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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • What is your forex trading style? Take the quiz and find out:
  • RBNZ's Hawkesby talking "considered steps" when setting monetary policy, leaning towards 25bps - With money markets pricing in 31bps worth of tightening at the October meeting. Room for disappointment.
  • Gold has plunged nearly 5% off the Monthly high with the sell-off now probing key weekly support here at 1738/47- looking for a pivot here with the Fed interest rate decision on tap. Get your $XAUUSD market update from @MBForex here:
  • RBNZ: - We have benefitted from a robust rebound in China, our main trading partner - The interruption to the economy's supply side has lasted longer than expected
  • RBNZ: - Vaccination program has aided a stronger-than-expected rebound in the global economy - Demand for our exports has fared better than previous recessions
  • Between the volatile risk trend picture at the moment along with the Fed rate decision and expected 100bp hike from the Brazilian central bank both on Wednesday, $USDBRL is going to be a very interesting pair to watch...
  • RT @EricBalchunas: $SPY traded more than the Top 5 stocks combined. Just when you think $SPY is fading away like an aging legend you realiz…
  • Bitcoin sharply lower on the day, but well off session lows around $42,500 $BTCUSD #Bitcoin
  • You know what index didn't suffer an overtly threatening reversal this past session? The Russell 2000. It didn't continue the same steady climb through 2021 that the Dow, SPX and Nasdaq enjoyed; so not as much excess premium
  • USD/JPY extends the rebound from the weekly low (109.11) as the stronger-than-expected US Retail Sales report fuels speculation for an imminent shift in monetary policy. Get your $USDJPY market update from @DavidJSong here:
Oil Retreats after a 3 Day Rally as Effects from 4Q Earnings Fade

Oil Retreats after a 3 Day Rally as Effects from 4Q Earnings Fade

Walker England, Kara Dailey,

Talking Points:

  • Oil retreats, following a 3 day rally
  • BP and Exxon Mobile report disappointing 4Q earnings
  • Brent has advanced 30% from its lows, but remains below 200 MVA

Potentially finding near term support, oil rallied for 3 days before pausing on Wednesday.The gains were driven by 4Q industry reports and operational changes. Nonetheless, analysts still consider Brent to be in a downtrend, noting however that prices could consolidate for a period of time.

With the setback in crude prices largely considered a supply side challenge, the commodity’s price rose on 4Q earnings reports suggestive of potential supply reductions. Among the world’s largest oil companies both BP and Exxon Mobile reported losses on the 4th quarter; the former’s profit down to $2.2 billion from $2.8 billion while the latter’s fell from $8.4 billion to $6.6 billion. As a result BP expects to reduce their exploration expenditure and postpone select project advancements in 2015; capital expenditure is to fall from $24-26 billion to $20 billion.

Investors also noted that the rig count in North America was down 19.1% in the week ending January 30th. The number in operation fell 13.6% (y/y) in the United States and 32.5% (y/y) in Canada. However, at face value, the data may not be withstanding in its positive effect on the price of oil.

The nominal decline in operational rigs may not equate to an equal percentage loss in drilling. It is more likely that the least productive rigs were taken offline first. Furthermore, 4Q reports for BP and Exxon Mobile were not all doom and gloom. The last of BP’s 15 upstream projects, outlined in 2011, began operations in December and their net debt remains within the 10-20% target. Furthermore, the oil company ended the year with secured rights for new exploration access in the North Sea, Gulf of Mexico, and Egypt. In similar fashion, Exxon completed a record 8 major projects in 2014 and looks to pursue a broad exploration program in Argentina and Romania in 2015.

Brent Daily Chart

dailyfx Brent daily chart February 2015

Chart Created by Walker England Using MarketScope2.0

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