collected by :Jack Alex
Chart created using TradingViewCRUDE OIL TECHNICAL ANALYSIS – Crude oil prices corrected higher after testing support at the $47/bbl figure yet again, snapping a five-day losing streak.
Crude stockpiles shed a comparable 4.62 million barrels, hinting that refiners’ uptake is not being met with end demand.
Those are expected to show that crude stocks shed 3.14 million barrels last week while gasoline stores were reduced by 275k barrels.
Gold prices charged higher as risk aversion sent haven-seeking capital into government debt, depressing yields and offering support to non-interest-bearing assets.
Statistics bolstering signs of sluggish demand on display in the API data set may put prices back on the defensive.
as informed in
Oil and Gas Stock Roundup: Oil Price Volatility Rears Its Ugly Head Again — The Motley Fool
That drop in the oil market sent several oil stocks spiraling lower this week, though there was one bright spot worth pointing out.
So whatWhile turbulent oil prices played a starring role in the price movements of oil stocks this week, some of the market’s biggest losers had company-specific news that seemed to make matters worse.
Another laggard this week was Basic Energy Services (NYSE:BAS), which declined solely due to falling oil prices.
That has heightened the volatility in the market, causing investors to sell oil stocks off on any hint of bad news, whether oil-price-related or due to company-specific events.
The price plunge has investors worried about the oilfield service company because it struggled mightily during the oil market downturn, ultimately filing for bankruptcy protection.
as informed in
Mexico Begins Mingling With Wall Street For 2018 Oil Price Hedge
Mexico City is making moves to secure its annual oil price hedging program, according to sources familiar with the process who spoke to Bloomberg.
A finance team has begun to ask Wall Street banks for final rates on put options that will lock in oil prices for 2018 via the New York investment community’s largest annual oil deal.
The agency predicted an average oil price for local crude of $42 for 2017 and $46 for 2018.
The Mexican government made a record $6.4 billion off of its hedge in 2015, the first year of the oil price crash.
The January 2017 price for Mayan crude for the U.S. was $45.75 a barrel.