Crude Oil Inventories In The Midst Of Q1 Earning Season & Some Contention.

By Content-mgr - on April 17, 2019

Crude Oil Inventories in the midst of Q1 Earning Season and Some Contention.

It has been interesting observing most of our summation manifest in accordance to the effects from the results of socio-economic events.

Yesterday the API disclosed a drop of nearly 3.1 million barrels, which eventually helped prices to climb above $64 bbl.

The earnings reports aided in keeping global stocks afloat. Today’s news of the better than expected Chinese GDP. contributes to the bullish stance from some assets like, the AUD, EUR, and CNY it is interesting to see the GBP standing prostrate. Headline news reveals that Netflix and IBM’s Q1 report hit a snag on future projections sending share prices down momentarily  

With the economic calendar packed the should be ample room for some rewarding trading bouts. While traders await the EIA’s Crude Oil Inventories to gauge the likelihood of upcoming trends.

Brexit symptoms are still felt across all boards. As most of the economic data release from the UK this morning was dismal. Likely to weigh on stocks.  Eyes remains on Tesla, Boeing, Apple, Disney, Alphabet for those following their stories trading on the in tandem with consumer sentiment could also be reward.

Global Stocks.  

Stocks are very, hawkish Asia closed mixed to the upside while, EU took up the baton with the same stance. The US stocks blossom as market participants anticipant Q1 earnings reports of some 75 companies.  

UK100: Was hit hard at EU morning as most economic indicator flopped. The FTSE 100 was spotted down 0.16% trading from highs of 7,416.0 to lows of 7,388.2.

Germany 30: The DE30 has been registering gains today seen Hawkish trading from lows of 12,108.3 to highs of 12,178.8 up trending about 1.06% by the time of print.

Italy 40: Stood tall up 0.29% at the time of print ranging between 21,334.50 – 21,484.50.

USA30: Stocks were hawkish. Apple and Qualcomm came to an agreement tossing out all their legal battles. The News was welcomed by traders and suppliers as well as customers. Both Apple Inc. and Qualcomm share were notices gaining some lift. Meanwhile, the Dow trades between 26,409.5 – 26,494.5.

Commodities:

Oil: So the oil front is always interesting, to say the least. Russia is rumored to increase production which could cause prices to slump to about $40 bbl. Aramco Saudi’s Crown Oil Refinery plans to buy Stake in some pertinent refining points from Shell.

Meanwhile, the US exports are said to have doubled. At the current rate, one may find the API and EIA report, supporting Oil prices press to touch the $65bbl mark, which we have been talking about for weeks. Unless there is a surprise built in either Oil or Gasoline inventories. Caught trading between 64.22 – 64.58 up 0.53%. 

Gold: Prices were seen swinging on a pendant between 1,277.00 – 1,282.05 Most traders on risk on mood.

FX Market:

The USD recedes as is evident with the DXY Trading down 0.14% between 97.12 – 96.82. Other majors rallied.

GBP/USD: lost some ground on weak CPI reports and Brexit tailgating. However, likely to be trending between 1.3032 – 1.3069. sideways

EUR/USD: Was apprehended 0.16% up. Trading between 1.1280 – 1.1325 upside beyond this scope maybe limited.

USD/JPY: Its seems like the JPY has weakened as the USD despite heading down still holds the Yen hostage between 111.86 – 112.17 kicking around 112.01.

The Cryptocurrencies.

As noted in Tuesday’s post the Cryptocurrencies are still very volatile. However, as the future holds with the Block-chain it is my personal stance that gains in the pipe lines. Traders observed the BTC/USD pair climb to the day’s resistance of 5,300 before resting up 3.67% around 5,248.3

Further details, please visit Xtrade.com. You may also leave your comments below.

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