International Market Update by SapForex24: 25-April-2017

SAPFOREX24 MORNING UPDATE

Gold: 1273.66

Silver: 17.902

Copper: 2.577

Crude Oil: 49.37

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Oil recovers lost ground, but market remains under pressure-SapForex24

Oil prices recovered lost ground on Monday following big losses last week, driven by expectations that OPEC will extend a pledge to cut output to cover all of 2017, although a relentless rise in U.S. drilling capped gains.

U.S. West Texas Intermediate (WTI) Crude Oil futures (CLc1) added 32 cents, or 0.64 percent, by 0649 GMT(2:49 a.m. ET), but were still just below the $50 mark pierced on Friday at $49.84 a barrel.
Brent crude futures (LCOc1) rose 35 cents, or 0.67 percent, to $52.31 per barrel.

Oil prices fell steeply last week on the back of stubbornly high crude supplies, despite a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and some other producers to cut production by almost 1.8 million barrels per day (bpd) for six months from Jan. 1 to support the market.

U.S. drillers added oil rigs for a 14th week in a row, to 688 rigs, extending an 11-month recovery that is expected to boost U.S. shale production in May by the biggest monthly increase in more than two years.

U.S. crude production is at 9.25 million barrels per day (bpd) , up almost 10 percent since mid-2016 and approaching that of OPEC's top exporter Saudi Arabia.

"WTI oil slipped back below the $50 per barrel level, amid concerns that the lack of inventory drawdown since the OPEC production cuts is a sign that the cuts are not enough to rebalance supply and demand and put a floor under prices," said William O'Loughlin, investment analyst at Rivkin Securities in a note on Monday.

Both the Brent and WTI oil benchmarks are down more than 7.5 percent since the end of last year.
Keen to halt a further decline in prices, a panel made up by OPEC and other allied producers has recommended an extension of output cuts by another six months from June, a source said.

This, and an expected fall in Iranian production lent markets some support on Monday, traders said.
Iran's crude oil exports are set to hit a 14-month low in May, suggesting the country is struggling to raise exports after clearing out stocks stored on tankers.

Iranian oil exports, especially to its core markets in Asia, had soared since the ending of most sanctions against it in January 2016.

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Forex - Dollar holds onto gains vs. other majors-SapForex24

The dollar held onto gains against other major currencies on Wednesday, recovering from the previous session’s downbeat U.S. data, although U.S. political uncertainty was expected to limit the greenback’s rise.

EUR/USD slipped 0.19% to 1.0711, off a three-week high of 1.0737 hit overnight.

The greenback had weakened after the U.S. Commerce Department reported on Tuesday that housing starts fell in March, likely due to bad weather, while building permits rose.

A separate report showed that U.S. industrial production rose in line with economists’ forecasts in March, while manufacturing production unexpectedly fell.

Sentiment on the greenback also remained vulnerable as trade talks between the U.S. and Japan got underway this week, with markets awaiting indications of the direction U.S. trade policy could take under President Donald Trump, who campaigned on a protectionist platform.

Heightened tensions around North Korea, which has vowed to conduct more missile tests following Sunday's failed missile launch, also continued to weigh on the greenback.

U.S. Vice President Mike Pence said on Wednesday that Washington would work with its allies and China to put economic and diplomatic pressure on North Korea.

Markets were also jittery ahead of the first round of the French presidential election, scheduled on Sunday April 23. The race tightened after a surge in polls for far-left candidate Jean-Luc Melenchon, who wants a referendum on the country’s European Union membership.

Elsewhere, GBP/USD edged down 0.20% to 1.2816 after hitting a six-month peak of 1.2904 on Tuesday, when U.K. Prime Minister Theresa May on Tuesday called a snap election for June 8.

Analysts expect May to win a substantial majority in the elections, securing her position ahead of talks with the European Union about the terms for Brexit.

USD/JPY gained 0.43% to trade at 108.90, while USD/CHF eased up 0.11% to 0.9975.

The Australian and New Zealand dollars were weaker, with AUD/USD down 0.60% at 0.7515 and with NZD/USD declining 0.41% to 0.7013.

Meanwhile, USD/CAD rose 0.34% to trade at 1.3427.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.23% at 99.64, just off the previous session’s three-week low of 99.36.

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International Market Update by SapForex24: 19-April-2017

SF- International Market Update

Gold: 1286.00

Silver: 18.180

Copper: 2.547

Crude Oil: 52.40

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New Ways of Trading in Comex Market - SapForex24

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Oil rises to near one-month high on supply tightening- SapForex24

Oil climbed to a near one-month high on Wednesday on signs of a gradual tightening in global oil inventories and on concerns about a supply outage at a field in the United Kingdom's North Sea that feeds into an international benchmark price.

Brent Crude futures, the international benchmark for oil, were at $54.52 per barrel at 0658 GMT, up 35 cents, or 0.65 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were up 33 cents, or 0.65 percent, at $51.35 a barrel.

Both benchmarks on Wednesday hit their highest levels since March 8.

"The immediate reason for the move was an unplanned production outage in the North Sea," said Sukrit Vijayakar, director of energy consultancy Trifecta, referring to an unplanned production outage at the Buzzard oil field in the North Sea.

Buzzard produces about 180,000 barrels per day. It is the largest contributor to the Forties crude stream that is a key component of the physical Brent oil price that the Brent futures contract settles against.

Traders also said that prices gained amid slowly tightening market conditions, with the Organization of the Petroleum Exporting Countries (OPEC) leading an effort to cut output.
With most of OPEC's crude exported on tankers, tracking ship movements can be a good gauge of market conditions.

Shipped oil supplies have fallen by as much as 17 percent this year, according to oil analysis firm Vortexa.

"We have seen a significant reduction in global oil supply since January, with oil on water going from 978 million barrels on Jan. 1 to 812 million barrels on April 3," said Vortexa chief executive Fabio Kuhn.

"These changes are a signal that the rebalancing is happening faster than many in the market believe."
Trading data in Thomson Reuters Eikon shows that OPEC shipments to the rest of the world fell to 813.7 million barrels by the end of March from 796.6 million barrels in January.

But the tighter markets will only gradually lead to a reduction in bloated inventories as production especially the United States is rising.

U.S. crude stocks fell by 1.8 million barrels last week to 533.7 million, still near an all-time record, the American Petroleum Institute reported late on Tuesday.

The U.S. Energy Information Administration will issue its inventory figures later on Wednesday.
At the heart of the bloated U.S. market is rising production.

The U.S. rig count rose for an 11th straight week last week to 662, making the first quarter of 2017 the strongest quarter for rig additions since mid-2011, according to energy services firm Baker Hughes.

Following a slump in 2015 and 2016, U.S. oil production has risen 8.5 percent since mid-2016 to 9.15 million bpd, the same level output stood at in 2014, when the market downturn began.
"Price upside will... be capped by the recovering U.S. shale sector," BMI Research said.

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