A view on commodities
- Thread starter DSM
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http://www.marketwatch.com/story/ap...ion-barrel-climb-in-crude-supplies-2015-09-29
Yesterday's api data - "The American Petroleum Institute late Tuesday reported that crude supplies rose 4.6 million barrels for the week ended Sept. 25, according to sources. Analysts polled by Platts expected supplies to be unchanged for the week. November crude CLX5, -0.77% was at $44.84 a barrel on Globex, down from the contract’s settlement of $45.23 on the New York Mercantile Exchange. The more closely watched Energy Information Administration report is due Wednesday"
source-http://www.marketwatch.com/story/api-data-said-to-show-46-million-barrel-climb-in-crude-supplies-2015-09-29
Kindly take note -- base metals contracts of September series ,shall expire today .
Yesterday's api data - "The American Petroleum Institute late Tuesday reported that crude supplies rose 4.6 million barrels for the week ended Sept. 25, according to sources. Analysts polled by Platts expected supplies to be unchanged for the week. November crude CLX5, -0.77% was at $44.84 a barrel on Globex, down from the contract’s settlement of $45.23 on the New York Mercantile Exchange. The more closely watched Energy Information Administration report is due Wednesday"
source-http://www.marketwatch.com/story/api-data-said-to-show-46-million-barrel-climb-in-crude-supplies-2015-09-29
Kindly take note -- base metals contracts of September series ,shall expire today .
Saudi Arabia cuts oil prices amid OPEC price war
http://www.marketwatch.com/story/sa...rices-amid-opec-price-war-2015-10-04-10485293
Saudi Arabia on Sunday made deep reductions to the prices it charges for its oil, hard on the heels of cuts last month by rival producers in the Gulf. With U.S. production still increasing despite lower oil prices, members of the Organization of the Petroleum Exporting Countries are battling to keep their share of the last growing markets in Asia.
In a list of official prices sent to customers, state-oil company Saudi Aramco cut the price of its light-crude deliveries to Asia by $1.7 a barrel. As a result, it switched to a discount of $1.6 a barrel against the rival Dubai benchmark from a premium of 10 cents a barrel previously. The company also cut its prices for heavy oil by $2 a barrel to the Far East and by 30 cents a barrel to the U.S.
The move come as Iran, Iraq and other countries in the Middie East made deeper cuts in their official prices than Saudi Arabia last month. Saudi Arabia has vowed to keep pumping at high levels as it hopes lower oil prices will stimulate Asian demand and hit rival production in the U.S. that is expensive to produce. But while Chinese economic growth is slowing, U.S. production rose by about 68,000 barrels a day in July, according to the U.S. Energy Information Administration.
http://www.marketwatch.com/story/sa...rices-amid-opec-price-war-2015-10-04-10485293
Saudi Arabia on Sunday made deep reductions to the prices it charges for its oil, hard on the heels of cuts last month by rival producers in the Gulf. With U.S. production still increasing despite lower oil prices, members of the Organization of the Petroleum Exporting Countries are battling to keep their share of the last growing markets in Asia.
In a list of official prices sent to customers, state-oil company Saudi Aramco cut the price of its light-crude deliveries to Asia by $1.7 a barrel. As a result, it switched to a discount of $1.6 a barrel against the rival Dubai benchmark from a premium of 10 cents a barrel previously. The company also cut its prices for heavy oil by $2 a barrel to the Far East and by 30 cents a barrel to the U.S.
The move come as Iran, Iraq and other countries in the Middie East made deeper cuts in their official prices than Saudi Arabia last month. Saudi Arabia has vowed to keep pumping at high levels as it hopes lower oil prices will stimulate Asian demand and hit rival production in the U.S. that is expensive to produce. But while Chinese economic growth is slowing, U.S. production rose by about 68,000 barrels a day in July, according to the U.S. Energy Information Administration.
US EIA crude inventories data reported negative data for marketon Wednesday, crude stocks rose by 3.1 million barrels to 461 million last week as refineries declined its production and idled capacity. Also china returns for trading after a long weekend holiday is likely to bring some volatility in commodities. EIA also reported that total crude oil domestic production reached 9.17 million barrels a day, up by 76000 barrels from a week earlier and Output for the lower 48 states was up by 58000 adding more pressure over oil prices. Market still seems to be very much under pressure and moving under supply glut with issues between Russia, Middle east and Iran's sansctions. Technically continues to trade below its strong resistance level of $50, if prices surges above this level we expect strong technical buying coming ahead. The support level at $45 and resistance at $50.
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