CRUDE OIL FUTURES Oil prices settled sharply higher on Friday, jumping about 3% in a surprise rally amid reports

CRUDE OIL FUTURES – WEEKLY OUTLOOK: AUGUST 21 – 25

CRUDE OIL FUTURES – WEEKLY OUTLOOK: AUGUST 21 – 25

CRUDE OIL FUTURES Oil prices settled sharply higher on Friday, jumping about 3% in a surprise rally amid reports

CRUDE OIL FUTURES Oil prices settled sharply higher on Friday, jumping about 3% in a surprise rally amid reports of a unit shutdown at one of the largest oil refineries in the U.S., as well as data showing a weekly fall in the number of active domestic oil rigs.

Traders piled into crude contracts after reports surfaced that a unit at Exxon (NYSE:(XOM) Mobil’s Baytown, Texas refinery shut down. The 584,000 barrel-a-day plant is the second-largest refinery in the U.S.

The report surfaced ahead of an update from oilfield services firm Baker Hughes Friday morning, showing its weekly count of oil rigs operating in the U.S. last week fell by five rigs to a total of 763.



CRUDE OIL FUTURES

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.

Aside from supply and demand, investors also bought up oil contracts amid a broader market rally sparked by Steve Bannon’s departure from the White House.

The U.S. West Texas Intermediate crude September contract surged $1.42, or around 3%, to end at $48.51 a barrel. It slumped to its lowest since July 25 at $46.46 a day earlier.

Despite Friday’s rally, New York-traded oil prices ended the week down 31 cents, or nearly 0.6%, its third such loss in a row, thanks to heavy losses suffered mid-week.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery soared $1.69, or about 3.3%, to settle at $52.72 a barrel by close of trade. For the week, the global benchmark rose 62 cents, or roughly 1.2%.

London-traded Brent futures have been buoyed by recent signs that global supplies are tightening.

OPEC and 10 producers outside the cartel, including Russia, agreed since the start of the year to slash 1.8 million barrels per day in supply until March 2018 in order to reduce a global supply glut and rebalance the market.

Elsewhere on Nymex, gasoline futures for September rose 3.7 cents, or about 2.3%, to end at $1.634 on Friday. It closed around 0.7% higher for the week.

September heating oil finished up 3.8 cents, or 2.4%, at $1.620 a gallon, ending roughly 0.9% lower for the week.

Natural gas futures for September delivery shed 3.6 cents, or 1.2%, to settle at $2.893 per million British thermal units. It saw a weekly loss of nearly 3%.

In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Tuesday and Wednesday to gauge the strength of demand in the world’s largest oil consumer.

Meanwhile, traders will also continue to pay close attention to comments from global oil producers for evidence that they are complying with their agreement to reduce output this year.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

Tuesday, August 22

The American Petroleum Institute, an industry group, is to publish its weekly report on U.S. oil supplies.

Wednesday, August 23

The U.S. Energy Information Administration is to release weekly data on oil and gasoline stockpiles.

Thursday, August 24

The U.S. government is set to produce a weekly report on natural gas supplies in storage.

Friday, August 25

Baker Hughes will release weekly data on the U.S. oil rig count.




Like up on FACEBOOK


logo



COMMODITIES: (CRUDE OIL) (SILVER) (GOLD)



BUZ INVESTORS Oil slips below $52 The commodity is trading at $49.12 per barrel at 09:40 GMT this morning, 0.14% lower from the New York close.

CRUDE OIL SLUMPS 2.5% TO SETTLE AT 3-WEEK LOW

CRUDE OIL SLUMPS 2.5% TO SETTLE AT 3-WEEK LOW

CRUDE OIL SLUMPS Crude futures settled lower on Monday, as data showed Chinese demand

CRUDE OIL SLUMPS Crude futures settled lower on Monday, as data showed Chinese demand for oil eased in July while concerns over a rise in Opec output continued to weigh on sentiment.

On the New York Mercantile Exchange crude futures for September delivery fell 2.5% to settle at $47.59 a barrel, while on London’s Intercontinental Exchange, Brent lost 2.76% to trade at $50.67 a barrel.

Chinese refineries processed 10.71 million barrels per day (bpd) in July, National Bureau of Statistics (NBS) data showed, down around 500,000 bpd from June and the lowest rate since September 2016.



CRUDE OIL SLUMPS

 

The nearly twelve-month low for Chinese refinery activity comes against concerns that a glut of refined fuel products could lessen demand for oil, reducing the prospect of oil inventories falling below the five-year average, adding further pressure on oil prices.

Meanwhile, investors continued to mull over data released last week, from Opec and the International Energy Agency, showing an uptick in oil production from the cartel in July to 33 million barrels a day.

In May, Opec producers agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.2 million bpd agreed in November last year.

Meanwhile, oilfield services firm Baker Hughes reported on Friday, its weekly count of oil rigs operating in the United States ticked up by three rigs to a total of 768, suggesting that U.S. production may start to taper.

“The slowing rig count will mean that U.S. production will start to level off and drop,” said Phil Flynn, senior market analyst at Price Futures Group, in a daily email.




Like up on FACEBOOK


logo



COMMODITIES: (CRUDE OIL) (SILVER) (GOLD)



Toronto Stock Market  The S&P/TSX is a major stock market index which tracks the performance of largest companies by market capitalization

Canada S&P/TSX Opened Lower Tuesday July 25

Canada S&P/TSX Toronto Stock Market Index  | Data | Chart

STOCK INVESTORS


source: tradingeconomics.com
TSX Opened Lower Toronto TSX decreased 54 points or 0.36% to 15129 on Monday July 24 from 15183 in the previous trading session. Historically, the Canada S&P/TSX Toronto Stock Market Index reached an all time high of 15922.37 in February of 2017 and a record low of 217.50 in February of 1950.



TSX Opened Lower

Canada S&P/TSX Toronto Stock Market Index

The S&P/TSX is a major stock market index which tracks the performance of largest companies by market capitalization on the Toronto Stock Exchange in Canada. It is a free float market capitalization weighted index. The index covers approximately 95 percent of the Canadian equities market. The S&P/Toronto Stock Exchange Composite Index has a base value of CAD1000 as of January 1, 1975. . This page provides – Canada Stock Market (S&P/TSX) – actual values, historical data, forecast, chart, statistics, economic calendar and news. Canada S&P/TSX Toronto Stock Market Index – actual data, historical chart and calendar of releases – was last updated on July of 2017.

 

Actual Previous Highest Lowest Dates Unit Frequency
15128.69 15183.13 15922.37 217.50 1950 – 2017 points Daily

Like up on FACEBOOK


logo



major currencies: (EUR-USD) (USD-JPY) (USD-GBP) (USD-CHF), (USD-CAD), (AUD-USD) (USDCNY)



Gold decreased 2.75 USD/t oz. or 0.22% to 1,257.94 on Thursday May 25 from 1,258.10 in the previous trading session. Historically,

Gold Prices Closed Lower Tuesday July 25

Gold | Data | Chart | Calendar | Forecast | News

CURRENCY TRADERS


source: tradingeconomics.com
Gold Prices Closed Lower Gold decreased 4.96 USD/t oz. or 0.40% to 1,252.44 on Tuesday July 25 from 1,254.86 in the previous trading session. Historically, Gold reached an all time high of 1898.25 in September of 2011 and a record low of 34.83 in January of 1970.



Gold Prices Closed Lower

Gold

The biggest producers of gold are China, Australia, United States, South Africa, Russia, Peru and Indonesia. The biggest consumers of gold jewelry are India, China, United States, Turkey, Saudi Arabia, Russia and UAE. Gold Futures are available for Trading in the Commodity Exchange (COMEX) which merged with the New York Mercantile exchange in 1994 and became the division responsible for metals trading. Half of the gold consumption in the world is in jewelry, 40% in investments, and 10% in industry. However, Gold is not only a precious metal but also a commodity vital for many industries. Gold is an excellent conductor of electricity, is extremely resistant to corrosion, and is one of the most chemically stable of the elements, making it critically important in electronics and other high-tech applications. This page provides – Gold – actual values, historical data, forecast, chart, statistics, economic calendar and news. Gold – actual data, historical chart and calendar of releases – was last updated on July of 2017.

 

Actual Previous Highest Lowest Dates Unit Frequency
1252.44 1251.28 1898.25 34.83 1968 – 2017 USD/t oz. Daily

 

Like up on FACEBOOK


logo



major currencies: (EUR-USD) (USD-JPY) (USD-GBP) (USD-CHF), (USD-CAD), (AUD-USD) (USDCNY)



OIL SLUMPS   Oil turned sharply lower Friday as concerns of a supply glut weighed in the wake of higher U.S. output. U.S. crude was off

Crude oil Prices Closed Higher Tuesday July 25

Crude oil | Data | Chart | Calendar | Forecast | News

COMMODITY TRADERS


source: tradingeconomics.com
oil Prices Closed Higher Crude Oil increased 2.12 USD/BBL or 4.57% to 48.51 on Tuesday July 25 from 46.34 in the previous trading session. Historically, Crude oil reached an all time high of 145.31 in July of 2008 and a record low of 1.17 in February of 1946.



oil Prices Closed

Crude oil

Crude oil is the world’s most actively traded commodity. Crude Oil prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so. This page provides – Crude oil – actual values, historical data, forecast, chart, statistics, economic calendar and news. Crude oil – actual data, historical chart and calendar of releases – was last updated on July of 2017.

 

Actual Previous Highest Lowest Dates Unit Frequency
48.51 46.44 145.31 1.17 1946 – 2017 USD/BBL Daily

Like up on FACEBOOK


logo



major currencies: (EUR-USD) (USD-JPY) (USD-GBP) (USD-CHF), (USD-CAD), (AUD-USD) (USDCNY)



Silver Price Unable to Hold above $20.00 as Dollar Stabilises

Silver Prices Higher Tuesday July 25

Silver | Data | Chart | Calendar | Forecast | News

COMMODITY TRADERS


source: tradingeconomics.com
Silver Prices Higher Silver increased 0.03 USD/t. oz or 0.18% to 16.51 on Tuesday July 25 from 16.45 in the previous trading session. Historically, Silver reached an all time high of 49.45 in January of 1980 and a record low of 3.55 in February of 1991.



Silver Prices Higher

Silver

Silver futures and options contracts are used by mining companies, fabricators of finished products, and users of silver-content industrial materials to manage their price risk. As a precious metal, silver also plays a role in investment portfolios. The largest industrial users of silver are the photographic, jewelry, and electronic industries. The biggest producer of silver are: Mexico, Peru and China followed by Australia, Chile, Bolivia, United States, Poland and Russia. This page provides – Silver – actual values, historical data, forecast, chart, statistics, economic calendar and news. Silver – actual data, historical chart and calendar of releases – was last updated on July of 2017.

 

Actual Previous Highest Lowest Dates Unit Frequency
16.51 16.43 49.45 3.55 1975 – 2017 USD/t. oz Daily

Like up on FACEBOOK


logo



major currencies: (EUR-USD) (USD-JPY) (USD-GBP) (USD-CHF), (USD-CAD), (AUD-USD) (USDCNY)



Buz Investors EURUSD Marginally Higher A very light economic calendar and some easing political concerns are resulting in a modest gain in EUR/USD in today’s trading. The pair is currently at 1.0619, up 0.10% over Friday’s close.

EURUSD Closed higher Tuesday July 25

Euro Dollar Exchange Rate  | Data | Chart | Calendar

CURRENCY TRADERS


source: tradingeconomics.com
EURUSD Closed higher The EURUSD increased 0.0010 or 0.08% to 1.1648 on Tuesday July 25 from 1.1638 in the previous trading session. Historically, the Euro Dollar Exchange Rate – EUR/USD reached an all time high of 1.87 in July of 1973 and a record low of 0.70 in February of 1985. The euro was only introduced as a currency on the first of January of 1999. However, synthetic historical prices going back much further can be modeled if we consider a weighted average of the previous currencies.



EURUSD Closed higher

Euro Dollar Exchange Rate – EUR/USD

The EURUSD spot exchange rate specifies how much one currency, the EUR, is currently worth in terms of the other, the USD. While the EURUSD spot exchange rate is quoted and exchanged in the same day, the EURUSD forward rate is quoted today but for delivery and payment on a specific future date. This page provides the latest reported value for – Euro Dollar Exchange Rate – EUR/USD – plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Euro Dollar Exchange Rate – EUR/USD – actual data, historical chart and calendar of releases – was last updated on July of 2017.

 

Actual Previous Highest Lowest Dates Unit Frequency
1.16 1.16 1.87 0.70 1957 – 2017 Daily

Like up on FACEBOOK


logo



major currencies: (EUR-USD) (USD-JPY) (USD-GBP) (USD-CHF), (USD-CAD), (AUD-USD) (USDCNY)



USDCHF Clawing Back Following Monday’s Break

USDCHF Closed Higher Tuesday July 25

Swiss Franc | Data | Chart | Calendar | Forecast | News

CURRENCY TRADERS


source: tradingeconomics.com
USDCHF Closed Higher The USDCHF increased 0.0060 or 0.63% to 0.9524 on Tuesday July 25 from 0.9464 in the previous trading session. Historically, the Swiss Franc reached an all time high of 3.88 in April of 1972 and a record low of 0.72 in August of 2011.

USDCHF Closed Higher

Swiss Franc

The USDCHF spot exchange rate specifies how much one currency, the USD, is currently worth in terms of the other, the CHF. While the USDCHF spot exchange rate is quoted and exchanged in the same day, the USDCHF forward rate is quoted today but for delivery and payment on a specific future date. This page provides – Swiss Franc – actual values, historical data, forecast, chart, statistics, economic calendar and news. Swiss Franc – actual data, historical chart and calendar of releases – was last updated on July of 2017.

 

Actual Previous Highest Lowest Dates Unit Frequency
0.95 0.95 3.88 0.72 1972 – 2017 Daily
USDJPY Yen Steady Ahead of US Housing, Manufacturing Reports

USDJPY Closed Higher Tuesday July 25

Japanese Yen | Data | Chart | Calendar | Forecast | News

CURRENCY TRADERS


source: tradingeconomics.com
USDJPY Closed Higher The USDJPY increased 0.7850 or 0.71% to 111.8750 on Tuesday July 25 from 111.0900 in the previous trading session. Historically, the Japanese Yen reached an all time high of 306.84 in December of 1975 and a record low of 75.74 in October of 2011.



USDJPY Closed Higher

Japanese Yen

The USDJPY spot exchange rate specifies how much one currency, the USD, is currently worth in terms of the other, the JPY. While the USDJPY spot exchange rate is quoted and exchanged in the same day, the USDJPY forward rate is quoted today but for delivery and payment on a specific future date. This page provides – Japanese Yen – actual values, historical data, forecast, chart, statistics, economic calendar and news. Japanese Yen – actual data, historical chart and calendar of releases – was last updated on July of 2017.

 

Actual Previous Highest Lowest Dates Unit Frequency
111.87 111.23 306.84 75.74 1972 – 2017 Daily

Like up on FACEBOOK


logo



major currencies: (EUR-USD) (USD-JPY) (USD-GBP) (USD-CHF), (USD-CAD), (AUD-USD) (USDCNY)