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#SaxoStrats
Today's edition of the Saxo Morning Call features the SaxoStrats team discussing the continuing weakness of the US dollar as commodity prices recover ground and in the wake of key US equity indices hitting all-time highs Thursday.
Squawk / 27 April 2016 at 8:08 GMT
Head of Commodity Strategy / Saxo Bank
Denmark
Oil continues to be carried higher by strong investor sentiment and a weaker dollar. In addition it was given an extra boost from a surprise drop in US inventories as reported by the API last night. BP and a couple of US shale oil producers all seeing $50 as the level above which production will increase and cash flow begin to improve.
Key event today is the official inventory report from the EIA and traders will be looking out for developments in inventories, production and demand.
The latest rally has attracted lower volumes which could be a worry but for now momentum remains positive. Current ranges: LCOM6: $44.30 to $46.90 and CLM6: $42.50 to $45
Calendar link: https://www.tradingfloor.com/posts/us-eia-weekly-petroleum-status-report-2799974

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