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.

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
EUR/USD
Bullish
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
Wall Street
Bullish
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • (#ASEAN Fundy) US Dollar Outlook: Bond Yields, Powell and CPI in Focus. USD/SGD Eyeing MAS, Chinese GDP #USD #Bonds #Fed #China #MAS $USDSGD https://www.dailyfx.com/forex/fundamental/article/special_report/2021/04/12/US-Dollar-Outlook-Bond-Yields-Powell-and-CPI-in-Focus-USDSGD-Eyeing-MAS-Chinese-GDP.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/5PYoYUgggs
  • Ever wonder if there are other chart types that can be sued for technical analysis? HLOC charts are discussed in the following article as well as their pros and cons. Learn more here: https://t.co/qV3c7a4YR3 https://t.co/TIZQzitE1j
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.37% Gold: -0.28% Silver: -0.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/3xWt8YB351
  • The opening range for April raises the scope for a further decline in the US Dollar Index (DXY) as the monthly high (93.34) lines up with the first day of the month. Get your market update from @DavidJSong here: https://t.co/3iHUdOz7Oy https://t.co/ZmsEtSOICA
  • New Zealand Dollar Forecast: NZD/USD, NZD/JPY Key Levels with RBNZ on Tap - https://www.dailyfx.com/forex/market_alert/2021/04/12/New-Zealand-Dollar-Forecast-NZDUSD-NZDJPY-Key-Levels-with-RBNZ-on-Tap.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $NZD $NZDUSD $NZDJPY https://t.co/tziU8yPkpm
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.17% 🇪🇺EUR: -0.10% 🇨🇭CHF: -0.13% 🇬🇧GBP: -0.17% 🇳🇿NZD: -0.22% 🇦🇺AUD: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ALbF5MkoCp
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.01%, while traders in France 40 are at opposite extremes with 82.33%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/SJNlYSTnZU
  • Dow Jones, Nikkei 225, ASX 200 Outlook: Bank Earnings in Focus as US Stocks Hit Records https://www.dailyfx.com/forex/market_alert/2021/04/12/Dow-Jones-Nikkei-225-ASX-200-Outlook-Bank-Earnings-in-Focus-as-US-Stocks-Hit-Records.html https://t.co/lGG8J2ntXT
  • Is the Eurozone entering into a second debt crisis? Find out here: https://t.co/27Y8gKO0xY https://t.co/VRfjvmBq6N
  • 🇯🇵 PPI YoY (MAR) Actual: 1% Expected: 0.5% Previous: -0.6% https://www.dailyfx.com/economic-calendar#2021-04-11
Crude Oil Prices Hit By Huge Inventory Build, More Stock Data Eyed

Crude Oil Prices Hit By Huge Inventory Build, More Stock Data Eyed

David Cottle, Analyst

Gold and Crude Oil Talking Points:

  • Crude oil prices were restrained by a major inventory increase in the US
  • Trade hopes keep the underpinned, but there’s more stockpile data coming
  • Gold prices steadied in Asia after US-session losses

Join our analysts for live, interactive coverage of all major economic data at the DailyFX Webinars. We’d love to have you along.

Crude oil prices slipped back in Wednesday’s Asian session following surprise news of a huge build in US inventories, with another look at the same subject coming up later.

According to the American Petroleum Institute, stockpiles were up by 4.3 million barrels in the week ending October 1. That was nearly three times market expectations. These numbers are to some extent curtain-raisers to Wednesday’s official figures from the Energy Information Administration which will now command the lion’s share of market focus.

Energy prices were supported by enduring hopes that US-China trade talks can make progress, but the market remains dogged by oversupply worries. The latest outlook from the Organization of Petroleum Exporting Countries foresees heave reductions in demand.

Brazil will shortly conduct an auction of production rights which will involve some of the industry’s biggest players. The outcome of this could be an important price bellwether.

Gold prices tumbled below the $1500/ounce mark in the US session as equity markets pushed on to new record highs. There was no similar impetus in a less dramatic Asian session leaving prices to meander around the $1485 area. News on trade is likely to dominate this market for the rest of the day as heavyweight economic markers are thin on the ground.

Crude Oil Technical Analysis

Prices have made a modestly bullish succession of ‘higher highs’ since arresting its September fall at the lows of October.

US Crude Oil Prices, Daily Chart

The most recent upward thrust has only just managed to top the market’s previous significant high, however and, although the bulls have taken back some of September’s falls, there may have to be some consolidation before that process can get back on track.

Gold Technical Analysis

Prices remain within the gradual downtrend which has been in place since early September. Increased optimism that the US-China trade situation might, at least, get no worse, has weakened demand for haven assets to the benefit of riskier bets.

Spot Gold Prices, Daily Chart

Near-term support comes in at September 30’s low $1474, a point which is also the market’s lowest point since early August. Risk appetite may be too fickle to allow the market to get much below that, however.

Commodity Trading Resources

--- Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!

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

DISCLOSURES