OIL

[GoldTrader]

Oil Technical Levels - 10.04.2017

Oil (WTI)
WTI is racing higher as it cleared crucial resistance around $52 area on Syria airstrikes. Today’s range $52.3-53
WTI is currently trading at $52.8/barrel. Immediate support lies at $49 area and resistance at $54 area.

Oil (Brent)
Brent is up in line with the WTI. Brent is testing key resistance. Today’s range - $55.2-56
Brent is trading at $3.1 per barrel premium to WTI. Likely to widen further in the medium term.
Brent is trading at $55.9/barrel. Immediate support lies at $49 area and resistance at $56 region.

[GoldTrader]

Oil Technical Levels - 11.04.2017

Oil (WTI)
WTI is flat for the day but as it cleared crucial resistance around $52 area on Syria airstrikes, it is grinding higher. Today’s range $52.8-53.3
WTI is currently trading at $53.1/barrel. Immediate support lies at $49 area and resistance at $54 area.

Oil (Brent)
Brent is up in line with the WTI. Brent is testing key resistance area. Today’s range - $55.7-56.2
Brent is trading at $2.9 per barrel premium to WTI. Likely to widen further in the medium term.
Brent is trading at $56/barrel. Immediate support lies at $49 area and resistance at $56 region.

[GoldTrader]

Oil Technical Levels - 12.04.2017

Oil (WTI)
WTI is grinding higher on geopolitical tensions. Today’s range $53.8-53.3
WTI is currently trading at $53.6/barrel. Immediate support lies at $49 area and resistance at $54 area.

Oil (Brent)
Brent is up in line with the WTI. Brent is testing key resistance area. Today’s range - $56.7-56.2
Brent is trading at $2.9 per barrel premium to WTI. Likely to widen further in the medium term.
Brent is trading at $56.5/barrel. Immediate support lies at $52 area and resistance at $59 region.

[Vishnu]

FTSE 100-6th win as oil shares rise



Performance of market

The FTSE 100 index UKX, +0.26% rose 0.3% to 7,421.26.On Monday, the index rose 0.4% and closed at its highest since Feb. 2, according to FactSet data.
The pound GBPUSD, +0.0072% bought $1.3940, recovering from an intraday low of $1.3918, and little changed from $1.3939 late Monday in New York.That is sterling is still trading around its lowest level since mid-March. In the fixed-income market, the yield on the U.K.’s 10-year gilt TMBMKGB-10Y, -0.68% was up less than 1 basis points at 1.52%, according to Tradeweb.




Oil and multinational companies were among the best performers, riding on the back of higher oil prices and a low value of the pound.
The moves came as Brent crude prices LCOM8, +0.19% traded above $75 a barrel, the highest since 2014, as tensions between Saudi Arabia and Yemen heated up.
U.S. sanctions on Iran will be put back in place in May helped push up Brent and oil prices CLM8, +0.44% A crude-supply update from the API industry group is due later Tuesday.

The pound was also at play as it struggled for a sixth straight day against the dollar, although its come off session lows. A weaker pound can help bolster shares of multinational companies that make the bulk of their earnings and revenue in other currencies. Sterling suffered after members in the House of Lords on Monday voted for an amendment the U.K.’s Brexit bill to keep the EU’s human rights charter a part of British law.



Chief market analyst at CMC Markets Michael Hewson said “It is this move higher in crude oil prices, along with the rise in demand, that is helping fuel the recent rise in yields as well as the positive tone for equity markets, however if it continues too far we could start to see it act as a drag on equity markets, if prices along with yields start to move even higher,”

[Vishnu]

Oil backing off, West Texas Intermediate (WTI) below $68 as production ramps up

WTI crude oil prices are walking back from three-year highs, testing back into 67.60 as US production continues to outpace demand.
API Weekly Crude Stocks figures on Tuesday disappointed traders, showing another million-plus barrel buildup in crude supplies in the US, shattering hopes that OPEC-led cuts have been having an effect and that demand is rising fast enough to keep up with the current supply glut pouring out of the US.
Crude oil recently rallied to multi-year highs.But many traders are worried that rally was fueled mostly by recent Middle East tensions as the Syria civil war begins to drag outside observers into the political fray. Market fears over an altercation between the US and Russia over a strategic bombing of Syria in retaliation for the Syrian President Bashar al-Assad using what is believed to be chemical weapons against his own populace.
With Syria fading into the background once more, crude supply outstripping demand continues to weigh down the fossil fuel, and traders are still hoping for a drying up of US activity, even as the US is on pace to become the world's single largest provider of crude within the next year or two. Further adding to the downside pressure is the likelihood of a US-France deal on Iran, which further saps strain out of the Middle East theater. It was reported that that the US and France are willing to reach an agreement to keep the Iranian deal on the table. The Iranian deal is an agreement which was reached in 2015 between Iran and six other countries that put limits on Iran's nuclear program in exchange for sanctions relief.

[rahul]

China's top oil refiners- planning Q2 maintenance, This may impact oil demand

China's top oil refineries are set to be shut in May and June for maintenance

Atleast six will be fully shut accounts for 10% of China's monthly crude runs. And this could cast a bit of a shadow on oil demand in the coming quarter as China is the biggest crude oil importer globally.


A slowdown in refining activity is likely to result in lower imports for crude oil, and that could put a wet blanket on the recent rise in oil prices.

[rahul]

China's top oil refiners-planning Q2 maintenance,This may impact oil demand

China's top oil refineries are set to be shut in May and June for maintenance.Atleast six will be fully shut accounts for 10% of China's monthly crude runs.This could cast a bit of a shadow on oil demand in the coming quarter as China is the biggest crude oil importer globally.



A slowdown in refining activity is likely to result in lower imports for crude oil, and that could put a wet blanket on the recent rise in oil prices.

[Vichu]

Crude price exceeding $80 this quarter

Oil prices -underpinned by geopolitical tensions in the Middle East and the fading oil glut this year

The next big risk for oil is Iran and the deadline for any deals/sanctions for that is on 12 May.
The other key risk in the quarter will be the OPEC meeting in Vienna. That takes place on 22 June.

If OPEC manages to squeeze out another OPEC+ pact for 2019 (even if just for half-a-year), I reckon that will continue to help support oil prices for the time being.
But the mindful thing to watch out for will be US production, and more specifically the shale producers.
With oil sitting near the $70-80 range, it's going to encourage a handful of them to re-enter the market again.

[Vichu]

Organization of the Petroleum Exporting Countries OPEC and non-OPEC
OPEC and non-OPEC oil ministers to meet on 23 June

That will be a day after the OPEC only meeting is scheduled for in Vienna

[Vishnu]

Crude oil-showing strength through the week,
as we are approaching fresh new highs.The WTI Crude Oil market went back and forth during the week, forming a bit of a neutral candle. Leta believe that the market should continue to respect the uptrend line underneath, so we could get a bit of a pullback.The Brent markets have also tested the $75 level, and closed near it as it shows signs of massive bullishness. Brent markets initially pulled back but then shot towards the $75 level.