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Calendar event / 5 hours agopreviousforecastactualHigh Crude Oil Stocks (Net Change)+1.91M+1.1M-3.882MHigh Gasoline Stocks (Net Change)+1.713M+0.5M+0.401MHigh Distillate Stocks (Net Change)-0.066M-0.2M+1.503MMed Crude Oil Stocks490.912M487.03MMed Gasoline Stocks227.451M227.852MMed Distillate Stocks129.27M130.773MMed Refinery Usage91.3%91.9%93%Med Total Products Supplied19.576M18.196MMed Total Products Supplied (Net Change)+0.437M-1.38M
Editor’s Picks / 9 hours ago
Shale giants get ready to boost drillingBloombergEOG Resources and Pioneer Natural Resources, two of the largest US shale oil producers, are preparing to boost drilling again after oil prices climbed some 40 percent in the past seven weeks. EOG chief executive William Thomas said his company will increase drilling as soon as oil prices, which closed on Tuesday above $60 a barrel for the first time this year, stabilise at $65. Pioneer is planning to add drilling rigs starting in July, subject to oil price movements and the sale of other assets.Read article on Bloomberg
Squawk / 9 hours agoWTI CRUDE OIL: as per my view on OIL, 1st upside target done 62.00, safe traders book profit & rest wait for 65.00
NOTE: now 62.00 is good resistance, hold or close above exposes sentiment to 65.00 otherwise again it can slide up to 60.00..
Editor’s Picks / 9 hours ago
Could a permanent oil plunge happen?ForbesThe drop in oil prices was self-correcting, according to Joel Moser in Forbes, while its recovery has been exactly as predicted and to the point generally predicted by most experts. He goes on to warn that, while oil and gas will likely be with us for centuries to come, with innovations such as Elon Musk’s Tesla Powerwall, we may be seeing the outline for a long-term renewable based power grid. Combine that with the next generation of electric cars, or even driver-less cars from Google, and a carbon-less energy future starts to look possible. In this scenario, oil and gas prices will certainly irrevocably slide.Read article on Forbes
Article / 11 hours ago
From the Floor: NZDUSD facing sub-74.54 testThere is a very antipodean flavour to From the Floor today with kiwi in particular taking a nasty hit overnight entering a danger zone that could open up significant downside below a trendline at 74.54.Read the article
Article / 11 hours ago
Macro Digest Charts: Italian 2-10 yr yields call the alarmLike the fixed income equivalent of a canary in a coalmine, the Italian short end is issuing a stark warning of Greek contagion. Elsewhere, gilts are selling off ahead of the UK election and from the US we have a dismal 2Q GDP forecast.Read the article
Squawk / 12 hours agoSpanish services PMI explodes in April to highest since 2006:
Businesses in the Spanish services sector are reporting very robust growth at the moment, according to a new report by Markit. The headline services PMI rose to 60.3 last month, up from 57.3 in March and well ahead of expectations of 57.4. This is the highest since for the Spanish services PMI since November 2006. The forward-looking new orders component rose sharply to a 15-year high.
Combined with the manufacturing PMI released two days ago (54.2 vs. 54.5 expected and 54.3 prior) the composite PMI rose to 59.1 from 56.9 pointing to very solid growth in the Spanish economy last month. This corroborates our view on the Spanish economy and we look for growth of around 3% this year.
Article / 12 hours ago
Morning Markets: GBP feeling the pressureThe United States is responsible for the more interesting data releases today with Europe only providing second-tier news. But this being the final trading day before voters take to the polls in the UK election, plenty of attention will be focused on the last stretch of the election race as Sterling increasingly feels the heat.Read the article
Article / 13 hours ago
Saxo Trade Navigator: Wednesday, May 6May 6, 2015: The Saxo Trade Navigator provides you with daily technical insight into a wide array of major instruments, ranging from FX to equities, commodities and bonds. With a host of various technical indicators such as pivot points, RSI and moving averages, the Saxo Trade Navigator can be used to spot daily trade ideas.Read the article
Squawk / 13 hours agoEuroSTOXX 50 Future Risk of a Bearish Shift!
A bearish outside pattern Tuesday to a new setback low and negate the resilient rebound Monday, to reinforce the broader range theme, but shift the bias for a more bearish shift into early May.
The late April significant plunge below our key level at 3544 leaves a downside bias for Wednesday and maybe for this week.
We see a downside bias through 3489 for 3476; break here aims for key 3457.
But above 3529 opens risk up to 3560, maybe 3586.
Short/ Intermediate-term Range Parameters: We see the range defined by 3727 and 3457.
Range Breakout Challenge
Upside: Above 3727 aims higher for 3769 and 3835.
Downside: Below 3457 sees risk lower for 3366 and 3310.
If you want to see more, you can view the full EuroSTOXX future report with screencasts, levels and day trade views - click here http://ow.ly/MzFRi
See all other reports here http://ow.ly/HZXPy