|Day's range||52.55 - 53.86|
Crude oil markets had a choppy week, testing support but then bouncing a bit before pulling back yet again. This is going to be a very noisy market going forward as all things China continue to be in the front of traders mind.
Natural gas markets had initially rally during the week but ran into a significant amount of resistance at the $2.00 level. At this point, it’s very likely that the market is going to continue to be very noisy.
Crude oil markets initially fell during the trading session on Friday but found enough support to turn around and make another attempt to rally.
The natural gas markets fell during the trading session on Friday, meaning testing the potential range that the market is trying to find.
Saudi Arabia and its Gulf Arab neighbors and large fellow OPEC producers the United Arab Emirates (UAE) and Kuwait are discussing deeper output cuts next week
The British pound has been pretty bullish during the week against the Japanese yen as we are attacking the ¥145 level. At this point, the market looks likely to break out, especially if we can get some type of “risk on rally.”
The Euro initially fell during most of the week but has recovered slightly as it looks like the gap is trying to hold from the weekly chart. That being said though, it’s difficult to imagine getting overly bullish at this point.
The Australian dollar had a rough week, breaking down below the recent lows, reaching towards the 0.66 handle. However, the market looks as if it is trying to finish the week with a little bit of a bounce, which should only offer more opportunities.
Gold prices surge as concerns over the spread of the coronavirus continued to buoy the yellow metal. Prices stormed higher rising by nearly 2% but is up more than 4% for the week. Gold implied volatility, which is represented by the GVZ index calculated by the Chicago Board of Options Exchange, surged more than 20% on Friday and is up 33% for the week hovering near the 16% level.
Commodity trading major Vitol said it expected oil prices to recover later this year once the effect of the coronavirus epidemic wanes
Crude prices have dipped on Friday, after briefly pushing across the $54 level. Investors remain unnerved by the China coronavirus and are keeping an eye on OPEC’s proposal to cut production.
Canadian miner Teck Resources Ltd on Friday floated a potential exit from the oil sands and warned of a possible C$1.13 billion ($852.12 million) hit should Prime Minister Justin Trudeau's government reject its Frontier bitumen mine. The fate of the C$20.6 billion mine is expected to be decided by next week in what has become a test of Canada's commitment to reduce greenhouse gas emissions and repair relations with the country's indigenous people. At full capacity, the mine would produce 260,000 barrels of crude oil per day, making it one of the largest in Alberta's carbon-intensive oil sands.
Oil prices fell about 1% on Friday on renewed concerns about crude demand being pinched by the economic impact of the coronavirus outbreak, while OPEC and allied producers appeared to be in no rush to curb output. U.S. crude futures settled 50 cents lower, or 0.9%, at $53.38. Both benchmarks were on track for their second consecutive weekly rise, with Brent up 2% and U.S. crude rising 2.6%, as fears over the virus' impact on demand eased earlier in the week and after a smaller-than-expected U.S. crude stock build.
Based on the early price action, the direction of the April WTI crude oil market the rest of the session on Thursday is likely to be determined by trader reaction to the 50% level at $54.20.
Bloomberg analysts projected withdrawals as low as 138 Bcf and as high as 158 Bcf. The Wall Street Journal estimates a figure as low as 135 Bcf. Reuters is looking for a withdrawal as high as 166 Bcf. NGI’s model is calling for a 149 Bcf withdrawal.
Spain's Repsol on Thursday reported a net loss for 2019, sapped by lower oil and gas prices and one-off charges mainly related to its pledge to cut its greenhouse gas emissions. A 2019 net loss of 3.8 billion euros ($4.10 billion), compared with net income of 2.3 billion euros in the previous year, was primarily because of a 4.8 billion euro impairment Repsol booked mainly on production assets in North America because of its climate targets. Adjusted net profit came in at 405 million euros ($437.08 million), missing an analyst estimate of 418 million euros provided by the company.
Devon's (DVN) board of directors approves a 22% hike in dividend rate. The company is taking steps to improve free cash flow, which will help it sustain dividend payments.
Indonesian coal exports are being disrupted because the government has not issued technical guidance on the implementation of new shipping rules, an industry group said on Thursday. Indonesia, the world's biggest thermal coal exporter, in 2018 issued regulations requiring its coal and palm oil exporters to use domestic insurance and shipping companies. Most coal sales from Indonesia are under free-on-board contracts, so overseas buyers who are in charge of securing vessels are still waiting for the Trade Ministry to issue technical guidance, said Hendri Tan, a deputy chairman of the Indonesia Coal Miners Association (ICMA).
Based on the early price action and the current price at $52.89, the direction of the April WTI crude oil market the rest of the session on Wednesday is likely to be determined by trader reaction to the uptrending Gann angle at $52.63 and the short-term Fibonacci level at $52.52.
After on Friday OPEC slashed its oil demand outlook for this year by 230,000 bpd, the Energy Information Administration followed, revising its global oil demand forecast for 2020