|Day's range||52.80 - 52.80|
The comments come more than two weeks before the leading oil producers hold an online conference on how to further police their joint efforts to steady a global oil market hammered by overproduction and the blow to demand in the face of the coronavirus pandemic. The energy ministry declined to comment. The ministry expects global oil demand to improve this month and says supply has already dropped by 14 million to 15 million barrels per day (bpd), RIA said, adding that Moscow estimates the current global surplus at between 7 milllion and 12 million barrels per day (bpd).
The E-mini S&P; 500 contract rallied a bit during the trading session on Monday which of course was Memorial Day in the United States.
The crude oil markets did little during the trading session on Monday, as it was the Memorial Day holiday in the United States.
The lockdown and travel curbs aimed at stemming spread of COVID-19 since March 25 forced people to stay home, cutting India's fuel demand by 45.8% in April. India has extended its nationwide restrictions to May 31, but relaxed rules in areas with lower numbers of cases leading to some recovery in fuel demand and refiner runs this month. Reliance Industries Ltd, operator of the world's biggest refining complex, operated its export-focussed 700,000 bpd Jamnagar refinery at about 87% capacity.
Economic data puts the EUR in focus, while geopolitics and COVID-19 news and numbers will also influence on the day.
Oil prices imploded earlier this year, which has decimated many oil stocks. Things have gotten so bad that several have already declared bankruptcy. Four that seem to be likely bankruptcy candidates this year are Borr Drilling (NYSE: BORR), California Resources (NYSE: CRC), Denbury Resources (NYSE: DNR), and Oasis Petroleum (NYSE: OAS).
Oil prices have climbed throughout the month of May, but prices hit the pause button on Friday, losing some ground as markets fear that the global economic recovery might not go as smooth as expected
The enormous amount of monetary stimulus in the system, the need for that to continue for some time and the inflation risk are all bullish for gold.
The oil price collapse is forcing potential buyers of oil and gas fields to try and renegotiate deals or otherwise abandon them entirely
The next negative prices in energy contracts could soon be seen in European natural gas prices as lockdowns batter demand while storage capacity for the commodity is running out
Geopolitics will be a key driver in the week. Brexit and the Pound and a collapse in the U.S – China relations will be a test riskier assets.
The total value of the global pool of decommissioning projects that will accumulate through 2024 could reach $42 billion as companies shut down producing assets
Riskier assets bounced back last week, as hopes of an economic recovery overshadowed tensions between the U.S and China…
If the concerns over demand continue then look for the selling that began on Friday to drive the market into at least $28.34 over the short-run.
Based on Friday’s price action, the direction of June Comex gold over the near-term is likely to be determined by trader reaction to $1727.50.
The S&P; 500 rallied a bit during the week, reaching towards the 50 week EMA. The 3000 level of course offers a lot of attention above as well.
Crude oil markets tried to rally significantly during the week, but as you can see, we have struggled to get into the gap just above.
Silver initially fell again during the trading session on Friday but did recover a bit as the specter of the $17 underneath seems to be offering some support.
The crude oil markets pulled back a bit during the Friday session as the market is starting to face a gap in one grade and a major breakdown in another.
Gold markets rallied just a bit during the trading session on Friday, as we continue to see the overall buying opportunities present themselves underneath.