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
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bearish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.98%, while traders in EUR/USD are at opposite extremes with 74.92%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/7FFcpg0VCR
  • Heads Up:🇿🇦 ABSA Manufacturing PMI (NOV) due at 09:00 GMT (15min) Previous: 60.9 https://www.dailyfx.com/economic-calendar#2020-11-30
  • Heads Up:🇵🇱 GDP Growth Rate QoQ Final (Q3) due at 09:00 GMT (15min) Expected: 7.7% Previous: -8.9% https://www.dailyfx.com/economic-calendar#2020-11-30
  • Heads Up:🇵🇱 GDP Growth Rate YoY Final (Q3) due at 09:00 GMT (15min) Expected: -1.6% Previous: -8.2% https://www.dailyfx.com/economic-calendar#2020-11-30
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Gold: -0.51% Oil - US Crude: -0.83% Silver: -1.82% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/tchr3QNwhK
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.20% 🇬🇧GBP: 0.20% 🇪🇺EUR: 0.06% 🇳🇿NZD: -0.00% 🇯🇵JPY: -0.05% 🇦🇺AUD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/cLSIr0JzHI
  • 🇨🇭 KOF Leading Indicators (NOV) Actual: 103.5 Expected: 101 Previous: 106.3 https://www.dailyfx.com/economic-calendar#2020-11-30
  • DAX 30 Index May Fall as Germany Extends Nationwide Partial Lockdown - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2020/11/30/DAX-30-Index-May-Fall-as-Germany-Extends-Nationwide-Partial-Lockdown.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $DAX #DAX30 #GER30 https://t.co/KlKH99Yya4
  • 🇨🇭 KOF Leading Indicators (NOV) Actual: 103.5 Expected: 101 Previous: 106.6 https://www.dailyfx.com/economic-calendar#2020-11-30
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.48% Germany 30: -0.52% France 40: -0.60% US 500: -0.73% Wall Street: -0.87% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/1BDhkhOZcT
Crude Oil Rallies on Saudi Arabia $80 talk - US Market Open

Crude Oil Rallies on Saudi Arabia $80 talk - US Market Open

2018-09-18 13:51:00
Justin McQueen, Analyst
Share:

MARKET DEVELOPMENT – SAUDI TALK BOOSTS CRUDE OIL PRICES

Crude Oil: Brent and WTI crude futures surged after reports that Saudi Arabia is said to be comfortable with Brent crude above $80/barrel. Brent now trading higher by 1.4%, having pushed above $79. Alongside this, the latest Saudi Arabian production figures from JODI showed a drop in Saudi output, consequently providing another lift to oil prices.

CAD: The Loonie finding a bid this morning amid the slip in the Dollar index, while firmer oil prices have also added to the gains. USDCAD briefly slipping below 1.30 for now, however, the focus for the pair is NAFTA developments. Freeland and Lighthizer are scheduled to meet on NAFTA tomorrow.

EUR: The Euro back above the 1.17 handle with the currency continuing to find support from the USD selling theme. 1.1720 remains the stumbling block for further upside, which has held firm on numerous occasions. A firm break would need needed to open up the doors for a test of the June high at 1.1850.

DailyFX Economic Calendar: Tuesday, September 18, 2018 – North American Releases

Crude Oil Rallies on Saudi Arabia $80 talk - US Market Open

DailyFX Webinar Calendar: Tuesday, September 18, 2018

Crude Oil Rallies on Saudi Arabia $80 talk - US Market Open

IG Client Sentiment Index: US Crude Oil Chart of the Day

Crude Oil Rallies on Saudi Arabia $80 talk - US Market Open

Oil - US Crude: Data shows 63.8% of traders are net-long with the ratio of traders long to short at 1.76 to 1. In fact, traders have remained net-long since Sep 05 when Oil - US Crude traded near 6924.2; price has moved 1.2% lower since then. The number of traders net-long is 20.7% lower than yesterday and 30.4% lower from last week, while the number of traders net-short is 36.6% lower than yesterday and 24.6% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Oil - US Crude prices may continue to fall. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Oil - US Crude trading bias.

Five Things Traders are Reading

  1. EUR/USD Back to Key Resistance as the Nikkei Breaks Out Ahead of BoJbyJames Stanley , Currency Strategist
  2. DXY Index Tests Key Support for Fourth Consecutive Day" by Christopher Vecchio, CFA, Sr. Currency Strategist
  3. Bitcoin Cash and Ethereum Price News: Further Falls Aheadby Nick Cawley, Market Analyst
  4. Trading Outlook for Gold Price, Crude Oil, DAX, S&P 500 & More” by Paul Robinson, Market Analyst
  5. US Equity Analysis: Nasdaq Dip Buying Possible, DJIA Eyes Topside Target” by Justin McQueen, Market Analyst

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES