News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.01% US 500: -0.02% Germany 30: -0.15% France 40: -0.27% FTSE 100: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/cM1AaFUMth
  • Gold prices are finally showing life in what should be one of the best fundamental environments in recent history.Get your $XAUUSD market update from @CVecchioFX here:https://t.co/HnvUE9TvP8 https://t.co/GuLYbE19VH
  • ECB VP de Guindos: - ECB forecasts inflation to decline next year and remain low - There is still time to decide on the PEPP program's destiny $EUR
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 2.74% Gold: 1.27% Oil - US Crude: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/h3JUhrkoia
  • USD/CAD continues to reverse lower, now trading below the June swing high $USDCAD https://t.co/dl3shF0neT
  • Company earnings bolster FTSE 100 index. Downtrend on UK treasury yields continues. Get your market update from @WVenketas here:https://t.co/b7ALnOgbaO https://t.co/MVR4c4VVTZ
  • https://t.co/Ldf98qDw0P
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.15%, while traders in Wall Street are at opposite extremes with 75.10%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/CeIupH0opI
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: US 500: 0.61% Wall Street: 0.61% FTSE 100: -0.04% Germany 30: -0.04% France 40: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/iblONqMY4m
  • EUR/USD continues to push higher on post-FOMC USD weakness, eyeing test of 1.19 $EURUSD https://t.co/yzkh0Cjlj3
Crude Oil Prices May Break 7-Month Uptrend on Inventory Swell

Crude Oil Prices May Break 7-Month Uptrend on Inventory Swell

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Crude oil prices may extend drop if weekly inventory build tops forecasts
  • API reported 4.53mb increase vs. 1.77mb projected for official EIA data
  • Gold price rally may stall to consolidate Before Janet Yellen commentary

Sentiment-sensitive crude oil prices fell alongside stocks as risk appetite soured across the markets. Financial names led Wall Street issues lower, falling nearly 3 percent. Disappointment with a Fed that opted against signaling a steeper rate hike cycle last week may have sparked the move. Speedier tightening would likely translate into improved interest income prospects for lenders.

US Treasury bond yields echoed the drop in equities and the priced-in 2017 monetary policy outlook implied in Fed Funds futures flattened in tandem. Not surprisingly, this bolstered the relative appeal of non-interest-bearing assets and sent gold prices upward. The metal has now erased nearly all of its March losses. Timid comments from Fed officials proved to be an insufficient offset.

A lull in big-splash event risk might make for a period of consolidation for gold prices in the day ahead as investors look ahead to comments from Fed Chair Yellen on Thursday. As for oil, the weekly EIA inventory report is expected to show stockpiles grew by 1.77 billion barrels last week. A print closer to the 4.53 million barrel build projected in private-sector figures from API may weigh on prices.

Are retail traders buying gold, and what does that say about the price trend? Find out here!

GOLD TECHNICAL ANALYSISA fifth consecutive gain gave gold prices their longest winning streak since mid-January. Near-term resistance is at 1248.58, the 38.2% Fibonacci expansion, with a daily close above that targeting the 50% level at 1265.23. Alternatively, a turn back below the 23.6% Fib at 1227.99 exposes the 14.6% expansion at 1215.29.

Crude Oil Prices May Break 7-Month Uptrend on Inventory Swell

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices remain locked in a familiar congestion range above key support at 47.22, the intersection of the 50% Fibonacci retracement and a rising trend line set from August 2016. A break below this barrier exposes the 61.8% level at 45.33. Alternatively, a daily close back above the 38.2% Fib at 49.11 sees the next upside threshold at 51.44, the 23.6% retracement.

Crude Oil Prices May Break 7-Month Uptrend on Inventory Swell

Chart created using TradingView

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES