Fitch downgraded Spain by a notch and the Euro goes on a weekend slide to 1.2297 to a US dollar. With the flat consumer spending numbers released earlier Friday, it looks as if it really is going to be a long weekend. Crude Oil to follow next?
Jawwad
Crude oil price outlook – Oil futures stable over US$ 75 a barrel.
It appears that we will have another gap open when it comes to Oil on Friday morning when trading opens in New York. Oil futures at NYMEX are trading above US$ 75.38 a barrel for July deliveries. While the 4 day week starting Tuesday as well as the month end may weigh on trading and…Read more
Crude oil trading, forecasts – Crude Oil Data, Hurricane season and holidays
As trading desks in New York and Europe open, they will face an interesting choice – head out early and avoid the traffic queued up for the long weekend or stay back and catch some action? Some markets in Asia (Singapore, Thailand) were closed for the day Friday; the US is closed on Monday, 31st…Read more
Crude oil price outlook – Crude oil futures close at 74.90 on NYMEX
Crude oil future contracts for July deliveries closed Thursday at 74.90 at NYMEX capping a second day of gains after a 3% gain yesterday.
Trading crude oil – USO trading pre-open at 33.65
The USO (crude oil ETF) is likely to open up by a dollar between 33.65 and 34 on the strength of crude oil in Asia and Europe. Actual action in crude oil prices will be determined by the initial and continuing jobs claims data as well as the GDP deflator estimate out today at 8:30…Read more
Euro currency outlook – Euro and Europe up on China Reserve review denials
And we are off, should see a spike and a gap up on market open across indices, markets and oil. The China reserve review rumor yesterday had markets in turmoil on anticipated Euro weaknesses. The China denial today pushed Euro as high 1.2342 in Europe and has pushed all markets beyond the green line. Once…Read more
Trading crude oil volatility – Crude oil future spreads are at it again.
Nauman Khan, Mohammed Bux and Agnes, our three resident oil geniuses, pulled some interesting data and graphs today. The first shows the spread as a percentage of spot price (WTI) for NYMEX CL3, CL6, CL10 and CL12 crude oil future contracts. As we had mentioned earlier in the NYMEX contract specification post, CL3, CL6, CL10…Read more
Crude oil outlook – oil rises above 73, euro breaks 1.23
Asia and brighter prospects for a stronger US recovery pushed crude oil beyond 73.32 dollars at NYMEX in electronic afternoon trading in Europe. Euro recovered part of its weakness and pushed pass 1.23 to a US dollar. By the time New York opens for business, oil should make a smart recovery and possibly break 75…Read more
Oil price outlook – Oil up again in early trading in Asia, Euro picks up slack
Oil touched 71.84, hovering near the 72 dollar level in early afternoon trading in Singapore after the dollar weakened against Euro and slid to 1.2279 from 1.2178 yesterday.
Euro outlook summary – China review, Euro at 1.2170 in Tokyo, next stop 1.18
Most analysts are now talking about 1.18 as the next new low for Euro. There were rumors of Chinese officials reviewing their Euro-zone debt holdings, more concerns about Spain and Italy and the extent, depth and length of a slowdown in Europe on account of austerity measures. The fall in Euro last night in New…Read more