|Day's Range||0.0000 - 0.0000|
Facing almost certain defeat, British Prime Minister Theresa May has postponed a vote in Parliament on her Brexit deal, saying she would go back to European Union leaders to seek changes to the divorce agreement. VANCOUVER, British Columbia (AP) -- China is raising the pressure on the United States and Canada as a bail hearing resumes for a top Chinese technology executive in a case that has raised U.S.-China trade tensions and roiled financial markets. TOKYO (AP) -- Japanese prosecutors have charged Nissan's former chairman Carlos Ghosn, another executive and the automaker itself with underreporting millions of dollars in income.
On November 30–December 7, the United States Natural Gas ETF (UNG) fell 2.1%, while the ProShares Ultra Bloomberg Natural Gas ETF (BOIL) fell 5.4%. These ETFs track natural gas futures. UNG holds active natural gas futures contracts, while BOIL’s objective is to track twice the daily changes of the Bloomberg Natural Gas Subindex.
The S&P 500 tried to recover from the gap lower on Monday but found the 2650 level to be resistive enough to turn around and break through the 2600 handle. That’s a very negative sign and it looks like things are about to get worse.
Natural gas markets kicked off the week by trying to rally, but then turned around to fall straight back down. We are currently in a major consolidation area, something that must be respected.
The Euro initially rallied during the trading session on Monday to kick off the week but continues to find resistance above the 1.14 level. Because of this, it looks like we are getting a bit exhausted yet again, and this tells me that we will probably continue to stay within the overall range.
S PPI figure will be out on Tuesday. Also that day the market anticipates a release of the British Average Earnings Index. And of course, we all are waiting for the UK Parliament Brexit Vote
The Zacks Analyst Blog Highlights: Chevron, EOG Resources, Devon Energy, Occidental Petroleum and Diamondback Energy
Qatar's exit from OPEC "won't affect production moving forward," the UAE's energy minister said on Monday in Abu Dhabi. Suhail al-Mazrouei said the UAE did not understand Qatar's decision to remove itself from OPEC, which the Qatari minister of state for energy affairs said last week was a strategic one. Qatar, one of OPEC's smallest oil producers but one of the biggest liquefied natural gas (LNG) exporters, is embroiled in a row with OPEC members Saudi Arabia and the United Arab Emirates.
India (INDA) ranks among the world’s major oil importers. The country runs a big crude oil import bill, which, coupled with its massive trade deficit with China (FXI), has been a consistent drag on its current account.
USD/CAD pair trades bearish but downside limited owing to subdued crude oil price action.
Brent is trading much higher than WTI crude because the production cuts affect Brent supply with the U.S. choosing not to participate in the output cuts.
The direction of the AUD/USD and NZD/USD this week will likely be determined by investor demand for risk. And this is likely to be controlled by U.S. China relations. There are no major reports from Australia and New Zealand this week.
A busy week ahead will see Britain’s fate become all the more clear, with the ECB delivering on policy. On the risk front, U.S and China will be in focus.
The weakening U.S. Dollar is the catalyst behind the strength in the gold market. Driving gold prices lower are the steep drop in Treasury yields and expectations of a more dovish Fed next year.
Natural gas futures settled lower last week, but losses could have been worse if not for a strong short-covering rally on Friday. The market was under pressure most of the week because of inconsistent weather forecasts calling for milder temperatures starting late this week. Prices were further pressured after the weekly U.S. Energy Information Administration (EIA) report showed a larger-than-expected build in storage.
It’s going to be a testing day for the Bitcoin fraternity today, with sub-$3,000 levels still a real prospect and another rally needed to ease the pressure.
The coal industry breathed a sigh of relief, with the announcement that the Trump administration will be rolling back rules on climate change regulation
The U.S. Geological Survey has revised the technically recoverable reserves in the Wolfcamp Basin, in the Permian shale play, to 46.3 billion barrels of crude and 281 trillion cu ft of natural gas
Oil markets appeared to have given up all hope of a production cut deal, but at the last possible minute OPEC+ came through and oil prices spiked
Gold markets rallied significantly during the week, breaking towards the $1250 level , an area that has been relatively resistive. As we close out the week, it looks as if we are on the precipice of a move.
The US dollar fell during the week, but then found a bit of support against the Japanese yen. We continue to see significant levels just below though, and I think that could be influential as to what happens over the next couple of weeks.
Silver markets rally to close the week on Friday, as we have clear the 50 day EMA. The market looks likely to continue the overall consolidation that I have laid out on the chart.