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
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
Gold
Mixed
Oil - US Crude
Bullish
Bitcoin
Bearish
More View more
Real Time News
  • Heads Up:🇯🇵 JPY All Industry Activity Index (MoM) (DEC) due at 04:30 GMT (15min), Actual: N/A Expected: 0.3% Previous: 0.9% https://www.dailyfx.com/economic-calendar#2020-02-21
  • Feb 28: - Fed speak - US🇺🇸 income/spending data, consumer sentiment - India🇮🇳 + Canada🇨🇦 GDP - Consumer confidence: New Zealand🇳🇿 + UK🇬🇧 - CPI: Germany🇩🇪, France🇫🇷, Italy🇮🇹 + Eurozone🇪🇺 - South Korea🇰🇷 industrial production Click here ⬇️to learn more https://www.dailyfx.com/webinars/146770987
  • Feb 27: - Bank of Korea🇰🇷 rate decision - French🇫🇷 President Macron meets with Italian🇮🇹 Prime Minister Guiseppe Conte - Norway🇳🇴 sov wealth fund publishes annual report - US GDP🇺🇸, durable goods data - Economic confidence data in Italy, Eurozone🇪🇺 - Vietnam🇻🇳 trade + CPI
  • Feb 26: - EIA crude oil 🛢️inventory report - South African🇿🇦 Finance Minister presents 2020-21 budget which will likely impact their sovereign credit rating - Hong Kong🇭🇰 GDP - US new home sales🏠learn why housing is important here: https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2019/12/30/Why-Markets-Will-be-Closely-Watching-Housing-Data-in-2020.html
  • Feb 24: - Trump meets with Modi - German🇩🇪 IFO business confidence - New Zealand🇳🇿 retail sales - China🇨🇳 may announce decision to delay annual meeting National People's Congress Feb 25: - World Bank President speech - GDP: Germany🇩🇪, Mexico🇲🇽 - US🇺🇸 Consumer Confidence
  • Hello there, traders! We may have a potentially volatile week ahead of us against the backdrop of panic from the #coronavirus🦠: Feb 22: - #G20SaudiArabia (Main topic will be global impact of virus) - Results from #IranElections2020 (hardliners expected to make a big splash)
  • The #Euro may bounce after hitting the lowest level in close to three years against the US Dollar. While the broader trend points firmly lower, selling pressure may be ebbing. Get your market update from @IlyaSpivak here: https://t.co/697SQ9AGxw https://t.co/BLxeiLzcLR
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Silver: 0.45% Gold: 0.27% Oil - US Crude: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/3CldFB8zgt
  • RT @YuanTalks: #China's passenger #car sales slumped 92% y/y in the first half of February due to the #coronavirus outbreak, said the Passe…
  • My trading video for today: 'Dollar's Run Earns $EURUSD, $USDJPY and $AUDUSD Breaks; Nasdaq Fronts Risk Retreat' https://www.dailyfx.com/forex/video/daily_news_report/2020/02/21/Dollars-Run-Earns-EURUSD-USDJPY-and-AUDUSD-Breaks-Nasdaq-Fronts-Risk-Retreat.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/nUMqyxrVag
Crude Oil Prices Slip As US Stock Build Puts EIA Data In Urgent Focus

Crude Oil Prices Slip As US Stock Build Puts EIA Data In Urgent Focus

2019-12-18 06:39:00
David Cottle, Analyst
Share:

Crude Oil and Gold Talking Points:

  • Crude oil prices were steadier in Asia but still crept down
  • They were hit in the US session by news that stockpiles rose sharply last week
  • Gold was quite firm despite strong US economic numbers, as Brexit returned to the forefront of market concerns
Oil - US Crude BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -6% 12% -3%
Weekly -19% 7% -15%
What does it mean for price action?
Get My Guide

Crude oil prices steadied in Asia on Wednesday but remained essentially subdued following news of a surprise US stock build in the previous session.

Inventories rose by 4.7 million barrels in the week to December 13, to 452 million, according to the American Petroleum Institute. The market had been looking for a drawdown of more than a million barrels.

Still, US crude prices remain above the psychologically important $60.00/barrel point, if only now by a whisker. The market remains supported by hopes for a trade deal between the US and China which could see big increases in forecast energy demand. However, investors are well aware that substantive settlement, as opposed to mere formalized truce, will be some way off if it is achievable at all.

For now, those worries may take a back seat as the market looks to more stockpile numbers from the Energy Information Administration. They’re due later Wednesday.

Crude Oil Technical Analysis

Prices remain within a well-defined weekly uptrend channel which has endured since the end of September as the markets anticipated, and then got, commitments to deeper production cuts from traditional producers.

Crude Oil Prices, Daily Chart

However, prices will need to get sustainably above the $62 mark if they’re to revisit the trading band which saw them reach for April’s peaks in the $66 region. This could be a big ask as markets thin out for the holiday season but it seems at least that oil is headed into that season with the bulls in overall control.

Gold prices held up through the Asia Pacific session. Strong US numbers from Tuesday failed to support regional stocks as investors worried that the Brexit deadline proposed by the UK government could increase the chance that the country will break away from the European Union without a deal.

US manufacturing expanded sharply last month, while housing numbers rose more strongly than expected as did housing construction permits. Investors remain wary of progress in trade talks and Brexit, however. While they are, gold seems unlikely to materially retreat.

There are a couple of likely global risk events coming up which may move the gold market on Wednesday. UK consumer price inflation figures are coming up. They’re expected to hold steady. New European Central Bank President Christine Lagarde is due to speak, with markets still trying to get a steer on her style and intentions as she takes over from the long-serving Mario Draghi.

Gold Technical Analysis

On their daily chart, gold’s modest uptrend still looks safe enough.

Spot Gold, Daily Chart

However, a look back a little finds prices actually quite neatly corralled in a broad range between the first and second Fibonacci retracements of their rise up from the lows of May to the peaks of September.

Despite the clear underlying near-term bullish pattern here, the downtrend from those peaks remains very much in place. This market may not see a decisive break either way until new year but, barring bad news on the trade front, it would not be surprising to see that downtrend reassert itself.

Gold MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 7% -4% 2%
Weekly -2% 21% 6%
What does it mean for price action?
Get My Guide

Commodity Trading Resources

--- Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!

https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2019/12/07/Oil-Price-Outlook-Hinges-on-US-Trade-Policy-Following-OPEC-Meeting.html

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

DISCLOSURES

News & Analysis at your fingertips.