Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Octa trading broker
Open trading account
Back

WTI into key bullish territory ahead of FOMC minutes, sights set on $60bbls while above 38.2% fibo and 100-D SMA

  • WTI short covering underway and oil has spiked into a key bullish zone, making a high of $57.57bbls on Wednesday as with the market expecting tighter global crude supplies and hopes of a trade deal announcement or at least positive progress from the US and China.

Prices are now extending their streak of gains to a sixth consecutive session, kept afloat by 'deteriorating production from exempt countries and the reality that Saudi Arabia has shouldered the responsibility for pursuing a balanced market," analysts at TD Securities explained. 

"The country is firmly targeting higher prices," the analysts added. 

However, the U.S. Energy Information Administration said in a monthly report Tuesday that it expects oil production from seven major U.S. shale plays to climb by 84,000 barrels a day in March to 8.398 million barrels a day.

This will make today's data from the API key and tomorrow's EIA that will release its separate, weekly petroleum status, a day later than usual due to the Presidents Day holiday earlier in the week. Tomorrow's EIA data is expected to show an increase of 3.5 million barrels in crude stockpiles for the week ended Feb. 15 and to forecast supply declines of 1.1 million barrels for gasoline and 1.4 million barrels for distillates.

FOMC in focus

While supply and demand is a fundamental driving contributor to the price action today, the dollar is also on the backfoot and helping buoy the commodities sector. The FOMC minutes will be key today and could be a catalyst that might just cap the rally if the minutes are not as dovish as the market might hope for. Key attention will be paid to QT or any mention of it in the minutes. Anything less than dovish, in line with Mester and Williams, (neutral), the dollar could firm and cap the price of oil today. 

WTI levels

US crude has been closing above the 38.2% retracement of the October to December sell-off at 55.55 and looks to close above the  100-day MA at 56.69. The price is also now above the Ichimoku cloud with the price well below the trending lagging span that indicates that the bull trend is well entrenched. Eyes are on 60.00 if the price can hold above 56.50 on a daily closing basis which could encourage adding to longs mentality from traders. On the flip side, a break back below the 38.2% fibo would target 55.80 (S1) and the day's lows. 

EU's Juncker doesn't expect Brexit breakthrough in today's talks with May

According to Reuters, European Commission President Jean-Claude Juncker recently reiterated that he did not expect to have a Brexit breakthrough when
Read more Previous

Eurozone consumer confidence rises in February - ING

"After the declines in 2018, consumer confidence has perked up in January and February. The February increase of 0.5 points to -7.4 justifies some cau
Read more Next