2019-04-17 11:35:00
OIL PRICES: TROUBLED WATERS
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Andy Warr, contributor, Owner of Tophat Finance company.
Tophat Finance deals in transmission of trading data for financial instruments (FX, Indices Futures, OIL, Metals(XAG/,XAU)) with Quantitative Analysis and Research to interested clients so as to gain financial wealth & knowledge. |
WTI & Brent Crude oil prices remains underpinned with regards to strength of data from China (Export).This is followed by a reported rise of 14.2% in dollar from the previous month's export.
Baker Hughes on Friday published a report stating a rise in the number of U.S Rigs drilling for oil by 2 to a total of 833 as from last week, following another increase of 15 oil rigs.
In Venezuela; recent power outages compounded with the U.S sanctions pushed the OPEC members output to a long-term low of 870000 barrels/day; lower than the forecasted value.
On Wednesday, U.S Crude Inventories rose to the highest level since November 2017.
In Gasoline; U.S Gasoline stock fell by 7.7million barrel/day last week.The output total on U.S Crude remains at 12.2million barrel/day.
On trading; net longs until April 9 rise in Crude Futures & Options positions as commented on Friday by the U.S Commodity Futures Trading (CFTC). I'd comment it's a case of buying the dips during the pullback period.
On BRENT; The Bulls are still gathering through the 71.72$ price mark. A hold of the 63.45$ price mark indicates a strong bull market in the June WTI Futures market,a fall below creates a range bound trade.
In troubled waters,you've got to learn how to float.
Nice trading week.
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Earlier:
2019, April, 15, 12:20:00
OIL PRICE: ABOVE $71
Oil prices nudged lower on Monday after international benchmark Brent hit a fresh five-month high in the previous session, with investors eyeing mixed signals on global supply.
2019, April, 15, 12:10:00
FRAGILE OIL MARKET
Iranian Minister of Petroleum Bijan Zangeneh said the current crude oil market was in a fragile state, adding, “If the US decided to exert more pressure on Iran, the oil market would become unpredictably more fragile.”
2019, April, 10, 11:35:00
OIL PRICES 2019-20: $65-$62
Brent crude oil spot prices averaged $66 per barrel (b) in March, up $2/b from February 2019. Brent prices for the first quarter of 2019 averaged $63/b, which is $4/b lower than the same period in 2018. Despite lower crude oil prices than last year, Brent prices in March were $9/b higher than in December 2018, marking the largest December-to-March price increase since December 2011 to March 2012.
2019, April, 10, 11:25:00
OIL MARKET HEALTH
The kingdom will pump about 9.8 million barrels a day in March and April and export less than 7 million barrels daily in both months, Al-Falih said in March. Saudi Arabia has a production target of 10.3 million barrels a day.
2019, April, 8, 11:35:00
8 UNDERVALUED ENERGY STOCKS
Investors with a long-term horizons could give a look to Energy Industry. According a Value Line Report on Petroleum Industry, Oil Price above $50 a barrel provide some assurance that existing dividend will be maintained.
2019, April, 1, 11:35:00
OIL PRICE: THE FASTEST UP
Oil prices rose about 1 percent on Friday, posting their biggest quarterly rise in a decade.
2019, March, 27, 12:00:00
GLOBAL ENERGY DEMAND UP 2.3%
IEA - Energy demand worldwide grew by 2.3% last year, its fastest pace this decade, an exceptional performance driven by a robust global economy and stronger heating and cooling needs in some regions.
