Oil Inventories Reports Amid A Sizzling Q1 Corporate Earnings Announcements, Rocks the Market.

By Content-mgr - on April 24, 2019

Oil Inventories Reports amid A Sizzling Q1 Corporate Earnings Announcements Rocks the Market.

Wednesday’s usual Crude Oil Inventories report by the US Energy Information Administration’s (EIA), is due to be released with a forecasted expectations of a build-up of approximately 1.255 million barrels to dispel or justify the American Petroleum Institute’s report which revealed a surge of 6.900 million barrels. Effectively causing Oil prices to halt up trends in search of direction amid oil politics between the US and Iran.

Earnings Reporting continues unabated with some 227 companies due to announce their earnings. A surprised market from better than expected EPS. Earnings Per Share from some companies like TWITTER which reported 787 million vs the expected 776.1 million a raise from 0.15% EPS to 0.37% EPS. Supported Wall street. Today more is expected from SNAP, and other Blue chip companies like Facebook, Tesla, and co. Including Boeing and AT&T shares, although analyst claim upside tractions may not hold water for long as it did in previous years. Currently The FAANG group is technically driving markets as they manage to keep their User base from dwindling too much.

The USD was seen gaining tractions against a basket of other Major currencies as the DXY takes on hawkish wings ranging between 97.59 – 97.76. effectively placing the Greenback close to its 2-year highs.

Eyes are trained on Canada for its Interest Rate Decision where rates are expected to remain unchanged at 1.75%. Hence trading prospects for the CAD vs other currencies could be explored.

Global Stocks: Are very volatile while Asia pulls Wall Street pushes and vice versa. As China considers putting the brakes on some Stimulus programs. This caused traders to become skirmish driving both Asian and EU stocks to fold in, in wait for more clarity.

USA30: Did surge pass yesterday’s resistance of 26,565.5 at our time of print. Today it opened at 26,644 and managed to rally to 26,693.5. knee-jerking to the down side is highly plausible. As the earnings report rolls in. Bearing in mind volatility remains abound and any upbeat report will continue to support the USD and USA 30 aka Dow and to some degree the US-TECH. 

UK100: Was spotted slipping down 0.66% and trading from highs of 7,468.0 heading to 7,416.2 after standing defiantly against the odds on Tuesday, supported by oil’s rise. Perhaps if Oil inventories surprise, FTSE 100 could jump abruptly.  

Germany 30: Was the odd one standing amongst the EU stocks today. Trading between 12,216.8 – 12,377.0 ranging between 0.35%0.42% upwards.

Italy 40: Although opened at 21,422.50 it was observed trading in a loop. Similar to Tuesday between 21,312.00 – 21,467.50 bearishly.

Commodities:

Oil: WTI Crude is seen volatile ahead of the Inventories report and as market participants try to make sense of the ongoing debacle between the US and Iran which threatens to weigh in oil prices. Observed trading between 65.78 – 66.43 oil traders are not expecting much deviation from this range. Hence Scalping or trading on the momentum has be productive for some day traders.

Gold: Well as the USD extends gains Gold prices remain dominated. However, with a bundle of US economic report pouring in, it is likely to observe some abrupt swings up and down observant traders may take some bold yet rewarding positions within quick succession. Although long term is definitely uptrends for Gold. For now, it was caught between 1,270.55 – 1,275.95.

FX Market:

GBP/USD: After plummeting below 1.2940 the pound may be seen trying to shake itself out. Trading between 1.2915 – 1.2957

EUR/USD: Could ECB President Draghi see his fantasy of parity come true before he leaves office on the 31st of October this year? The pair was spotted trading down between 1.1181 – 1.1232

USD/JPY: The pair is likely locked in between 111.76 – 111.99.

The Cryptocurrencies.

As traders focus on the earnings reports the expectation is to see reduced volumes on the Crypto arena which will resume should the earnings reports fail to impress.

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

Related links:

Write a comment

Your email address will not be published. Required fields are marked *

No comments yet, Be the first!
More articles
March 15, 2024
X-blogger
Asian Daily Market Review
March 15, 2024
X-blogger
U.S. Daily Market Review
March 15, 2024
X-blogger
European Daily Market Review