|Day's Range||3.00 - 3.00|
Canada's main stock index edged lower on Monday as falling commodity prices pulled down energy and gold mining shares. * At 9:54 a.m. ET , the Toronto Stock Exchange's S&P/TSX composite index was down ...
Oil futures edge slightly higher Monday as investors keep an eye on U.S.-Saudi tensions over the killing of journalist Jamal Khashoggi.
Based on the early price action, it looks as if gold investors will be mainly focused on the stock market today, or demand for risky assets. If stocks continue to strengthen, led by a strong performance in China, then we could start seeing some profit-taking in gold.
The pair has recently formed a double bottom pattern, which is typically a bullish reversal pattern. If the pair breaks below the double bottom formation, it would be extremely negative and could send the pair towards the 1.1350 level.
Based on the early price action, it looks as if sentiment is shifting back to the bullish side after two weeks of weakness. Concerns over demand are likely to become an issue late in the year or early next year due to the timing of the U.S. tariffs on China and China’s subsequent retaliation on U.S. goods.
Based on the early price action, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at .7097.
Given last week’s inside move and what it represents, the direction of the December Natural Gas futures market this week is likely to be determined by trader reaction to $3.409 and $3.202.
A decline in demand for mining equipment, in one way, has to do with the high cost of purchase. Bitcoin mining equipment tends to command a fortune something that continues to bar most people from venturing into the business. The fact that no new miners are coming onboard also continues to spell trouble for chip developers.
Based on the early price action, the direction of the December WTI crude oil market on Monday is likely to be determined by trader reaction to the main Fibonacci level at $70.40. Since the market is trading inside last Thursday’s $69.99 to $68.53 range for a second session, these prices may be the actual breakout levels today. So if you’re more aggressive then use these levels as trigger points.
Some analysts are claiming that Russia has already reached the limit of its oil production capacity, but are these claims overblown?
Energy demand growth from this country will be nearly three times that of China in the coming decades.
Trading educators, FX Evolution, will discuss the benefits of scalping as a trading strategy, highlighting the key techniques you can use while reducing your overall risks.
Based on Friday’s close at 1.1515, the direction of the EUR/USD on Monday is likely to be determined by trader reaction to the main Fibonacci level at 1.1498.
A busy week ahead sees the BoC and ECB in action, with the Saudis joining China on the hit list and then there’s Brexit and Italy to consider.
The Fed minutes showed policymakers were confident in the current path of interest rate hikes, saying that a series of gradual rate hikes was the correct strategy in helping to maintain a stable economy. The minutes also showed central bankers were wary of “excesses” in financial markets.
New bids for oil and gas exploration rights on a series of blocks are expected to stoke renewed interest in Myanmar’s energy sector and boost investment inflows
Proctor & Gamble surged after reporting better-than-expected earnings. The company said it got a boost from strong beauty-product sales. A report from the National Association of Realtors showed on Friday that U.S. home sales fell in September by the most in over two years as the housing market continued to struggle despite strength across the broader economy.
The stock markets overall stabilized in America during the week after the brutal selloff that we have seen. While we have not shown a lot of bullish pressure, we haven’t fallen any further either, which of course is crucial.
The US dollar has found significant support at the 61.8% Fibonacci retracement level, near the ¥111.50 level. This is a market that has been in a strong uptrend for some time, and it now looks as if that is trying to continue.
U.S. sanctions on Iran, the rift between the U.S. and Saudi Arabia, and possibly higher ethanol content will unsettle gas prices for a while.
Enbridge Inc said on Friday that it is preparing to start construction on a damaged natural gas pipeline in British Columbia and expects it be fixed by mid-November, though it and an adjacent line will both operate at reduced pressure. The pipeline was shut down after it ruptured earlier this month causing gas to ignite, leading to the evacuation of about 100 people in northeast British Columbia and disrupting refinery operations hundreds of miles away in the state of Washington. Enbridge said it expects the 36-inch line to be repaired and operating by mid-November, pending regulator approval, though at 80 percent of its normal pressure.
Whiting Petroleum (WLL), a Williston Basin–focused exploration and production company, is in sixth place in terms of cash flow from operations growth. WLL is expected to post 188.3% YoY (year-over-year) cash flow from operations growth in the third quarter. This impressive growth is expected to be driven by strong production and higher average realized sales prices.
U.S. drillers added oil rigs for a second week in a row this week, raising the rig count to the highest level since March 2015. Drillers added four oil rigs in the week to Oct. 19, bringing the total count to 873, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The U.S. rig count, an early indicator of future output, is higher than a year ago when 736 rigs were active because energy companies have ramped up production to capture prices that are higher in 2018 than 2017.
Investing.com - Oil prices bounced higher on Friday after two sessions of sharp declines sparked by a large build in U.S. crude inventories, while investors looked ahead to the latest reading on U.S. drilling activity.
Artesia is at the northwestern edge of what is known as the Permian Basin, named for the geologic period that came right before the Triassic and the Jurassic (which, as a childhood dinosaur fanatic, I find useful as context) and left a whole lot of marine organic matter across West Texas and southeastern New Mexico that spent the next 252 million years turning into oil and natural gas. Humans drilled the first successful oil well in the Texas part of the Permian in 1921, and the first big New Mexico strike came in 1928.