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WTI plummets 5% on EIA report, trade worries

Oil futures extended losses on Wednesday, with West Texas Intermediate (WTI) dropping over 5% after the United States Energy Information Administration (EIA) reported an unexpected jump in the country's crude inventories. The EIA said American oil stockpiles rose by 2.39 million barrels last week to reach a total of 438.9 million barrels.

Crude prices were also affected by demand concerns as trade tensions between the US and China intensified after Washington designated Beijing a currency manipulator and US President Donald Trump threatened to target another $300 billion worth of Chinese products with a 10% tariff from September.

Brent for deliveries in October fell 4.29% to go for $56.33 per barrel at 11:44 am ET and WTI plunged 5.24% to sell for $50.86 per barrel at the same time.

Breaking the News / NP

Brent nears 2019 low on signs of slowing economy

Fears of competitive devaluation in currencies on a global level worsened the outlook for global trade and oil demand on Wednesday and benchmark futures tumbled, looking to finish in the red for the third time in a row. Brent for settlement in October fell to $57.31 per barrel, the lowest mark since January 8, amid worldwide market volatility. The drop came just before the weekly update from the United States Department of Energy on domestic commercial inventories. The American Petroleum Institute estimated they were reduced by 3.43 million barrels in the week through August 2 but the update failed to underpin prices.

West Texas Intermediate crude for delivery next month tumbled 2.57% to $52.25 per barrel at 3:24 pm CET. Earlier it fell to $52.1 for the first time since June 18. Brent bled 2.39% to $57.53 for one barrel.

Breaking the News / IT

Gold surpasses $1,500 first time since April 2013

Spot gold and silver were catapulted on Wednesday amid a slump in yields on benchmark sovereign bonds and a stock selloff at the opening bell on Wall Street. The yellow metal climbed 2.03% at 3:45 pm CET to $1,504.37 per ounce, last touched in April 2013. Silver spiked 3.65% to $17.04 per ounce for the first time in almost 13 months.

Germany's annual pace of decrease in industrial output accelerated in June to 5.2%, the most since November 2009, led by manufacturing's decade-high slump of 6%. Today's official statistical release prompted fears of a recession as the Bundesbank already warned the Eurozone's largest economy may have contracted in the second quarter. In the wake of the spillover of the trade war between the United States and China to foreign exchange policy, central banks of New Zealand, India and Thailand slashed interest rates today and surprised markets to the downside and US President Donald Trump said the Federal Reserve must cut borrowing costs "bigger and faster."

Platinum held just 0.23% in the green at $854.68 and palladium nosedived 2.01% to $1,415.31 per ounce

Breaking the News / IT

Europe trades higher in premarket, trade war in focus

Major stock markets in Europe were in the positive territory during Wednesday premarket trading following the release of the latest earnings reports and the stabilization of global equities. Germany's federal statistical office earlier posted that the country's industrial production fell 1.5% in June on a seasonally adjusted basis and 5.2% lower adjusted for price and calendar variations. Data on changes in the United Kingdom's house prices will be made available after the markets open.

The FTSE 100 increased by 0.36% minutes before the opening bell, while the DAX jumped 0.72% concurrently. Meanwhile, in Paris, the CAC 40 rose 0.45% in premarket trading.

The euro was flat to negative compared to the dollar, selling for $1.1199 at 8:54 am CET, while the British pound traded lower 0.12% against the greenback, changing hands for $1.2152.

Breaking the News / MA

Europe rebounds in premarket amid earnings

Shares on European markets posted modest gains on Tuesday before the bell after earnings results from a string of European companies were published, including Unicredit, Commerzbank, E.ON, Wirecard and Glencore. Equities recovered partially from losses yesterday as trade standoff between the United States and China spilled over to currency markets. Stocks on Wall Street jumped in Tuesday's session after the worst day of 2019, with the yuan stabilized after it hit decade lows on Monday.

The DAX advanced 0.57% at 8:18 am CET, while the CAC 40 added 0.38% in premarket trade. The FTSE 100 was up by 0.20% at the same time.

More to come...

Breaking the News / NI

Perhaps there’s minor new circulating, there could be a buyer but the volume doesn’t suggest that. I don’t think we’re seeing a trend reversal but the % gain is significant enough.

Royal Dutch Shell and PB are both down but other minor oilers are up.
Tullow is cheap at today’s price but they could go lower with Trump/China etc but they could release a positive RNS at 7am tomorrow.

I’d wait. But I’d be running the risk of missing getting in, but I feel there’s more chance of this contracting first thing tomorrow than jumping.

European mostly rebounds before bell amid US-China escalation

Shares in Europe mostly recovered in Tuesday's premarket trading, after the United States designated China a "currency manipulator," deepening further the trade dispute it has with the worlds second-largest economy. The measure came after deep losses recorded in the worst day of 2019 on Wall Street and Beijing's announcement that it stopped purchasing more American agriculture products. Washington accused China of allegedly depreciating the yuan, or allowing it to weaken, to its lowest since 2008 in order to provide a boost for its exports.

The DAX advanced 0.25% at 8:20 am CET after closing almost 2% lower yesterday. The CAC 40 was up by 0.13% at the same time.

The FTSE 100 declined 0.21% after a close of 2.47% in the red.

The euro was flat on the dollar, buying $1.12066 at 8:21 am CET. Yesterday, the common currency surged close to 1% against the greenback. Meanwhile, the pound climbed 0.16% compared with the US currency, changing hands for $1.21604.

Breaking the News / NI

...so if the % fall becomes marginal above say £1.65 it would be a fair enough to assume that the trend is exhausted.

Everything in investing is said “in all probability”. If you buy at or as close to the bottom of a trading range then it is a fair assumption that “in all probability” the share price is going to rise.

I see the price of crude is falling sharply this evening, it was down more than 2% when I looked an hour ago.

I feel the need to say this in case the trend turns early. If the pps turns at £1.68 I don’t want to feel anyone missed out because they were waiting on the “low £1.60’s” because I said so.
It’s impossible to call the bottom or the top of a trading range, although you become good at it.
I think sub £1.70 is a good call. You can tell the down trend is nearly exhausted as the drop each day looses its momentum and the % fall becomes marginal.

Last Wednesday when Centamin released their numbers the pps topped at £1.34.8
The following day they were £1.25.3 and today they’re just about 2p off the high they hit on Wednesday.
This share is in good shape, I think it’ll run to £1.55 before it runs out of steam.

Good to see it turned, yous long-standing holders deserve reward for showing courage when the market sentiment (pun intended) was a whole lot poorer.

Bol

Hello Chaiselonge... I expect the low £1.60’s, with the drill result reportedly due in the first half of August I’m hoping this will be the turning point.
I was looking at a 2 year chart and the falls are always quicker than the recovery, but it’s just a cycle. Once the turn has been established the question will then be the time.. it could take to Christmas and beyond... or just a matter of weeks.

In my opinion the current share price is cheap but I believe the fall has further to go.
For anyone who has purchased at higher levels a good point is the drop is happening quickly.
Once the bottom has been reached the recovery will begin.
I nearly believe it’s orchestrated.
Over the last weeks the entire oil sector has been contracting even when the price of crude was flat lining.
I’m in way higher but the exercise of making this post puts my mind through the understanding of what I believe to be true, and so I alleviate any suffering.

Bol all.

Precious metals surge, gold at 6-year high

Precious metals posted strong gains on Monday on the back of deepening trade war fears. Safe-haven assets rallied as global stocks took a beating following the most recent escalation in the US-China trade dispute.

Last week, US President Donald Trump ordered 10% tariffs on China's remaining $300 billion worth of exports to the US, despite objections from his advisors. Meanwhile, demand worries surrounding the trade war dragged crude prices into the red.

Gold soared 1.35% to $1,460.22 per ounce at 6:41 am ET, while silver jumped 1.85% to $16.51 per ounce. At the same time, palladium gained 0.11% to $1,411.56 per ounce as platinum leaped 1.45% to $856.75.

Breaking the News / JC

European shares drop premarket amid trade war

Shares on European stock markets were sharply lower during premarket trade on Monday amid heightened tensions surrounding global trade.

Last week, United States President Donald Trump announced his intention to slap 10% tariffs on remaining Chinese goods, reportedly against his own advisers' counsel. The latest escalation in the lengthy trade war led to a selloff on Wall Street last Friday, as well across Asian markets today.

The DAX dropped 1.07% at 8:17 am CET, while the CAC 40 lost 0.91%. In London, the FTSE 100 fell 0.96%. Meanwhile, the euro was up 0.16% against the dollar at 8:19 am CET, buying 1.11262, while the pound dipped 0.37% versus the greenback at the same time, going for 1.21180.

Breaking the News / JC

Crude oil is trading at $62.40 which is listed as plus 2.4% but in reality is roughly one dollar less than yesterday’s price.
A $1 of $63 is approximately 1.5% .

What I’m getting at is crude has traded between $62.50 & $65.00 this week but the sector has contracted way greater than that.

To be honest while I don’t like it I think it’s gearing up for a rally...

Note it’s the entire sector not just Tullow...

It interesting what ever is coming, I do hope the correction is upward

European shares dive premarket on trade tensions

Shares in major European stock markets posted sharp losses in premarket trading on Friday, following the announcement of more tariffs on Chinese goods by United States President Donald Trump. A 10% duty will be placed on imports from China to the US from September 1, he stated, as trade talks and "positive dialogue" between the two countries continue. Later, he also threatened that the announced tariffs could be raised to 25% if required.

The DAX fell 1.81% in premarket trade, as the FTSE 100 tumbled 1.16%. The CAC 40 dropped 2.06%.

The euro was flat against the dollar at 8:07 am CET, buying $1.10839, while the pound declined 0.16% compared to the greenback, selling for $1.21099.

Breaking the News / NI

US markets plunge after Trump announces more China tariffs

United States stock markets nosedived on Thursday following US President Donald Trump's announcement of additional tariffs against Chinese goods on September 1. In his tweet, Trump stated that the remaining $300 billion in Chinese imports will be subjec to 10% in trade levies.

The Dow Jones Industrial Average nosedived after the comments, erasing gains and losing 0.48% at 2:47 pm ET. At the same time, the S&P 500 lost 0.39%, while the Nasdaq 100 was the only one trading above the flatline, trading just 0.22% higher.

In the meantime, gold jumped on the latest developments, gaining 1.49% at 2:52 pm ET, going for $1433.33 per ounce. News that tariffs will be imposed on Chinese imports also affected the price of crude, as the West Texas Intermediate for delivery in September plunged to negative 5.29% at 2:54 pm CET, selling for $54.57 per barrel, while Brent settlement fell by 4.67% a minute later, down to $61.30 per barrel.

Breaking the News / MA

US markets plunge after Trump announces more China tariffs

United States stock markets nosedived on Thursday following US President Donald Trump's announcement of additional tariffs against Chinese goods on September 1. In his tweet, Trump stated that the remaining $300 billion in Chinese imports will be subjec to 10% in trade levies.

The Dow Jones Industrial Average nosedived after the comments, erasing gains and losing 0.48% at 2:47 pm ET. At the same time, the S&P 500 lost 0.39%, while the Nasdaq 100 was the only one trading above the flatline, trading just 0.22% higher.

In the meantime, gold jumped on the latest developments, gaining 1.49% at 2:52 pm ET, going for $1433.33 per ounce. News that tariffs will be imposed on Chinese imports also affected the price of crude, as the West Texas Intermediate for delivery in September plunged to negative 5.29% at 2:54 pm CET, selling for $54.57 per barrel, while Brent settlement fell by 4.67% a minute later, down to $61.30 per barrel.

Breaking the News / MA

Reaction to Trump slapping 10% sanction on China remaining goods...

Total market over action... now down 6%

This market is in limbo ... why should oil prices react to Chinese tariffs?

Wired up!

“When you look at the potential here, this could be a possible game changer for Tullow,” Cloke said.

Article dated Dec 12th 2018 referring to drill report results expected imminently.

https://oilnow.gy/featured/tullow-eyeing-potential-4-billion-barrel-game-changer-off-guyana-coast/