|Day's Range||0.0000 - 0.0000|
Moscow has increasingly been acting as a powerbroker in the Middle East, and despite its reluctance to cut production, it ended up agreeing with a sizeable cut
Oman signed on Sunday two agreements giving a unit of Occidental Petroleum the rights to explore for oil and natural gas in concessions 51 and 65, the oil ministry of the sultanate said in a tweet. Oil Minister Mohammed bin Hamad al-Rumhi signed the agreement covering concession 51 with Occidental Oman and the agreement on concession 65 with Occidental Oman and Oman Oil Company Exploration and Production, a unit of state-owned Oman Oil Co, the tweet said.
The bears are clearly in control now. Expect more downside pressure if warm temperatures continue to dominate the forecasts. However, if you’re out of the market, continue to remain loose because the market could spike higher with the first sign of cold weather. It’s probably too early to price out any cold snaps in January.
The Australian Dollar is likely to remain under pressure throughout 2019. The on-going trade dispute is likely to continue to weaken exports which should force the RBA to keep policy unchanged because lower rates are helping to keep the economy afloat as it rides out the storm. However, an escalation of the trade dispute combined with a faster pace of declines in housing prices could force the central bank to lower rates. This would keep the downside pressure on the Aussie Dollar.
U.S. oil futures fell Friday, with a stronger dollar and risk-off sentiment on the back of losses in the U.S. stock market prompting prices to lose 2.7% for the week. January West Texas Intermediate oil lost $1.38, or 2.6%, to settle at $51.20 a barrel on the New York Mercantile Exchange. Natural-gas futures, meanwhile, took a plunge as weather forecasts dulled demand prospects for the commodity. "Trading gas at this time of year is a weather trade, and it varies with the forecasts," said James Williams, energy economist at WTRG Economics. January natural gas fell 29.7 cents, or 7.2%, to settle at $3.827 per million British thermal units. Prices lost 14.7% for the week, the biggest such loss since mid-January 2016, according to Dow Jones Market Data.
Depending on how long the U.S.-China trade battle continues and the Fed continues raising rates, the two could jump back into the lead. Soybeans and corn should prosper, as well. Natural gas’ glory days may be ending.
The S&P 500 tried to rally during the course of the week, but every time it did, there were plenty of Sellers above just to turn around and short the market yet again.
Silver markets rallied a bit during the week but gave back the gains to show that we are more likely to continue to see consolidation more than anything else.
Crude oil markets continue to struggle during the week, as we have not been able to take off to the upside. That being said, we are sitting on top of major support levels, so if we were to break down below there we could see more momentum to the downside.
Natural gas markets broke down during the week, and even sliced through the $4.00 level. This is a very negative candle stick, and it now looks as if the seasonality of natural gas is starting to rollover.
The US dollar rallied during the week, reaching towards the highs again near ¥114. However, the uptrend line underneath continues offer support while massive resistance offers travel. In other words, this is a very tight market looking for some type of momentum.
Investing.com - Oil prices fell on Friday as signs of slowing growth in China dampened hopes for demand and investors opted to take profits after a surge a day earlier.
Neil George’s pick for the contest is Viper Energy Partners (NASDAQ:VNOM). Petrol prices while down from recent highs are still higher than recent lows of 2017. U.S. domestic West Texas Intermediate (WTI) crude has risen from June of last year to date by 23% to over $52 a barrel.
Bad economic numbers around the world continue to have stock market traders very concerned, and we have now rolled over significantly, reaching towards massive support underneath.
The US dollar did very little during the Friday session, as we are getting relatively close to the significant resistance. That resistance starts around the ¥114 level, so a pullback is likely.
The British pound continues to slide during trading on Friday, as the relief rally after Teresa May avoided a no-confidence vote has been completely wiped out. She went to Brussels, and they offered her nothing in return. The odds of a hard Brexit are increasing by the day.
Annova LNG's proposed Brownsville liquefied natural gas export terminal in Texas took a step toward receiving federal approval for construction on Friday after staff at the federal energy regulator issued a draft environmental report. In the report, known as an environmental impact statement, staff at the Federal Energy Regulatory Commission (FERC) concluded construction and operation of the project would result in some adverse environmental impacts, but those impacts "would not be significant" if the company follows recommendations in the draft report. FERC said in a release its commissioners will take the FERC staff's recommendations into consideration when they decide on the project.
On December 6–13, major energy ETFs had the following correlations with US crude oil January futures: the Alerian MLP ETF (AMLP): 68.8% the Energy Select Sector SPDR ETF (XLE): 60% the SPDR S&P Oil & Gas Exploration & Production ETF (XOP): 58.4% the VanEck Vectors Oil Services ETF (OIH): 2.8%
Libya’s National Oil Corporation said it would not pay a “ransom” to have the armed militiamen that shut down the field last week lift their blockade
Based on the early price action, the direction of the December E-mini Dow Jones Industrial Average the rest of the session is likely to be determined by trader reaction to the short-term Fibonacci level at 24257. Basically, look for an upside bias to develop on a sustained move over 24369 and for a downside bias to develop on a sustained move under 24257.
Based on the early price action, the direction of the December E-mini S&P 500 Index the rest of the session is likely to be determined by trader reaction to the short-term Fibonacci level at 2622.50. Basically, look for an upside bias to develop on a sustained move over 2634.75 and for a downside bias to develop on a sustained move under 2622.50.
The daily chart pattern suggests investors are bracing for a period of lower demand, which is another way of saying they are betting that temperatures will remain closer to normal for this time of year. The main trend is up, but momentum is trending lower. The minor trend is down and this is controlling the momentum.
Weaker crude oil prices undermine Loonie and provide an additional boost to USD which is seeing increased demand in broad market.
East Timor's president has vetoed a government bid to increase access to its petroleum fund for investment in energy projects, potentially delaying a $650 million buyout of Royal Dutch Shell and ConocoPhillip's holdings in the Greater Sunrise gas project. President Francisco Guterres said in a statement to journalists at the presidential palace in Dili this week he had vetoed the decree, and called for the proposal to be revised. "This veto aims to prevent the over-stretching of the Petroleum Fund's direct investment rules and policies," Guterres said, among other issues.