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.

Free Trading Guides
EUR/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
GBP/USD
Bearish
USD/JPY
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
Gold
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
Bearish
Bitcoin
Bullish
More View more
Real Time News
  • The $JPY is the third most traded currency by volume with an ADV (average daily volume) above $1.0 bn. It is known to be one of the world's 'safe-haven' currencies. Find out the other currencies in this basket and how to trade them here: https://t.co/QZ94q44M8c https://t.co/K8SUpwWh7j
  • Huawei given the go ahead for partial access of 5G networks. - Huawei has also been designated a high risk vendor Secretary of State Pompeo due to arrive in London tomorrow Boris Johnson will visit Washington next week
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.48%, while traders in US 500 are at opposite extremes with 67.58%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/R2IDUjwEzT
  • LIVE NOW! Analyst and Editor @MartinSEssex discusses the most important events and themes that have driven market sentiment and will drive it in the days ahead here - https://www.dailyfx.com/webinars/181540619?CHID=9&QPID=917720
  • What are the truths and myths of #forex trading? Find out from @DailyFX analysts here: https://t.co/uF75VPzstr https://t.co/8wKhSioCSt
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Gold: -0.13% Silver: -0.36% Oil - US Crude: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/HXzJBxsQke
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.08% 🇨🇭CHF: 0.05% 🇪🇺EUR: -0.02% 🇦🇺AUD: -0.29% 🇳🇿NZD: -0.32% 🇬🇧GBP: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/tKfJiltKvZ
  • Coming up at half past the hour: my weekly free webinar on trading sentiment. Do join me if you can. You can sign up here: https://www.dailyfx.com/webinars/181540619?CHID=9&QPID=917711
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.24% US 500: 0.21% France 40: 0.17% Germany 30: -0.21% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/rF1IZGBHv8
  • LIVE IN 30 MIN: Analyst and Editor @MartinSEssex discusses the most important events and themes that have driven market sentiment and will drive it in the days ahead here - https://www.dailyfx.com/webinars/181540619?CHID=9&QPID=917720
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 and Editor
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

News & Analysis at your fingertips.