Oil stuck in familiar range as investors await U.S. supply data -sapforex24

Oil prices were little changed during European morning hours on Wednesday, holding in a familiar trading range as market players awaited fresh weekly information on U.S. stockpiles of crude and refined products.

Crude oil for March delivery on the New York Mercantile Exchange inched up 6 cents, or around 0.1%, to $52.86 a barrel by 4:10AM ET (09:10GMT), after gaining 18 cents, or about 0.3%, a day earlier.

Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London added 3 cents, or less than 0.1%, to $55.60 a barrel. Futures rose 26 cents, or nearly 0.5%, on Tuesday.

The U.S. Energy Information Administration will release its weekly report on oil supplies at 10:30AM ET (15:30GMT) Wednesday, amid analyst expectations for a rise of 3.3 million barrels.
Gasoline inventories are expected to rise by 982,000 barrels while stocks of distillates, which include heating oil and diesel, are forecast to fall by 903,000 barrels.

After markets closed Tuesday, the American Petroleum Institute said that U.S. oil inventories rose by 5.8 million barrels in the week ended January 27.

The API report also showed a gain of 2.9 million barrels in gasoline Stocks, while distillate stocks rose 2.3 million barrels.

Futures have been trading in a narrow range around the low-to-mid $50s over the past month as sentiment in oil markets has been torn between expectations of a rebound in U.S. shale production and hopes that oversupply may be curbed by output cuts announced by major global producers.

U.S. drilling activity has risen by more than 6% since mid-2016, taking it back to levels seen in late 2014, when strong U.S. crude output contributed to a collapse in oil prices.

The revival in U.S. drilling has raised concerns that the ongoing rebound in U.S. shale production could derail efforts by other major producers to rebalance global oil supply and demand.

OPEC and non-OPEC countries have made a strong start to lowering their oil output under the first such pact in more than a decade as global producers look to reduce oversupply and support prices.
January 1 marked the official start of the deal agreed by OPEC and non-OPEC member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day to 32.5 million for the next six months.

The deal, if carried out as planned, should reduce global supply by about 2%.

Elsewhere on Nymex, gasoline futures for March tacked on 0.5 cents, or 0.4%, to $1.559 a gallon, while March heating oil was little changed at $1.631 a gallon.

Natural gas futures for March delivery jumped 7.8 cents, or 2.5%, to $3.195 per million British thermal units.

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Gold pushes higher on bets for steady Fed - SapForex24

Gold prices were higher during Europe's session on Monday, bouncing off a more than two-week low as investors looked ahead to this week's highly anticipated Federal Reserve policy meeting.
Gold for December delivery on the Comex division of the New York Mercantile Exchange tacked on $9.85, or 0.75%, to trade at $1,320.05 a troy ounce by 3:59AM ET (07:59GMT). On Friday, prices slumped to $1,309.20, the lowest since September 1.

The Federal Reserve is not expected to take action on interest rates at the conclusion of its two-day policy meeting at 2:00PM ET (18:00GMT) on Wednesday. The central bank will also release its latest forecasts for economic growth and interest rates.

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Fed Chair Janet Yellen is to hold what will be a closely-watched press conference 30 minutes after the release of the Fed's statement, as investors look for any change in tone about the economy or future rate hikes.

Speculation about the timing of the Fed's next interest rate hike has been in focus this month following contrasting comments from top Fed officials in recent weeks.

Markets are currently pricing in just a 15% chance of a rate hike this week, according to Investing.com's Fed Rate Monitor Tool. For December, odds stood at around 54%.

The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at 95.85 early Monday, down 0.2%.

Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.

The market is also waiting for the outcome of a Bank of Japan policy meeting, which also meets on September 20-21, for trading cues.

Elsewhere on the Comex, silver futures for December delivery jumped 33.1 cents, or 1.75%, to trade at $19.18 a troy ounce during morning hours in London, while copper futures eased down 0.8 cents, or 0.37%, to $2.152 a pound.

Gold slips lower but remains near 2-week high-Sap Forex24

Gold prices slipped lower on Friday, but still remained close to a two-week high as the minutes of the Federal Reserve’s latest policy meeting continued to weigh on the greenback.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were down 0.26% at $1,353.65, not far from the two-week high of $1,355.75 hit overnight.

The December contract ended Thursday’s session 0.62% higher at $1,357.20 an ounce.

Futures were likely to find support at $1,338.60, Wednesday’s low and resistance at $1,360.80, the high from August 5.

Gold slips lower but remains near 2-week high-Sap Forex24

The precious metal lost some ground after data on Thursday showed that initial jobless claims decreased by 4,000 to 262,000 last week, compared to expectations for a 1,000 decline to 265,000.

Separately, the Federal Reserve Bank of Philadelphia said that its manufacturing index rose to 2.0 this month from July’s reading of minus 2.9, in line with the consensus estimate.

But sentiment on the greenback remained vulnerable after the minutes of the Fed’s July policy meeting released on Wednesday showed that policymakers were still divided over the need to raise interest rates this year.

Gold is sensitive to moves in U.S. rates. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.

Elsewhere in metals trading, silver futures for September delivery dropped 0.52% at $19.638 a troy ounce, while copper futures for September delivery rose 0.21% to $2.172 a pound.

Gold slides lower with U.S. data in focus

Gold prices slid lower on Friday, as markets focused on the release of U.S. economic reports due later in the day for further indications on the strength of the economy.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were down 0.40% at $1,344.65.

The December contract ended Thursday’s session 0.14% lower at $1,350.00 an ounce.

Futures were likely to find support at $1,328.50, the low from August 9 and resistance at $1,354.20, the high from August 10.

International Market News

On Thursday, data showed that U.S. initial jobless claims decreased by 1,000 to 266,000 last week, disappointing expectations for a 4,000 drop to 265,000 last week.

Gold is sensitive to moves in U.S. rates. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.

Another report showed that the country’s retail sales rose by an annualized rate of 10.2% last month, confounding expectations for a 10.5% increase.

The data added to concerns over a slowdown in the world’s second largest economy. China is also the world’s second biggest consumer of gold.

How does the Forex Market differ from other Markets?

Different Stocks, Futures or Options, Currency Trading does not take place on a Stock exchange. It is not managed by any central governing body, there are no opening houses to commitment the trades and there is no adjudication panel to determine controversy. All members trade with each other based on credit contract. Essentially, business in the big, most liquid Forex Market in the world depends on nothing more than a figurative handshake.

At first glance, this ad-hoc appointment must seem complicated to investors who are used to Stock exchanges such as the NYSE or CME. However, this appointment works majorly well in practice; because contributor in FOREX must both participate and cooperate with each other, self guideline provides very effective Trade In the InternationalMarket. 

Further, respectable FOREX Broker in the United States become members of the National Futures Association (NFA), and by doing so they agree to permanent intervention in the event of any dispute. Therefore, it is essential that any Forex Client who observe trading currencies do so only through an NFA member firm.

How does the Forex Market differ from other Markets? 

The FOREX Market is different from other markets in some other ways that are sure to raise monobrow. Think that the EUR/USD is going to decline downward? Feel free to short the pair at will. There is no rise rule in FOREX as there is in stocks. There is also no extremity on the size of your position (as there are in futures); so, in definition, you could sell $100 billion Cost of currency if you had the Money to do it. 

If your Greatest UAE client, who also happens to golf with the governor of the Bank of UAE, tells you on the golf course are planning to raise rates at its next meeting, you could go right onward and buy as much yen as you like. No one will ever charge you for representative trading should your bet pay off. There is no such thing as representative trading in FOREX.

Before we leave you with the impression that FOREX is the facing West of finance, we should note that this is the most liquid market in the world. It Forex and Comex trades 24 hours a day, from 5pm EST Sunday to 4pm EST Friday, and it rarely has any gaps in price. Its sheer size and scope makes the currency market the most accessible market in the world.

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Gold rises to 4-week highs, U.S. data in focus

Gold prices rose to four-week highs on Friday, as the Bank of England’s decision to lower interest rates continued to support and as investors eyed the release of key U.S. employment data due later in the day.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up 0.23% at $1,370.55.

Futures were likely to find support at $1,347.00, Thursday’s low and resistance at $1,374.90, the high from July 6.

International Market News

Gold prices moved higher after the Bank of England delivered its first rate cut in seven years on Thursday and announced more measures to stimulate the economy in a bid to ward off recession following Britain's vote in June to leave the European Union.

The BoE cut interest rates to a record-low 0.25% in a bid to buffer the economy from a downturn following the Brexit vote.

The central bank also boosted its quantitative easing program by £60 billion and slashed its growth forecast for next year. It now expects growth of just 0.8% in 2017, down from 2.3% in its May forecasts.

Almost all economists had expected the BoE to cut rates and many also expected it to resume its multi-billion-pound program of government bond purchases.

Forex - Aussie holds steady after RBA rate cut, kiwi moves higher

The Australian dollar was steady against its U.S. counterpart on Tuesday, after the Reserve Bank of Australia lowered interest rates to a new record-low, while the New Zealand dollar moved higher as sentiment on the greenback remained broadly under pressure.

AUD/USD was little changed at 0.7542, after hitting lows of 0.7492 earlier in the session.

The RBA lowered its benchmark interest rate from 1.75% to a new record-low of 1.50%, in line with expectations.

Speaking after the decision, RBA Governor Glenn Stevens said “recent data confirmed that inflation remains quite low.”

Market News

NZD/USD gained 0.45% to trade at 0.7204.

Meanwhile, sentiment on the greenback remained vulnerable after the advance read on second quarter U.S. gross domestic product showed on Friday a 1.2% annualized growth rate, well below expectations for 2.6%. First quarter GDP was revised lower to 0.8% from 1.1%.

The disappointing data lessened expectations for an early interest rate rise from the Federal Reserve.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.11% at 95.65, still close to Friday’s five-week lows of 95.33.

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Oil languishes near 3-month lows amid glut concerns

Oil prices extended losses from last week in European trade on Monday, as analyse over a global supply glut increase after data showed that the U.S. oil rig count rose for the fourth week in a row last week.

Crude oil for September delivery on the New York Mercantile Exchange fell to a session low of $43.98 a barrel. It last traded at $44.02 by 08:03GMT, or 4:03AM ET, down 17 cents, or 0.38%.

On Friday, New York-traded oil fell to $43.74, a level not seen since May 10, amid signs of an ongoing recovery in U.S. drilling activity.

CrudeOil News- SapForex24

Oilfield services provider Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. last week increased by 14 to 371, the fourth straight weekly rise and the seventh increase in eight weeks.

The U.S. benchmark lost $1.93, or 3.83%, last week, after weekly supply data showed a surprising increase in gasoline inventories.

According to the U.S. Energy Information Administration, gasoline inventories rose by 0.9 million barrels, unsatisfactory expectations for a decline of 0.8 million barrels.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery inched down 14 cents, or 0.3%, to $45.95 a barrel, after falling to a more than two-month low of $45.17 on Friday.

London-traded Brent futures declined $2.23, or 4.03%, last week, as prospects of increased exports from Libya and Iraq added to concerns that a glut of oil products will cut request for crude by refiners.

Yen gains slightly after better than expected provisional PMI

The yen reversed earlier weakness and gained slightly on Friday in Asia as a manufacturing gauge showed some life.

Japan reported the provisional manufacturing PMI for July at 49.0, better than the expected level of 48.3, and higher than 48.1 in June, though still below expansion.

USD/JPY changed hands at 105.83, down 0.03%, while AUD/USD traded at 0.7474, down 0.25%. The euro was down 0.03 to 1.1023.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.02% to 96.96.

Overnight, the dollar pared losses against the other major currencies on Thursday, as strong U.S. housing sector data lent support and as upbeat remarks by European Central Bank President Mario Draghi failed to sustainably ease global growth concerns.

International Market News

Data showed that U.S. existing home sales increased by 1.1% in June to 5.57 million units from the 5.51 million units in May that was revised from the initial read of 5.53 million. The consensus forecast was for a 0.5% decline to 5.48 million units.

The report came after the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending July 16 fell by 1,000 to 253,000 from the previous week’s total of 254,000. Analysts expected jobless claims to increase by 11,000 to 265,000 last week.

Separately, the Federal Reserve Bank of Philadelphia said that its manufacturing index fell to -2.9 this month from June’s reading of 4.7. Analysts had expected the index to improve to 5.0 in July.

At the conclusion of its policy meeting, the ECB left its benchmark interest rate unchanged at a record-low 0.0%, in line with forecasts.

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