|Day's range||38.54 - 40.77|
This trio of energy names got a big daily boost from oil prices, but that's just part of a much larger story here.
Demand and Supply in 2019 were records
Oil prices fell on Thursday as COVID-19 cases continued to spike in the U.S., which the IEA highlighted as a major threat to oil markets in today’s report, but prices were quick to return to the $40 mark on Friday.
We’re going to be watching a minor pivot at 25787 into the close on Friday.
Stock markets rallied during the week, with the S&P; 500 being no exception. We broke above the top of a couple of shooting stars which is a bullish sign.
Crude oil markets had a bouncy week, but at the end of the session on Friday it looks as if we have stabilized. That is a good sign.
S&P; 500 initially pulled back on Friday again, but then turned around to show signs of life again. This is a market that continues to show extreme resiliency.
Crude oil markets initially dipped on Friday but turned around to show signs of resiliency yet again. They have more of an upward bias than anything else.
Silver markets have continued to hover at a major level, in the form of the $19 level during the trading session on Friday.
Natural gas markets initially dipped a below the 50 day EMA on Friday but turned around. This is a market that looks like it is trying to continue going higher.
Gold markets struggled to follow through during the trading session on Friday after pulling back on Thursday.
Oil rebounds back to the key $40 level after Gilead Sciences reports promising data on COVID-19 drug.
British pound has had a very bullish week, as we continue to see a rally. Every time it looks as if it is going to fall, buyer step in to pick up yet again.
The Euro initially rally during the week, pulled back from the 200 week EMA, and then rallied again to close out a choppy week. This is normal for this pair.
The global energy agency that rarely helps the positive case in oil has given a friendly boost to those long crude, just as the week comes to an end. Crude prices jumped more than 1% on Friday after the International Energy Agency bumped up its 2020 forecast for global oil demand, lifting a market that took its worst hammering in six weeks in the previous session. The IEA’s outlook on oil has typically been dour over the past few years, putting it at odds with the Saudi-dominated OPEC — or Organization of the Petroleum Exporting Countries — whose members are determined to keep crude prices supported under any condition.
Silver did not manage to get above $19.00 but maintains solid upside momentum.
The British pound initially fell a bit on Friday but continues to find support as we broke back above the 200 day EMA by the time New York got online.
The Australian dollar initially sold off on Friday but found buyers two show signs of resiliency yet again. We have a massive amount of resistance just above.
The direction of the August WTI crude oil market on Friday is likely to be determined by trader reaction to the 50% level at $39.08.
The heyday of America’s mighty oil and gas industry may be passing. This week three huge pipeline projects, whose combined length would stretch from New York to San Diego, were ditched. Further oil and gas output growth in the world’s most prolific energy market depends on new infrastructure.
Based on the early price action, the direction on Friday is likely to be determined by trader reaction to the 50% level at $1798.10.
Pressure is mounting on Russian mining company Norilsk Nickel over an Arctic oil spill that has wiped about 17% off its share price, left it with a hefty compensation bill and exposed it to accusations of covering up the full extent of the damage. President Vladimir Putin in June chided Vladimir Potanin, the billionaire boss of Norilsk, for not replacing the source of the spill, a fuel tank, in timely fashion and said significant damage had been caused to the fragile Arctic environment.