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
EUR/USD
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
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
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
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Silver: 0.92% Gold: -0.11% Oil - US Crude: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/M5ma0zjZgs
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: US 500: 0.41% Wall Street: 0.36% FTSE 100: 0.27% France 40: 0.14% Germany 30: -0.71% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/pPXPHeHIah
  • RT @SarahPonczek: Huge bets in the options market for volatility to decline h/t @lena_popina @TheTerminal https://t.co/JDlrBd3QZO
  • $EURGBP breaks out from falling wedge (img 1) $GBPUSD and $GBPJPY still holding above supports (2, 3) https://t.co/611spkPQFZ https://t.co/gPAoqbXhc6
  • EUR/USD is now setting up for a run at the October 9 multi-week high at 1.1832, continuing the pair’s strong start to the week. Get your $EURUSD market update from @nickcawley1 here: https://t.co/jNlXyeXzYt https://t.co/KQLbNb3CFN
  • 🇺🇸 Housing Starts MoM (SEP) Actual: 1.9% Previous: -5.1% https://www.dailyfx.com/economic-calendar#2020-10-20
  • 🇺🇸 Building Permits MoM (SEP) Actual: 5.2% Previous: -0.9% https://www.dailyfx.com/economic-calendar#2020-10-20
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/0CFf4oMtiX
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.73%, while traders in EUR/USD are at opposite extremes with 69.71%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ut5iiBF1yj
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.34% 🇨🇭CHF: 0.22% 🇨🇦CAD: 0.02% 🇯🇵JPY: -0.22% 🇦🇺AUD: -0.54% 🇳🇿NZD: -0.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/OsdDsHNWHG
Crude Oil Prices Fail to Benefit from Middle East Tensions

Crude Oil Prices Fail to Benefit from Middle East Tensions

2019-05-15 11:00:00
Martin Essex, MSTA, Analyst
Share:

Crude oil prices, news and analysis:

  • In a move that would normally boost crude oil prices, armed drones have struck two oil pumping stations in Saudi Arabia in the same week that Saudi oil tankers were attacked in the region.
  • However, oil traders are paying more attention to news from the American Petroleum Institute (API) of a large surprise build in crude inventories of 8.6 million barrels in the week ending May 10.

Crude weakness

US inventories of crude oil increased unexpectedly by 8.6 million barrels in the week to May 10, according to the API, in an announcement that will likely keep oil prices weak despite ongoing conflict in the Middle East.

Saudi Arabia said Tuesday that drones had hit oil pumping stations near its capital, Riyadh just two days after an attack on oil tankers off the coast of the United Arab Emirates – but the news had only a limited impact on crude prices, suggesting the path of least resistance is downwards.

Moreover, the International Energy Agency (IEA) said Wednesday that rising US output is filling the gap left by US sanctions on Iran and Venezuela that have restricted output from these two major exporters. It also said that global demand for crude in 2019 would be less than it had previously forecast.

Against this background, the price of US crude is again edging lower and could challenge trendline support around $61/barrel near-term.

US Crude Oil Price Chart, Hourly Timeframe (May 2-15, 2019)

Latest US crude oil price chart.

Chart by IG (You can click on it for a larger image)

Click here for our longer-term forecasts for oil and other assets

Looking ahead, the next focus for oil traders will be official inventory data later Wednesday from the US Department of Energy. Crude stockpiles are forecast to have fallen by 0.8 million barrels in the week ending May 10, after a drop of 4.0 million barrels the week before, but the API data suggest that a rise is not impossible.

Find out here how to trade crude oil

Resources to help you trade the markets:

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you:

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

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

DISCLOSURES