Video

Saxo's Morning Call has a new format, and a new home

Starting Monday, the SaxoStrats team will be streaming their Morning Call live from our new studio in Copenhagen. Follow us on Facebook to catch the live event, or watch the archived version later at home.saxo.

3d Technical analysis webinar – A view of the market: Larsson

3

2
09 August From the Floor: Chinese equities up 3%, RUB falls on US sanctions
08 August From the Floor: Chinese trade data show no signs of war... yet

1

0

Article / 01 March 2017 at 12:56 GMT

Oil remains deadlocked ahead of US inventory report — #SaxoStrats

Ole Hansen

Head of Commodity Strategy / Saxo Bank

Denmark

Brent and WTI have both returned to their one-month average prices
Focus is on weekly inventory reports at 1530 GMT this afternoon
Bloomberg anticipates inventories will move close to 522 million barrels
Crude stuck in tight ranges, February WTI's tightest monthly range in 14 years
Despite continued buying, WTI gained just $1.2/barrel over the month

By Ole Hansen

Brent and WTI crude oil have both returned to their one-month average prices with the focus being the weekly inventory report from the Energy Information Administration later today at 1530 GMT.

A Bloomberg survey sees inventories rising by 3 million barrels, which would bring the total to another record of close to 522 million barrels. The market will also focus on export and import data following the latest surge in export and reduction in imports.

Initial weakness on Tuesday was driven by gasoline following reports – later denied – that the White House was consider a proposal to change biofuel blending rules. The denial let to swift recovery which also help bring oil back to unchanged on the day.

RBOB Gasoline roller-coaster Tuesday

Source: SaxoTraderGO

Both Brent and WTI crude oil remain stuck, seemingly unable to find enough reason to break out of their months-long trading range. WTI crude oil bounced around within a $3.72/bl range during February, the tightest monthly range in nearly 14 years. Despite continued fund buying it only managed to finish the month $1.2/bl higher.

WTI is currently facing resistance at $55/bl and support at $52.70/bl while for Brent the levels are $57.50/bl and $55/bl.

Source: Saxo Trader

– Edited by Jack Davies

Ole Hansen is head of commodity strategy at Saxo Bank.

1y

Ole Hansen

No fireworks in today's inventory report. Oil inventories hit a new record while production climbed by 31k b/d. Exports were lower while imports recovered a bit after last weeks big fall. WTI and gasoline trading close to unchanged following the release.

1y

Ole Hansen

On balance a tad price negative but we have in previous weeks seen much more price negative reports being bought.

For Chinese visitors:
沪ICP备13028953号-1

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Tradingfloor.com permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Tradingfloor.com and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Tradingfloor.com is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Tradingfloor.com or as a result of the use of the Tradingfloor.com. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through Tradingfloor.com your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. Tradingfloor.com does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer