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
Bearish
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
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
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Heads Up:🇨🇳 Caixin Services PMI (APR) due at 01:45 GMT (15min) Previous: 54.3 https://www.dailyfx.com/economic-calendar#2021-05-07
  • Heads Up:🇨🇳 Caixin Composite PMI (APR) due at 01:45 GMT (15min) Previous: 53.1 https://www.dailyfx.com/economic-calendar#2021-05-07
  • The US Dollar still remains under pressure against most ASEAN currencies heading into May. A busy week awaits the Indonesian Rupiah, Thai Baht, Philippine Peso and Singapore Dollar. Get your market update from @ddubrovskyFX here:https://t.co/Ed95511S7Y https://t.co/nhdUL1jlaI
  • Heads Up:🇦🇺 RBA Statement on Monetary Policy due at 01:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-05-07
  • The US Dollar still remains under pressure against most ASEAN currencies heading into May. A busy week awaits the Indonesian Rupiah, Thai Baht, Philippine Peso and Singapore Dollar. Get your market update from @ddubrovskyFX here:https://t.co/Ed95511S7Y https://t.co/R9U2jLoAD3
  • #NOK #NZD and #AUD are expected to be the most-active #G10 FX against the US Dollar with one-week implied volatility at 11.20, 9.05 and 9.05 respectively [delayed] -BBG
  • Dogecoin continues to trade higher with explosive energy, attesting to the cryptocurrency's new clout. Meanwhile, Bitcoin and Ethereum sink. Get your #Dogecoin market update from @FxWestwater here:https://t.co/ohw714KqB2 https://t.co/kAJapqX1Yi
  • Heads Up:🇦🇺 Ai Group Services Index (APR) due at 22:30 GMT (15min) Previous: 58.7 https://www.dailyfx.com/economic-calendar#2021-05-06
  • The US Dollar is still struggling against most ASEAN currencies. USD/SGD remains downside-focused despite recent gains. USD/THB is eyeing a triangle. USD/IDR and USD/PHP may point lower. Get your market update from @ddubrovskyFX here:https://t.co/6Nvvmz8h6d https://t.co/dX69A341oc
  • US Dollar Outlook: USD/CAD Volatility to Rise, Jobs Data Looms -via @DailyFX Link to Full Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2021/05/06/us-dollar-outlook-usd-cad-volatility-to-rise-jobs-data-looms.html #NFP $DXY $USDCAD https://t.co/OIYZ2YXxLK
Crude Oil Prices in Jeopardy Ahead of OPEC JMMC Meeting

Crude Oil Prices in Jeopardy Ahead of OPEC JMMC Meeting

Daniel Moss, Analyst
Crude oil chart

Chart created with TradingView

Crude Oil Fundamental Forecast: Bearish

  • Crude oil prices are at risk of breaking lower on the back of the IEA’s downbeat outlook on global demand.
  • However, shrinking American crude stockpiles may limit the potential downside for oil prices in the near-term.

The outlook for crude oil prices remains fragile, according to the International Energy Agency, given that “the trajectory for Covid-19 infections is strongly upwards in many countries and governments are tightening restrictions on the movements of their citizens”.

In its Oil Market Report for October, the Paris-based intergovernmental organization revised down its demand estimates for the third quarter of 2020 and stated that although a draw of 4 million barrels per day in inventories could be seen in the fourth quarter, this significant reduction “is happening from record high levels”.

Moreover, “with the 1.9 mb/d increase in the OPEC+ production ceiling currently planned for January 1, there is only limited headroom for the market to absorb extra supply in the next few months”.

OPEC Crude Oil

Data Source – Bloomberg

This may concern crude oil buyers in light of the resumption of oil production in Libya, with the nation currently exempt from the cuts OPEC and its allies imposed in April this year and expected to produce up to 500,000 barrels a day.

However, shrinking American crude stockpiles appear to be counterbalancing concerns of an impending supply glut, after the Energy Information Administration (EIA) reported that US inventories had shrank by a larger-than-expected 3.82 million barrels in the week ending October 9th.

That being said, tightening restrictions in several European nations may intensify selling pressure in the near-term, as the International Monetary Fund reports that “more stringent lockdowns are associated with lower consumption, investment, industrial production, retail sales, purchasing managers’ indices for the manufacturing and service sectors, and higher unemployment rates”.

DOE US Crude OIl Production vs Crude OIl Prices

Data Source – Bloomberg

The French government has announced a curfew on residents of nine of the country’s biggest cities while British Prime Minister Boris Johnson announced that restrictions will tighten in London starting this coming weekend.

Therefore, deteriorating global health outcomes may continue to hamper the performance of crude oil ahead of OPEC’s Joint Ministerial Monitoring Committee (JMMC) meeting on October 19.

-- Written by Daniel Moss, Analyst for DailyFX

Follow me on Twitter @DanielGMoss

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

DISCLOSURES