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
Wall Street
Bearish
Gold
Bearish
GBP/USD
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
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
  • Wall Street Futures Update: Dow Jones (-0.07%) S&P 500 (-0.01%) Nasdaq 100 (-0.31%) [delayed] -BBG
  • Time-cycle analysis suggests that the Japanese Yen could slide significantly lower against its major counterparts. Key levels for AUD/JPY, EUR/JPY and GBP/JPY. Get your market update from @DanielGMoss here:https://t.co/WPq4Z9zzEw https://t.co/gz1bAgz2o4
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Gold: 0.23% Silver: -0.22% Oil - US Crude: -0.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/vrAQivFu5K
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.26% 🇨🇦CAD: 0.10% 🇨🇭CHF: 0.04% 🇪🇺EUR: 0.00% 🇳🇿NZD: 0.00% 🇦🇺AUD: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UULUuhLCoC
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.92%, while traders in GBP/JPY are at opposite extremes with 70.92%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/qibVCKVjbh
  • The US Dollar gained against most ASEAN currencies this past week, such as the Indonesian Rupiah and Philippine Peso. Will this continue? Eyes are on Fed Chair Jerome Powell.Get your market update from @DanielGMoss here:https://t.co/fdgq31NEQ2 https://t.co/1NasBP7l2A
  • Bank of Indonesia says to remain present in market to guard Rupiah -BBG
  • House Financial Services Committee schedules second GameStop hearing for March 17 - BBG $GME
  • Speaker Pelosi says minimum wage increase will not be removed from House Covid bill - BBG
  • Asia-Pacific equities opened broadly lower amid a 'risk off' sentiment following a sour lead from Wall Street overnight. Rising yields and a stronger US Dollar exerted downward pressure over risk assets. https://www.dailyfx.com/forex/market_alert/2021/02/26/Dow-Jones-Falls-on-Rising-Yields-ASX-200-Nikkei-225-Tumble-.html https://t.co/3p7prANkLA
Crude Oil Price Climbs on Aramco Refinery Repair, Nigerian Cuts

Crude Oil Price Climbs on Aramco Refinery Repair, Nigerian Cuts

Peter Hanks, Strategist

Crude Oil Talking Points:

  • WTI Crude climbed comfortably above $57 as supply looks primed to fall
  • The price increase follows production concerns as Saudi Aramco is slated to close a plant for maintenance and the Nigerian President announced supply cuts
  • The developments help to reduce the non-OPEC supply concerns that have weighed on crude’s price

See how IG clients are positioned on the Dow, Crude oil and the US Dollar with our free IG Client Sentiment Data.

West Texas Intermediate (WTI) crude oil climbed over 1.8% on Wednesday as two supply headwinds unfolded in tandem. Most notably, Nigerian President Muhammadu Buhari is reportedly considering a reduction in crude output in pursuit of higher prices. If pursued, the decision would signal a conscious effort by an OPEC member to supplement recent crude production cuts by OPEC.

Elsewhere, Saudi Aramco announced they will temporarily close their Yanbu refinery for maintenance. According to Reuters, the refinery offers roughly 400,000 barrels per day in processing capacity.

The two events unfolded at a crucial time for crude oil bulls as non-OPEC supply concerns looked to pressure the fossil fuel’s price. On Tuesday, the EIA showed that US oil supply from several key shale regions is expected to increase by 84,000 barrels per day to 8.397 million barrels per day, notching a new record.

WTI Crude Oil Price Chart: 1-Minute Timeframe (February 20 2019) (Chart 1)

crude oil price chart

Together, the events drove crude oil north of $57. At the time of this article, crude oil traded 1.80% higher on the day around $57.43.As a reminder, given the US holiday on Monday, Wednesday night will see the API crude report with the Department of Energy crude inventories data scheduled Thursday at 16:00 GMT. View our economic calendar for real time updates on crude oil data and other economic events.

--Written by Peter Hanks, Junior Analyst for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

Read more: Crude Oil Price May Falter as IEA Forecasts Supply Swamp

DailyFX forecasts on a variety of currencies such as the US Dollar or the Euro are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.

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

DISCLOSURES