- The intraday traders playbook for this FOMC day
Well, posting any levels today is going to require some thought.
- FOMC Day
Yesterday we had good economic news on the real estate front and the markets migrated higher. Given that today is FOMC Day, what will the markets do? Read...
- OIL Elliott Wave Analysis: Calling For More Weakness
OIL Elliott wave analysis suggests that the cycle from Oct 3.2018 peak is unfolding as impulse structure calling for more weakness against
- Crude oil oversold, making a bounce likely
CL should see a choppy upward correction soon
- Crude Oil Chart & Support and Resistance Levels 12.19.2018
Crude Oil Chart & Support and Resistance Levels 12.19.2018
- Midday Market Minute
Making sense of the volatility. ES, Crude, Gold and more
Futures Market News and Commentary
Jan WTI crude oil (CLF19) on Tuesday closed down by -$3.64 per barrel (-7.30%) and Feb Brent crude (CBG19) closed down -$3.62 (-6.07%). Jan RBOB gasoline (RBF19) closed down by -0.0599 cents per gallon (-4.25%). The energy complex sold off sharply Tuesday with Jan WTI crude oil at a 1-1/4 year low, Feb Brent crude at a 14-month low, and Jan RBOB gasoline at a 2-year low. Concern about higher global supply spurred fund selling in the energy complex Tuesday after the EIA forecast that U.S. Jan shale-oil crude production will climb to 8.166 million bpd, up +136,000 bpd (+1.7% m/m) from 8.030 million bpd forecast for Dec. Also, crude prices fell back on expectations that Wednesday's weekly EIA data will show crude supplies at Cushing, the delivery point for WTI futures, will climb +1.3 million bbl. Finally, data from the Joint Organizations Data Initiative showed that Saudi Arabian Oct crude production rose to a record 10.64 million bpd and that Saudi Oct crude exports rose to a 22-month high of 7.7 million bpd. A slide in the dollar index to a 1-week low Tuesday was a supportive factor for crude along with expectations that Wednesday's weekly EIA U.S. crude inventories will decline by -3.25 million bbl.
Jan Nymex natural gas (NGF19) on Tuesday closed sharply higher by +0.306 (+8.67%). Jan nat-gas recovered from Monday's 5-week low after a decline in the dollar index to a 1-week low Tuesday spurred short-covering in nat-gas futures. Also, reduced output and recent colder temperatures has boosted nat-gas demand and bolstered expectations for Thursday's weekly EIA nat-gas inventories to fall by -143 bcf. Jan nat-gas tumbled to a 5-week low on Monday on forecasts for warmer weather. NOAA forecasts warmer-than-normal temperatures across most of the U.S. from Dec 22-26 that may linger to the end of the month. Nat-gas prices were already on the defensive from last Thursday's EIA data showing that U.S. nat-gas inventories fell -77 bcf, less than expectations of -80 bcf. However, U.S. nat-gas inventories remain tight at 2.914 bcf as of Dec 7, -19.9% below the 5-year average and -19.6% y/y and the lowest seasonally since 2002.