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  • Squawk / Wednesday at 13:05 GMT
    Head of Commodity Strategy / Saxo Bank
    Denmark
    Crude oil trading close to unchanged after reaching a one-month high earlier. This was in response to a bullish inventory report from the API last night and news that Opec and non-Opec producers are getting close to agreeing a nine-month cut extension. Having seen the market recover 17% from the May 5 low further upside can now be difficult to achieve unless Opec surprises with even tougher measures. Most of the rally has been driven by short-covering from funds having sold oil aggressively up until a week ago. Funds who bought aggressively following the November deal got hurt during Q1 when the cuts failed to boost the price. On that basis a wait and see approach could emerge with decision makers wanting to see support from hard data before jumping back in.
    First up however the weekly report from the EIA with oil and fuel inventories both expected to fall.
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    2d
    Ole Hansen Ole Hansen
    This comment has been redacted
    2d
    Ole Hansen Ole Hansen
    Relative subdued market reaction with the focus firmly on Vienna and Opec. Crude oil inventories exceeded expectations on lower imports and a pick up in refinery demand....
  • Squawk / Wednesday at 12:36 GMT
    Technical Analyst in Financial Market / commoditymarket2008 Advisory Services
    India
    WTI Crude Oil Trading View: after my view made new high 51.85, now almost hit 1st target 51.02 & recent low 51.17, safe traders book profit & rest wait for 50.37...
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  • Squawk / Wednesday at 7:09 GMT
    Technical Analyst in Financial Market / commoditymarket2008 Advisory Services
    India
    WTI Crude Oil Trading View: now having resistance zone 52.14 & recent high 51.64, above holding means 52.82 & 53.49 easily looking other wise again come down up to 51.02 & 50.37...
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  • Squawk / 17 May 2017 at 12:29 GMT
    Head of Commodity Strategy / Saxo Bank
    Denmark
    Crude oil has shrugged off the negative impact of the surprise stock build reported by the API yesterday. Later on the market will be focusing on the Iranian election on Friday and the Opec meeting on May 25. With a nine-months extension almost priced in the pressure is back on Opec to deliver. However rising production from Libya, Nigeria and US combined with demand growth concerns is likely to limit upside until data shows impact of cuts.
    But first up we have EIA's Weekly Petroleum Status Report at 1430 GMT. Last week it helped kick of the latest rally which since then has reached 5% for WTI and 7% for RBOB Gasoline.
    Traders bullish reaction last week were driven by the bigger-than-expected drop in crude stocks, production below recent averages and a drop in imports from key Opec members. The same data will be in focus today.
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    17 May
    Ole Hansen Ole Hansen
    Crude oil trading 1.2% higher following the report. Crude stocks did fall thereby going against the API findings yesterday. Production dropped 9k b/d due a 21k reduction...
    17 May
    Ole Hansen Ole Hansen
    Charts
  • 15 May
    Ole Hansen Ole Hansen
    Another sign that the current oil rally is being led by short-covering. Hedge funds cut the combined bullish oil bet in WTI and Brent by 72,000 lots...