|Day's range||58.78 - 59.07|
If India’s economic growth picks up pace next year, it could help oil demand growth locally and globally, underpinning the oil price rally
OPEC has long maintained a solid grasp on oil markets, but as shale production continues to remain strong and transportation continues to electrify, the clock is ticking for the cartel to regain its position
The Australian dollar rallied a bit again during the trading session on Thursday, as we continue to see bullish pressure. It perhaps was helped by poor US figures, but at the end of the day this looks like a market that is trying to form a longer-term bottom.
While OPEC has dominated headlines in recent weeks thanks to their joint oil production cuts, the IEA thinks that it still won’t be enough to beat a supply glut
Based on the early price action and the current price at 28044, the direction of the December E-mini Dow Jones Industrial Average the rest of the session on Thursday is likely to be determined by trader reaction to the downtrending Gann angle at 28069.
Investing.com – Canceled China tariffs or weak oil demand, which is bigger? Oil traders obviously think the former, pushing crude prices up Thursday on signs the Trump administration was pulling back higher duties due this weekend on Chinese imports.
Yesterday evening we found out that we should not expect any interest rate rises in 2020, which of course was a rather negative information for the American Dollar.
India's soymeal exports in 2019/20 could plunge to their lowest in four years due to faltering demand from top buyer Iran and as a rally in local soybean prices make shipments pricey for overseas buyers, industry officials said. Lower exports from India will help major growers like the United States, Argentina and Brazil increase sales of the animal feed to Asian buyers like Bangladesh, Vietnam and Japan.
Oil prices gained nearly 1% on Thursday on hopes that the United States and China were close to reaching a deal on an ongoing trade dispute that has raised concerns about global demand for crude. Brent crude futures rose 48 cents to settle at $64.20 a barrel. West Texas Intermediate (WTI) crude futures rose 42 cents to settle at $59.18 a barrel.
Global oil inventories could rise sharply despite an agreement by OPEC and its allies to deepen output cuts as well as lower expected production by the United States and other non-OPEC nations, the International Energy Agency (IEA) said on Thursday. "Despite the additional curbs ... and a reduction in our forecast of 2020 non-OPEC supply growth to 2.1 million barrels per day (bpd), global oil inventories could build by 700,000 bpd in Q1 2020," the Paris-based IEA said in a monthly report. The group's production is also set to outstrip the IEA's projection of demand for its crude by 700,000 bpd in the first half of next year and a full million bpd in the second half.
Malaysia's industrial production index rose 0.3% in October from a year earlier, its slowest pace in more than six years, as mining output declined, government data showed on Thursday. Factory output in October was far below the 1.4% expansion forecast for the month by analysts in a Reuters poll, and was the slowest since February 2013, when output had fallen 4.4%. Manufacturing output, however, was up 2.2% year-on-year while the electricity generation sector rose 0.5%, the data showed.
Malaysian palm oil futures gained on Thursday, supported by concerns over a shortfall in supplies early next year due to lack of rains and lower use of fertilizer. The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange edged up 7 ringgit to 2,885 ringgit ($691.85) by 0241 GMT. Palm gained for seven out of eight sessions following a two-month rally that has seen prices climbed to the highest since February 2017.
2020 could see a number of high-profile oil auctions, and where 2019 was a mixed bag in terms of asset assets, this year is shaping up to be more promising
OPEC’s crude oil production declined by 193,000 bpd in November from October, as the cartel’s leader Saudi Arabia cut production ahead of the OPEC+ meeting
Based on the early price action and the current price at 3135.00, the direction of the December E-mini S&P; 500 Index into the close on Wednesday is likely to be determined by trader reaction to a pair of downtrending Gann angles at 3144.00 and 3130.00.
Bitcoin (BTC/USD) topped out at $13,868.44 in June of this year, thereby completing a 343.2% advance off the December 2018 corrective low of $3,128.89. That low ended a 1-year 84.3% decline off the bull market bubble top of around $19,892, reached in December 2017.
Venezuela’s oil production jumped by 20 percent last month as many oil buyers braved U.S. sanctions to do business with the country, a development that is particularly interesting with IMO 2020 looming
Crude oil markets pulled back a bit during the trading session on Wednesday, reaching towards the round figure underneath before bouncing slightly. That being said, there are a lot of crosswinds right now when it comes to crude oil.
Natural gas markets rallied a bit during the trading session on Wednesday, as we continue to look to fill that gap from a couple of days ago. At this point, the market is likely to see a lot of choppiness, it is colder temperatures come and go, that will move this market.
Crude oil prices have slipped 1% on Wednesday, after a key crude inventory report surprised the markets with a surplus. We could see further movement from crude, as the Federal Reserve releases its rate decision at 19:00 GMT.
OPEC on Wednesday pointed to a small deficit in the oil market next year due to restraint by Saudi Arabia even before the latest supply pact with other producers takes effect, suggesting a tighter market than previously thought. In a monthly report, OPEC said demand for its crude will average 29.58 million barrels per day (bpd) next year. OPEC pumped less oil in November than the average 2020 requirement, having in previous months supplied more.
The direction of the crude oil market on Wednesday will likely be determined by trader reaction to the U.S. Energy Information Administration’s weekly inventories report, due to be released at 15:30 GMT. It is expected to show a 2.9 million draw down. If the report shows a build like the API report then look for a steep decline.