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.

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
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
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
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
  • President Biden: - Endorsed new (NATO) cyber defense policy - Adopted climate security plan (NATO)
  • Bitcoin slightly off its intraday highs, currently trading back below $40,000 #Bitcoin $BTCUSD https://t.co/MYISOU8c9B
  • The US 10Y beginning to retrace some of last week's rally, slowly crawling back towards 1.50% https://t.co/P2a5fHQUlq
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.03% Silver: -0.22% Gold: -0.70% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/XxGZAbPEdL
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 74.73%, while traders in France 40 are at opposite extremes with 78.49%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/7XIu5r1o2l
  • #Euro Forecast: $EURUSD Falters at Yearly Open Resistance- #FOMC Levels - https://t.co/uWukTncIRg https://t.co/dn84mhHxQx
  • The gold monthly opening-range is set just below confluence resistance – breakout to offer guidance. Get your $XAUUSD market update from @MBForex here:https://t.co/19rCMiLlxG https://t.co/uFGK8q14KG
  • WTI Crude Oil Breakout (Update) https://www.dailyfx.com/forex/analyst_picks/todays_picks/james_stanley/2021/06/14/wti-crude-oil-breakout-update.html $oil #oott https://t.co/UGOItnUhgd
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.03% France 40: -0.10% US 500: -0.23% FTSE 100: -0.23% Wall Street: -0.71% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/th5Y4GcBcR
  • I don't think this has any easier a path to developing into momentum ahead of the Fed decision as bullish efforts elsewhere, but the $DJI Dow is tentatively breaking lower and the Nasdaq-to-Dow ratio usually showing spec reach is rising: https://t.co/eN8xb6JOhW
Crude Oil Analysis: Risk of Larger Drop if Trump Mulls Emergency Stockpile Release

Crude Oil Analysis: Risk of Larger Drop if Trump Mulls Emergency Stockpile Release

Justin McQueen, Analyst

Oil Price Analysis and News

  • Oil Rally Fizzles After Trump Rhetoric
  • Risk of Trump Considering SPR Release

Oil Rally Fizzles After Trump Rhetoric

Crude oil futures dropped as much as 3% yesterday after President Trump warned OPEC that oil prices are getting too high. Consequently, this weighed on oil related commodity currencies (NOK, CAD) vs oil importers (JPY, EUR). While oil has had an impressive start to the year, up 20% amid OPEC oil cuts, alongside sanctions on Iran and Venezuela. However, given that the fundamentals remain intact and with OPEC intent on cutting oil production by 1.2mbpd, risks to the downside may rise if Saudi Arabia relents.

Please add a description for the image.

President Trump Tweets on OPEC

Apr 20th 2018

Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!

Jun 13th 2018

Oil prices are too high, OPEC is at it again. Not good!

Jun 22nd 2018

Hope OPEC will increase output substantially. Need to keep prices down!

Jul 4th 2018

The OPEC Monopoly must remember that gas prices are up & they are doing little to help. If anything, they are driving prices higher as the United States defends many of their members for very little $’s. This must be a two way street. REDUCE PRICING NOW!

Sep 20th 2018

We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember. The OPEC monopoly must get prices down now!

Nov 12th 2018

Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!

Dec 5th 2018

Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!

Feb 25th 2019

Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike - fragile!

Source: Twitter

Risk of Trump Considering SPR Release

While Trump’s comments may have dented the recent oil rally, a continued upside in oil prices may raise the possibility of an announcement that would entail the US considering an SPR release, which could curb limit upside potential in oil prices. As a reminder, during throughout Q4 2018, the US had been releasing its emergency stockpile, which had been among the factors contributing to oils steep declines.

Please add a description for the image.

What is the Strategic Petroleum Reserve?

The SPR is the world’s largest oil stockpile, which holds around 660mln barrels of US crude. According to the Energy Department, it is predominantly intended to be used in the event of a war (2011 Libyan War) that disrupts global oil supply or following a natural disaster (hurricanes) so that the US economy would be protected from supply shocks in times of tightened supply. However, non-emergency sales can be authorized in order to respond to minor supply disruptions or to raise federal revenue.

Oil Impact on FX

Net Oil Importers: These countries tend to be worse off when the price of oil rises. This includes, KRW, ZAR, INR, TRY, EUR, CNY, IDR, JPY

Net Oil Exporters: These counties tend to benefit when the price of oil rises. This includes RUB, CAD, MXN, NOK.

More Reading

What Traders Need to Know When Trading the Oil Market

Important Difference Between WTI and Brent

--- 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