x
Visit our new Mobile Website next time you access NetDania with your mobile device
Netdania News
Api reports build while market awaits EIA report

Source FxWire Pro Wednesday, 16 May, 2018 12:52:53 GMT
Back

Both Brent and WTI is heading higher over Middle East tensions and as oil market nears balance. WTI is currently trading at $71 per barrel and Brent at $6.8 per barrel premium to WTI.

Key factors at play in the crude oil market –

  • President Trump moved the United States out of the Iran nuclear deal and promised to impose harshest of sanctions.
  • Violence in Gaza could spread across the Middle East.
  • Saudi oil minister said that the world has the capacity to absorb higher oil price. Saudi Arabia plans to target $100 per barrel oil.
  • Iranian oil minister said he is opposed to extending the production agreement at June’s meeting.
  • Reuters’ survey suggests OPEC production down by 70,000 barrels per day to 32.12 million barrels in April.
  • Russia increased production in March to 10.97 million barrels per day compared to 10.95 million barrels per day in February. OPEC and Russia to cooperate on oil production beyond 2018. OPEC is reportedly working on an agreement which would make Russia a permanent partner of OPEC in oil supply management with OPEC. This OPEC supergroup would also include other participating non-OPEC countries.
  • Saudi Arabia’s crown prince surprised everyone by suggesting that Russia and Saudi Arabia is looking to form a supply cartel alliance that would last not for years but decades.
  • The oil price is moving higher as the market speculates that President Trump will cancel the Iran agreement.
  • Iran’s oil minister Bijan Zanganeh said that OPEC could start easing on the production quota at its June meeting. Iran is seeking to increase its quota from 3.8 million barrels per day to 4 million barrels per day.
  • Venezuela in crisis as oil production declined to 1.44 million barrels per day.
  • EIA projects U.S. crude production to increase to 11. 4million barrels per day by end of 2019 and U.S. would become the single largest producer by next five years.
  • OPEC members and participating non-OPEC countries have agreed to extend the supply reduction agreement until the end of 2018.
  • Saudi corruption crackdown yielded $106 billion according to the country’s attorney general.
  • OPEC production was 31.93 million barrels per day in April, up 12,000 barrels from March, according to OPEC’s monthly oil market report.
  • Current U.S production at 10.7 million barrels per day.
  • The oil market is in backwardation, both Brent and WTI.
  • API reported a surprising build of 4.854 million barrels of crude oil. Gasoline saw a draw of 3.369 million barrels.

Today’s inventory report from US Energy Information Administration (EIA) will be released at 14:30 GMT.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

Source: FxWire Pro - Commentary
© FxWire Pro 2018. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.
Find a Top Broker
Global
Forex
24933.90
216.3
0.88%
2728.16
16.2
0.60%
6914.27
52.64
0.77%
8453.45
266.5
3.26%
13070.77
-34.12
-0.26%
23024.50
191
0.84%
3218.22
24.92
0.78%
7772.77
-10.29
-0.13%
31434.00
424
1.37%
6086.56
26.94
0.44%
10561.80
-34.6
-0.33%
1286.99
-5.25
-0.41%
79.06
0.42
0.53%
1.17474
-0.0019
-0.16%
111.255
0.5
0.45%
1.34314
-0.0024
-0.17%
0.75166
0.0012
0.16%
1.28731
-0.0007
-0.05%
130.69700
0.361
0.28%
0.87454
0.0013
0.15%
149.44000
0.39
0.26%
0.99939
0.0019
0.19%
1.17407
0.0011
0.09%
0.68941
-0.0015
-0.21%
93.85900
0.156
0.17%
Top Gainers
Name
Last
+/-
%
1.12
0.49
77.81%
0.29
0.11
59.59%
0.12
0.04
50.00%
0.15
0.04
41.35%
1.77
0.41
30.16%
0.26
0.06
30.00%
6.05
1.36
29.00%
0.80
0.18
28.14%
0.75
0.15
25.00%
19.50
3.60
22.64%
Top Losers
Name
Last
+/-
%
0.69
-1.81
-72.40%
2.50
-1.18
-32.06%
4.94
-2.01
-28.92%
0.16
-0.06
-27.27%
0.12
-0.04
-25.40%
8.32
-2.68
-24.36%
3.99
-0.89
-18.24%
13.90
-2.90
-17.26%
0.25
-0.05
-16.67%
6.79
-1.22
-15.23%
NetDania does not guarantee the accuracy of data contained on this website, nor do we guarantee that data is real-time. Data on this website may be provided from OTC market sources and market makers, and not necessarily from exchanges. The provided price data is indicative and may not be appropriate for trading or decision making purposes. NetDania does not assume any responsibility for any losses incurred from the use of the provided data.
NetDania does not endorse or promote any broker or financial service. NetDania is a pure technology provider offering its software with broker integration. Any user of NetDania software must be an existing client of one of our supported brokers. NetDania showcases NetDania technology for the purpose of demonstrating it towards brokers and other institutions looking to white label the technology on a software subscription contract. No financial services are offered, promoted or recommended. NetDania is compensated as a technology provider by its institutional clients including its integrated brokers. It is the sole responsibility of any recipient employing or requesting an offering to comply with all applicable legislation or regulation affecting it.

Persons or entities including approved brokers not belonging to the NetDania Group may advertise on the NetDania and its Group’s websites, through links, banners or otherwise. We have not taken any steps to verify the accuracy, quality or reliability of any products, information or services provided by third parties that have links on our website. We accordingly provide no warranties with regard to and disclaim responsibility for any such products, information or services and exclude all liability in this regard to the fullest extent permitted by relevant laws and regulations. If a user of the NetDania Group’s websites decides to act upon any such advertising, such user does so entirely at its own risk.

NetDania’s website may be accessed worldwide. The Information provided on its website is however only intended for use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. None of the offerings services referred to on this website are available to recipients residing in countries where the provision of such offerings would constitute a violation of mandatory applicable legislation or regulations. It is the sole responsibility of any recipient employing or requesting an offering to comply with all applicable legislation or regulation.

HIGH RISK INVESTMENT WARNING:
End-users of the NetDania software that make use of the trading integration features as direct clients of integrated brokers, should be aware of the level of risk carried by trading in financial markets. Trading foreign exchange and or other financial instruments on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or more of your initial investment, and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading, and seek advice from your broker and or an independent financial advisor if you have any doubts. Anyone opening a live trading account needs to adhere to the laws of their local country as such laws may differ from country to country.
NetDania expressly disclaims any liability for any lost principal or profits which without limitation may arise directly or indirectly from the use of or reliance on information on our website or the use of our software with broker integration.
Copyright © 1998 -2018 NetDania Creations ApS, Kronprinsessegade 36, 1st floor DK-1306 Copenhagen K, Denmark, +4536980409, Contact NetDania by email, CVR-nr.27976670 Terms And Conditions and Privacy Policy