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Crude Oil Analysis: WTI, Brent Bounce, OPEC+ Uncertainty Remains
The tail risks of a failure for OPEC+ to reach an agreement is on the rise, presenting an underappreciated potential for even more volatility in the crude oil market...
Crude oil analysis: WTI off lows as focus turns to OPEC+ meeting
Crude oil analysis: Investors await OPEC+ meeting on Nov 30. We expect rollover of Saudi and Russia cuts, which could help to support prices. WTI needs an interim higher high above $77.60-$78.50 to signal trend reversal after intense selling over the past several weeks.
USD/JPY bulls eye break of 150, Crude oil is flat for the year: Asian Open
A sharp reversal on USD/JPY last week brings a potential break above 150 in to focus, assuming the US dollar can find a bid and USD/CNH continues to hold above its 200-day MA. Meanwhile, crude oil has handed back all of its 2023 gains and it is a very fine line before the bias for a move to $80 becomes invalidated.
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Crude oil steadies ahead of OPEC, US inflation in focus: The Week Ahead
Thanksgiving in the US has made for a very quiet second half to the week for traders, but with a key US inflation report and an OPEC meeting on tap then volatility is expected to return next week. Also note that Australia releases inflation figures which could be the deciding factor as to whether the RBA hold or hike at their final meeting of the year.
US dollar set to bounce? Crude oil bulls eye $80, ASX 200 bears eye 6950
The US dollar held a key support level on Thursday, which could provide the platform for a bounce today if all goes well. Crude oil continues to hint at its own potential bounce, whilst the ASX 200 appears to have formed a swing high on the daily chart.
Gold falters around $2k, crude oil looks set for a pre-OPEC bounce: Asian Open
Gold has formed a double top around $2000 which leaves the potential for a pullback before its next leg higher. And crude oil shows the potential for a bounce towards $80 or $82 ahead of next week's OPEC meeting.
Crude oil, GBP/USD analysis: OPEC delays meeting as US data lifts dollar
What does the OPEC+ delaying meeting means for oil prices? And GBP/USD is in focus as pound drops after autumn statement. But was that because of the overall recovery in US dollar, following the release of mostly stronger data?
Crude Oil Analysis: WTI, Brent Gain Ground Ahead of OPEC+
Both WTI and Brent crude oil could rally further from here after breaking out of their bearish channels...
AUD/USD traders eye employment data, crude oil bears return: Asian Open
Whilst AUD/USD failed to hold onto its breakout gains seen on Wednesday, it may stand a better chance today if employment data is punchy enough. And crude oil bears have returned from their short hiatus to drive prices lower from $80 resistance.
EUR, AUD, CAD, WTI analysis: Commitment of traders report (COT)
Large speculators increased their gross-long exposure to AUD/USD futures by 17.1% and trimmed shorts by -2.9% on the day of the RBA’s last hike. And this could be a significant development when you consider net-short exposure recently hit a record level of bearishness just six weeks ago, yet prices defied bears with a sustainable break beneath 63c.
WTI crude oil mean reversion kicks in, ASX for 7100? Asian Open
WTI crude oil rose for a second day after the monthly OPEC report played down demand concerns and blamed speculators for oil's recent decline. A move to $80 at a minimum or $83 could now be on the cards. We also have a near-term bullish bias on the ASX 200.
WTI analysis: Crude oil bounces off key support
Crude oil prices started the week on the backfoot before turning positive at the time of writing. The recovery comes after prices started to stabilise at the end of last week, following a sharp 3-week decline despite Israel’s increased military operation in Gaza. Have oil prices finally bottomed?
Crude Oil Analysis: WTI and Brent Dump to Multi-Month Lows
The bullish supply-demand picture from the third quarter has reversed, driving crude oil prices sharply lower so far this week
Crude oil outlook remains positive despite drop
Crude oil prices have fallen back at the start of the new week, with Brent shedding over 3% and WTI losing 2.3% at the time of writing. In other words, oil prices haven’t moved further higher despite Israel’s increased military operation in Gaza. But prices could easily bounce back as I will discuss in this article.
Crude oil outlook remains bullish despite recent weakness
Crude oil outlook boosted above all by OPEC+ supply cuts/ Supply fears re Middle East could intensify again. Oil prices are demand inelastic, which means downside should be limited from fears about weakening global economy.
EUR/USD, gold, WTI crude oil analysis: Commitment of traders report (COT)
Whilst traders remain net-long EUR/USD futures, there are early signs of a turnaround in sentiment with asset managers increasing bullish exposure and prices holding above 1.05. Despite higher WTI prices, large futures traders continued to reduce their long exposure while managed funds have increased their shorts.. Perhaps not too surprisingly, asset managers flipped back to net-long exposure to gold and silver futures last Tuesday.
AUD/JPY, WTI crude oil: Israel-Hamas conflict, inflation reports to set the tone
Geopolitics, inflation reports and sentiment towards Chinese markets will likely dominate proceedings for AUD/JPY and crude oil this week, putting their respective uptrends to the test during a time when investor risk appetite is particularly weak.
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WTI crude oil, GBP/AUD analysis: Asian Open – 18/10/2023
WTI crude oil has pulled back into the support zone highlighted in yesterday's report for a potential move to $90. We also look at GBP/AUD, as it may have printed a multi-month top and the daily chart also appears on the cusp of a breakdown.
Crude oil, USD/CNH, EUR/USD outlook in focus - Technical Tuesday
Welcome to another edition of Technical Tuesday, a weekly report where we highlight some of the most interesting markets that will hopefully appease technical analysts and traders alike. In this week’s report, we will get technical on crude oil, USD/CNH, EUR/USD and bond yields.
AUD/USD, WTI crude oil hint at bounce: Asian Open – 17/10/23
AUD/USD managed to hold above 63c last week despite risk-off trade, and now momentum has turned higher we see the potential for it to extend its gain, so long as sentiment remains in check. Oil also shows the potential to head for $90, as long as a key support area holds over the near-term.
Crude oil outlook: WTI could rise further as traders eye MidEast situation
Following the 5% rise on Friday, crude oil prices gave back some of those gains on Monday. However, this could be a temporary respite before oil prices rise again.
Gold, WTI crude oil: Buy on dips until a de-escalation in Israeli-Hamas conflict
Given how quickly sentiment can change and the level of risk we’re confronted with, it’s difficult to see crude and gold being anything other than buy-on-dips prospects until we see a de-escalation of hostilities.
USD/JPY, VIX, S&P 500, WTI, gold: Commitment of traders report (COT)
Open interest has fallen notably on USD/JPY since its failed ‘bid’ for spot prices to break and hold above 150. And that further suggests a glass ceiling for prices. Japanese yen futures also saw grow longs increase by 19.6%, although traders remained heavily net-short.