We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Tune in to @PeterHanksFX 's #webinar at 11:00 AM ET/3:00 PM GMT to learn how to identify trends with trader #sentiment. Register here: https://t.co/MqVMi2INbJ https://t.co/OD3f6v5RVy
  • 🇺🇸 Wholesale Inventories MoM (MAY)Actual: -1.2Expected: -1.2%Previous: 0.2%https://fxnews.org/?/economic-calendar#2020-07-09
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.05%, while traders in US 500 are at opposite extremes with 71.21%.See the summary chart below and full details and charts on FxNews: https://fxnews.org/?/sentiment https://t.co/PECGbE52E9
  • Another remarkable gap higher on the open for the Nasdaq 100 while the likes of the S&P 500, DAX, carry, other risk-leaning assets are spinning their tires https://t.co/nPLpcnPOTy
  • China's Shanghai Composite ($SHCOMP) continues to drive higher. Biggest 7-day rally and weekly performance since Oct 2008. The Chinese gov't is the new Fed, but their efforts won't likely leverage a global risk appetite like the central bank https://t.co/fZU6ulDrLt
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule:Silver: 1.47%Gold: 0.17%Oil - US Crude: -0.96%View the performance of all markets via https://fxnews.org/?/charts#commodities https://t.co/SMCkTGTR19
  • Heads Up:🇺🇸 Wholesale Inventories MoM (MAY) due at 14:00 GMT (15min)Expected: -1.2%Previous: 0.2%https://fxnews.org/?/economic-calendar#2020-07-09
  • Wednesday’s mini budget presented by UK Chancellor of the Exchequer Rishi Sunak has strengthened GBP/USD and its rise now looks set to continue. Get your $GBPUSD market update from @MartinSEssex here:https://t.co/o8KPkKeUsM https://t.co/cdNh2Xq66l
  • Reports crossing the wires from Reuters that the US is ready to move forward with a federal ban on firms using Huawei and other tech firms posing a threat to national security$NDX $SPX $USD $CNH
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule:Germany 30: 1.51%US 500: 0.24%France 40: 0.24%Wall Street: 0.03%FTSE 100: -0.51%View the performance of all markets via https://fxnews.org/?/charts#indices https://t.co/ZTgDdZLhvd
Crude Oil Prices Eye OPEC+ Meeting as US and China Demand Rises

Crude Oil Prices Eye OPEC+ Meeting as US and China Demand Rises

2020-06-06 01:00:00
Daniel Dubrovsky, Analyst
Share:

Crude Oil Fundamental Outlook: Neutral

  • Crude oil prices awaiting OPEC+ weekend meeting
  • Output curb extension, rising demand may boost oil
  • Uncertainties are US-China tensions, Brexit, stocks

Sentiment-linked crude oil prices are awaiting Saturday’s meeting between the Organization of the Petroleum Exporting Countries (OPEC) and key allies. Also known as OPEC+, the event will be closely watched as investors anticipate the fate of what has been record crude oil production cuts – see chart below. This past week, doubts over the gathering temporarily left the commodity in limbo.

Starts in:
Live now:
Jul 15
( 00:07 GMT )
How can trader positioning impact oil?
What Do Other Traders Buy/Sell Bets Say About Price Trends?
Register for webinar
Join now
Webinar has ended

This is because Saudi Arabia and Russia expressed hesitation to prolong output curbs due to concerns about compliance from other participating members such as Iraq. But later on in the week, the latter told the OPEC+ group that it will ‘fully implement’ production cuts by the end of next month. This resulted in Russia and Saudi Arabia securing a tentative deal that could result in extending output curbs until the end of July.

Discover your trading personality to help find forms of analyzing financial markets

Crude oil vs OPEC output

For crude oil prices, this could be a welcome sign as both supply and demand could continue working to support the commodity. On the next chart below, implied demand calculated using data from the Department of Energy (DOE) shows that the need for oil has been rising since the middle of April. This has been in line with states working to gradually ease lockdown measures enforced due to the coronavirus outbreak.

Meanwhile in China – the world’s second-largest economy – oil demand is said to be back to amounts last seen prior to the country enforcing a national lockdown. The world’s largest economies – which are the US and China – are also coincidentally the biggest consumers of energy. Absent a material roadblock, the supply and demand forces discussed could work to boost oil in the near term.

The uncertainties are still plenty however. The commodity can often follow the trends in risk appetite. Oil has been rising alongside gains in the Dow Jones, S&P 500 and Nasdaq Composite. Tensions between the US and China could brew over Hong Kong. There may also be no extension to the Brexit transition period. Riots and protests in the US likely raise the risk of a second coronavirus wave. If global stocks fall, oil may follow.

Oil - US Crude BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -5% 11% 3%
Weekly -17% 20% 0%
What does it mean for price action?
Get My Guide
DEO Crude oil

--- Written by Daniel Dubrovsky, Currency Analyst for FxNews.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

FxNews provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.