Following futures positions of non-commercials are as of Aug 29, 2017. 10-year note: Currently net long 283.7k, up 22.5k. Hurricane Harvey may have given the Fed an excuse not to hike come December. At least that is how markets are … Continued
Spot West Texas Intermediate crude had a lousy last week, collapsing 9.1 percent as well as losing both 50- and 200-day moving averages. On a closing basis, it also lost the rising trend line from the lows of February last … Continued
Ten and counting. That is the number of weeks spot West Texas Intermediate crude ($53.78) has now gone flat. Oil bulls hope this is consolidation before another leg higher. Since oil bottomed at $26.05 on February 11 last year, it … Continued
Over the weekend came news that OPEC and non-OPEC producers had taken 1.5 million barrels per day out of the market. They had earlier agreed to output cut of 1.8 mb/d in the first six months this year. OPEC first … Continued
Over the weekend, non-OPEC producers agreed to cut crude output by 558,000 barrels per day, of which Russia would reduce by 300,000 b/d. This followed OPEC’s November 30 decision to cut output by 1.2 million b/d. The deal goes into … Continued