weaker U.S. Dollar tends to make dollar-denominated crude oil more attractive to foreign buyers.
Brent crude oil jumped back above $65 a barrel on Friday for the first time since the attacks on Saudi Arabia in September, as production cuts by oil producers and progress on the US-China trade deal boosted buying ahead of the weekend. The international oil benchmark is on course to average around $64 a barrel this year, more than 10 per cent less than in 2018, with prices subdued by continued growth in US shale production and concerns over the strength of the global economy.
Investing.com - Oil prices advanced on Friday in Asia as U.S. President reportedly agreed to a partial deal with China to pause the trade war.
If India’s economic growth picks up pace next year, it could help oil demand growth locally and globally, underpinning the oil price rally
OPEC has long maintained a solid grasp on oil markets, but as shale production continues to remain strong and transportation continues to electrify, the clock is ticking for the cartel to regain its position
The Australian dollar rallied a bit again during the trading session on Thursday, as we continue to see bullish pressure. It perhaps was helped by poor US figures, but at the end of the day this looks like a market that is trying to form a longer-term bottom.
While OPEC has dominated headlines in recent weeks thanks to their joint oil production cuts, the IEA thinks that it still won’t be enough to beat a supply glut
Based on the early price action and the current price at 28044, the direction of the December E-mini Dow Jones Industrial Average the rest of the session on Thursday is likely to be determined by trader reaction to the downtrending Gann angle at 28069.