Brent crude posted small gains on Thursday
Crude Brent crude posted small gains on Thursday and closed just shy above 112 USD per barrel (USD/bbl). Regarding the EIA’s weekly petroleum status report released back on Wednesday, it confirmed a relatively low implied demand for oil products in the U.S. in January (see the chart). The main contributor was a lower than usual consumption of motor gasoline. As far as today’s trading is concerned, the eye-catcher is the U.S. payrolls report. For now we doubt that the US data will be able to
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Brent crude erased some gains posted during the week
Crude On Thursday, Brent crude erased some gains posted during the week and later in the afternoon dipped to 108 USD per barrel (USD/bbl) even though the US ISM index surprised positively. The main upside risk for the price of oil remains probably a situation in Iran. Yesterday, the EU levied further sanctions on the country and reiterated the possibility of lifting an embargo against imports of crude from Iran (about 450 thousand barrels per day). Such a measure would probably have the most
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Copper posted solid gains on Monday
Crude Energy complex underperformed the rest of commodities on Monday and Brent crude dipped to 112 USD per barrel (USD/bbl). Meanwhile, US crude WTI posted smaller losses and the spread between the two further declined. Moreover, the spread might further tighten in months ahead – the US National Weather Service said it expected unusually harsh winter this year in North Dakota (PADD II). Let us remind that rising oil production (by 15% in first eight months of 2011 compared to the same period
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Euro posted its biggest gain against USD
Australian Dollar : As Europe takes a few small steps in the right direction the Australian Dollar manages to use the resultant risk rally to recover from monthly lows near 1.0100, touching levels of 1.0290 before close of markets. Earlier in the day we saw little movement in the Aussie as it remained range bound between 1.0130 and 1.0160, clearly showing it is heavily influenced by risk events out of Europe at the moment. Opening above the 1.03 handle this morning, ‘risk-on’ trade is
Brent crude posted solid gains despite general sell-off
Crude Brent crude proved the strongest resilience among commodities on Thursday and despite general sell-off posted solid gains. The market more or less ignored the fact that 42-years of Gaddafi’s rule over Libya is over. Nevertheless, the chairman of Libya’s national oil company, Nouri Berouin, told Reuters he expected that Gaddafi’s dead would hasten the return of Libya’s oil to the market. Berouin also added that the oil output had risen to 430 thousand barrels per day, i.e. to about 25% of
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Forex: Dollar posted mix results for the week
FXstreet.com (Córdoba) – The Dollar finished the week with mix results across the board amid risk…
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Forex: Dollar posted mix results for the week – FXstreet.com
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Forex: Dollar posted mix results for the week
FXstreet.com From a technical point of view, the Talking-Forex.com Team affirms that support levels are seen at 1.4073, 1.3968 and then at the 21Day Lower Bollinger Band. “On the other hand, resistance levels are seen at the 21DMA line at 1.4343 and then at the … Daily Forex Summary on USD, Euro, GBP, JPY, AUD, CAD and NZD Forex: EUR/JPY pares losses on rumours of Greece deal Forex – EUR/USD Daily Fundamental Analysis for June 17, 2011 |
Brent posted modest gains while WTI dipped by about 1%
Crude On Thursday, Brent posted modest gains while WTI dipped by about 1%. Disappointing U.S. macroeconomic data (GDP for Q1/2011 remained after revision at 1.8%, initial claims rose by 10 thousand to 424 thousand) as well as the latest (in our view bearish) U.S. Department of Energy report on crude and product inventories weighed on the price of U.S. benchmark. Hence, the spread between Brent and WTI widened to almost 15 USD per barrel. Regarding the latest news from the Middle East, Yemen’s
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Gloomy housing and retail sales data posted from the U.S economy while that economical growth remains spotted…
All the way through this past week a small number of data was released from the world’s leading economy to show once again that the revival remains on undergoing gradually and that the economical growth of the superpower keeps on expanding but unhurriedly while that housing activities remain weak and the deterioration of the labor market continues on easing softly. If truth be told towards the end of the week the U.S commerce department released the country’s final gross domestic product
Sales of New Homes Decline in January to Erase Gains Posted in December
Sales of new single-family homes fell 12.6% to an annual rate of 284,000 in January after nearly a 17% jump in December. Effectively, the level of new home sales is back to the November 2010 mark. The record low is 274,000 established in August 2010. Regionally, sales of new homes fell in the South (-12.8%) and West (-36.5%) but advanced in the Northeast (+54.5%) and Midwest (+17.1%). Inventories of unsold new single-family homes rose to 7.9-month supply and
