Crude Oil futures has been awaiting a moment to ignore bloating U.S supplies, growing U.S production and slimming demand. Yesterday was that day. Crude roared higher along with risk assets in a central bank induced frenzy.
Natural gas futures and live cattle futures are beginning to form constructive bottoms. We are looking for technical buy setups in futures and highly correlated ETFs.
Soybeans higher on heavy rains that are stalling planting. We traded above the $9 per bushel level which was a resistance level and now will be a support level. Soybean futures are currently trading at $9.10 per bushel.
This Wednesday all eyes are on the FOMC meeting with statement release and press conference. Markets anticipate a dovish stance on both.
Prices last week in WTI Crude Oil Futures fell 2.7% and closed at $52.50 per barrel. Last week supply concerns pressured energy markets. Although, after a tanker explosion on June 13 prices and volatility were briefly higher.
WTI futures up slightly today and lower on week. Yesterday IEA cuts oil demand growth forecast following Wednesdays bearish report from OPEC that trimmed its forecast for world oil demand,
Gold futures rally on bearish economic data. Traders are worried about global recession, escalation of trade war and geopolitical risks.
New orders for U.S.-made capital goods unexpectedly fell in January after three straight months of strong gains but did little to change views that manufacturing was recovering from a prolonged slump amid rising commodity prices.
Tuesday was a day of two halves for the pound: the currency was trading lower at the start of the session only to turn around violently during the afternoon session.
The initial wave of jitters and uncertainty created from Italian voters’ rejection of constitutional changes transformed into a free for all as the risk-on magnetized investors to riskier assets.