|Day's Range||1,311.80 - 1,315.20|
An attack on Saudi Arabian oil fields has removed about 5% of global oil supplies. As a result, oil prices have jumped. It sounds scary for oil and stock investors, but for the time being, the chart tells a different story.
Coordinated drone strikes on key Saudi oil facilities sends oil prices higher. Here's a rundown on the big winners and losers from the oil price rally.
SINGAPORE/LONDON (Reuters) - Saudi Aramco's trading arm is looking for oil products for prompt delivery following Saturday's attacks on Saudi oil facilities, three trade sources said on Monday. Saudi Arabia is set to become a significant buyer of refined products after the attacks forced it to shut down more than half of its crude oil output and some of its gas, consultancy Energy Aspects said in a note on Sunday. The attacks have possibly curtailed as much as 1 million barrels per day (bpd) of Aramco's refining capacity, Energy Aspects said, although this could not be confirmed and it was not clear to which Saudi Aramco refineries it was referring.
Investing.com - U.S. futures pointed to a weak opening bell on Monday as oil prices spiked to their highest level since May after drone strikes hit more than half of Saudi Arabia’s oil capacity over the weekend.
U.S. oil and energy stocks were indicated sharply higher across the board Monday, and providing some upside support for the Dow Jones Industrial Average, after a series of weekend drone attacks on two key Saudi Arabian facilities lifted crude prices to their biggest single-day gain in more than two decades.
The dollar fell while safe havens and currencies of oil-producing countries rallied on Monday, following an attack on Saudi Arabian refining facilities that disrupted global oil supply and heightened Middle East tensions. Oil prices surged nearly a fifth at one point following the strikes on two plants, including the world's biggest petroleum processing facility in Abqaiq, which knocked out more than 5% of global oil supply. Both currencies often move together with the oil price because the countries are major oil exporters.
Attacks on Saudi oil fields drove demand for the Yen and the Loonie as oil prices surged. Johnson is in focus later today and the GBP needs progress.
West Papua and neighbouring Papua are militarised and under-developed mountainous Indonesian provinces on the western half of the island that also accommodates Papua New Guinea in the east. Mr Wenda said Freeport-McMoRan and BP should stop operating in West Papua and Papua.
Currencies linked to the price of oil rose on Monday after an attack on Saudi Arabian refining facilities disrupted global oil supplies, while the Japanese yen and Swiss franc strengthened as nervous investors sought safety. President Donald Trump said Washington was "locked and loaded" to retaliate. The currencies of oil importers such as Turkey and India weakened.
Investing.com - Gold Prices jumped on Monday in Asia after a strike against two Saudi Arabian oil facilities heightened tensions in the Middle East and boosted safe-haven demand.
Oil prices hit four-month highs on Monday after attacks on crude facilities in Saudi Arabia fueled worries over the impact of an oil shock on economic growth, halting a positive run in world stocks and bolstering demand for safe-haven assets. Brent crude futures rose nearly 20% at one point in their biggest intra-day gain since the Gulf War in 1991, and U.S. futures jumped almost 16%, both hitting their highest level since May. But prices came off their peaks after U.S. President Donald Trump authorized the use of the country's emergency stockpile to ensure stable supply. By 1126 GMT, Brent futures were up 10% at $66.33 per barrel, while U.S. light crude was up 9.5% at $60.27.
The market seems to be seeking a balance inside $59.29 to $62.64. Trader reaction to the upper and lower levels of the major retracement zone will likely determine the next major moves
Newmont Goldcorp said on Sunday it has temporarily suspended operations at the Peñasquito gold mine in Mexico after the resumption of a previously lifted blockade by a trucking contractor and some members of the Cedros community. ".... dialogue sponsored by the government of Mexico to resolve issues with a trucking contractor and the San Juan de Cedros community has been suspended and that an illegal blockade has resumed," the company said in a statement, adding that its operations at the mine will remain suspended while the blockade persists. Operations at the mine were also temporarily suspended earlier this year as truck drivers blocked access to the mine and protesters said its operations caused a water supply to dry up.
We’re likely to be in a momentum driven market from the opening today so main tops and retracement zone levels are not likely to be that important initially in the session. Once the markets calm down and traders learn more about the timing of the repairs then traders will become more concerned over support and resistance.
Noelle Acheson argues that bitcoin’s volatility is intrinsic and is unlikely to diminish with increased liquidity – and that’s not a bad thing.
Gold traders will also be watching Wednesday’s Fed interest rate and monetary policy decisions. A 25-basis point rate cut is widely expected, however, traders will be more interested in how Fed policymakers feel about a December rate cut.
The S&P; 500 rallied significantly during the week, reaching towards the highs yet again. As we head into the weekend, it looks like a breakout is imminent, but we may get the short-term pullback between now and then to build up momentum.
The Silver markets initially tried to rally during the week but then found a lot of resistance at the $18.50 level. We rolled right back over and formed a very bearish looking candle for the week.
The Silver markets fell during the trading session on Friday to test a significant uptrend line, and at this point is going to be very interesting to see if we can hang on. That being said, we are obviously rotating quite a bit.
Gold has been benefiting from the US-China trade war. However, some observers, such as Jim Cramer and Citigroup, disagree on what's in store for gold.