Tag Archives: Crude Oil
CRUDE OIL ANALYSIS
Nymex crude prices had a mixed day yesterday with the February contract coming under pressure in NY as the EUR/USD was sold to fresh 2011 lows and Gold headed down towards the $1500 level.
CRUDE OIL ANALYSIS
Crude Oil futures fell Thursday, handing back early gains after Energy Department data showed a surprise increase in US oil stockpiles. Nymex light, sweet crude for February delivery recently traded 85 cents, lower at $98.51 a barrel on the New York Mercantile Exchange. Brent crude on the ICE Futures exchange traded 80 cents lower, at […]
CRUDE OIL ANALYSIS
February Nymex crude prices fell back sharply yesterday as Eurozone debt concerns led to a raft of selling in the EUR/USD despite earlier strong Italian auctions where yields were around half as much as previous auctions, but later rose again.
OIL ANALYSIS
Nymex crude oil prices leapt higher yesterday in thin trading conditions over threats from Iran that it would close the Straits of Hormuz in a response to threats of sanctions from Western nations against its oil exports.
OIL ANALYSIS
Oil prices have good resistance to the upside at $103.37/bbl, despite Tuesday’s rally by front-month West Texas Intermediate crude, which closed above $100/bbl for the first time in two weeks.
Market Review
USD – The greenback is little changed despite the upbeat December Conference Board Consumer Confidence data (64.5 in Dec vs MNI median at 59.0). Market continues to eye US stocks. More sizable stock gains would be deemed risk friendly, which is likely to underpin the euro and other currencies, rather than the USD.
Risk of a bounce increases as bullish bets are cut again
Hedge funds and large investors have cut their long exposure in US commodities to the lowest level since March 2009. This was the time when the markets were slowly beginning to recover following the Lehman crisis. As of last Tuesday futures and options positions were cut by 12 percent to 656,000 contracts, a nominal reduction […]
CRUDE OIL ANALYSIS
Nymex crude prices firmed again yesterday but failed to hold above the $100.00 mark despite some Middle East turmoil in Iraq which could impact on some oil transportation routes, and strong US weekly jobless claims data.
CRUDE OIL ANALYSIS
Oil futures traded little changed early Thursday on mixed U.S. economic data, with third-quarter U.S. economic growth revised downward but jobless claims dropping unexpectedly.
OIL ANALYSIS
Nymex crude prices jumped higher yesterday despite risk aversion creeping back into markets following the initial boost from the ECB’s LTRO tender which effectively added E489 billion liquidity to the EUROZONE, but the move is seen more as a temporary stocking filler for the next few months.
OIL ANALYSIS
Crude futures surged Wednesday after a government report showed a giant decline in U.S. oil stockpiles. The U.S. Energy Information Administration said U.S. crude inventories fell by 10.6 million barrels last week, the largest weekly drop in more than a decade. While crude stocks often fall at the end of the year, the size of […]
OIL ANALYSIS
Nymex energy markets were relatively calm yesterday on the back of largely static FX markets despite the death of North Korean leader Kim Jong Il, which is triggering some uncertainty around the world.