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Tag Archives: oil

Commodities Week in Review: January 4 to January 8

Commodities Week in Review: January 4 to January 8 Agriculture  Agricultural commodities were a mixed bag during the first trading week of 2021 as a strengthening US dollar weighed on many crops. But output levels and tighter inventories supported agricultural products, like corn and soybeans. After a roaring 2020, can the broader agriculture market continue the momentum in 2021? Cocoa  Friday Settlement: -$12.00, or 0.48%, to $2,504 per metric ton Weekly Performance: -3.58% YTD Performance:...

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Crude Oil Heads to End Friday & Week with Gains

Crude oil was heading to end Friday with significant gains. Furthermore, crude was also on track for a weekly gain of more than 6%. Market analysts explained the strong rally by the decision of Saudi Arabia earlier this week to singlehandedly slash oil production by 1 million barrels per day — more than 1% of global supply. Usually, the impact of OPEC+ decisions does not persist for several days but this...

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High Drama Weighs on the Greenback and Lifts Yields

Overview:  One of the two Georgia Senate contests remains too close to call, but the market appears to be pricing in a Democrat sweep.  The 10-year yield has punched above 1% but has offered the greenback little support.  Yesterday, the dollar-bloc currencies rose to highs since early Q2 2018 and are extending those gains today.  The Scandis are also tracking higher.  The yen is the laggard, but the greenback remains below JPY103.00  Emerging market currencies have not been deterred by the...

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Video: Crude Oil Price Analysis for January 2021 – WTI Rally Just Getting Started?

In the present video, David Jones from Capital.com provides his forecast for WTI crude oil in January 2021. He starts the video by discussing how volatile was 2020 for oil prices, explaining what factors were driving the commodity, and talking about fundamentals that will be influencing crude at the start of 2021. Next, David lists the major support and resistance levels. He then shows charts, discussing price moves...

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Crude Oil Surges As OPEC Weighs Output Cut, Iran Seizes South Korean Tanker

Crude oil futures are surging on Tuesday as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, extended talks regarding production levels. Oil prices were also supported by reports that Iran seized a South Korean ship, which comes as the country started enriching uranium up to 20%. Could US crude test $50 before the week is over? February West Texas Intermediate (WTI) crude oil futures soared $1.63,...

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Commodities Week in Review: December 28 to January 1

Commodities Week in Review: December 28 to January 1 Agriculture  Despite being relatively quiet in the broader financial markets, agricultural commodities continued to end 2020 on a high note, adding to their annual totals. The commodities market has had its best yearly performance in about six years, thanks to a mix of a weakening US dollar, strong fundamentals, and a coronavirus pandemic that has enhanced demand. The consensus is that agriculture will have an even stronger 2021 due...

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US Crude Erases Gains Despite Larger-Than-Expected Supply Drawdown

Crude oil futures erased their gains on Wednesday, despite the US government reporting a larger-than-expected decline in domestic supplies. Oil prices are also coming under pressure on reports that Russia will be pushing for a production hike at next month’s meeting among Organization of Petroleum Exporting Countries (OPEC) members. With demand remaining a concern and output expected to normalize in 2021 gradually, could...

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Commodities Week in Review: December 21 to December 24

Commodities Week in Review: December 21 to December 24 Agriculture  US agriculture had another strong weekly performance, despite a rising US dollar. The agricultural commodities market was looking to build on its overall momentum this year in the home stretch of 2020, buoyed by strengthening foreign demand and declining output and supplies at home and abroad. Investors are betting on a repeat performance...

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Crude Oil Finds Support on US Supply Drawdown, UK-EU Trade Pact

Crude oil futures are finding support on the US government reporting a considerable drawdown in domestic inventories. Energy prices also rallied on reports that the United Kingdom and the European Union reached a trade agreement just days before the Brexit deadline. Supply disruptions in Nigeria and France reopening its border to England amid concerns over a new strain of the coronavirus contributed to higher...

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Does Key Reversal in S&P 500 Put the Santa Claus Rally at Risk?

It was another difficult week for the greenback, which moved lower against all the major currencies.  The Scandis led it, helped by risk-on appetites and Norway's central bank penciling in its first rate hike around mid-2022.  The hope of a UK-EU deal appears to have spurred short-covering, which lifted sterling to new 2.5-year highs, though pulled back a bit ahead of the weekend.  Germany led the major equity markets higher as the DAX advanced by nearly 4%, which turned it positive for the...

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