Saudi Arabia, Venezuela and Nigeria’s Crude Oil

Saudi Arabia, Venezuela and Nigeria's Crude Oil

Saudi Arabia, Venezuela and Nigeria’s Crude Oil

Asian Markets

Current Sentiment in the region had been lifted by the up-turn in WTI and Brent crude futures with the latter making a break above USD 47.00/bbl. As such, Asian Stock Exchanges, alongside US equity futures traded at best levels for the session, while the Nikkei 225 (-0.3%) had been the notable laggard in the wake of the first look at the soft Japanese Q2 GDP figures.  The ASX 200 (+0.2%) had been weighed by banking heavyweight NAB following their earnings, however losses were later pared amid the rise in oil prices. Shanghai Comp (+2.4%) and Hang Seng (+0.8%) are in the green amid reports that the Shenzhen-HK stock link could be announced as soon as next week.

  •          Japanese GDP (Q2) Y/Y 0.20% vs. Exp. 0.70% (Prev. 1.90%, Rev. 2.00%)
  •          GDP (Q2 P) Q/Q 0.00% vs. Exp. 0.20% (Prev. 0.50%).

China could announce the Shenzhen-HK stock connect as early as this week, according to reports in HK press.

Peoples Bank of China set the CNY mid-point at 6.6430 vs. Prev. 6.6543.

Peoples Bank of China injected CNY 130bln via 7-day reverse repos.

Europe and United Kingdom

The Bank of England's Haldane (Dove) said the decision to ease monetary policy was not a difficult one. According to the Bank’s estimates. Had their policy been left unchanged, it was likely to have resulted in hundreds of thousands of people losing their jobs, many of them among the 10m people in the UK without any savings.

  •          UK Right move House Price Index (Aug) M/M -1.20% (Prev. -0.90%)
  •          Right move House Price Index (Aug) Y/Y 4.10% (Prev. 4.50%).  

FX

The FX markets have been rather subdued to start the week, with USD/JPY unfazed by the GDP readings from Japan given that the impact of fiscal stimulus would not be fully taken into account while analysts at Informa noted that topside in the pair was capped by pre-101.50-60 offers.

Commodities

Oil prices extended on their gains from Friday’s session during Asian trade with WTI crude futures beginning to approach the USD 45/bbl level. Gold came off of its worst levels to trade higher by almost 3 USD with the recovery led by weakness in the USD, whilst copper prices was also led higher by a softer green back and was also boosted with the outperformance seen in China.

  •          Saudi Arabia crude oil exports estimate for week ending 12th August 5.16mln bpd a decline of 29.7% W/W.
  •          Venezuela crude oil exports estimate for week ending 12th August 1.43mln bpd. fell 13.8% W/W.
  •          Nigeria crude oil exports estimate for week ending 12th August 1mln bpd a decline of 11.5% W/W.

United States

Fed's Bullard (Voter, Soft Hawk) stated that he forecasts just one rate increase over the next few years. 

Start Trading Oil and See the Profits Coming!

Open an Account Here

 

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on whatsapp
WhatsApp
Share on email
Email

Recent .

Dogecoin is going to the moon… literally!

Dogecoin is going to the moon… literally!  While the cryptocurrency markets have been put through the mill the past few weeks, Dogecoin managed to steal the spotlight …

Read More →
Stock of the Week: Apple in huge demand, beats estimates by billions.

Stock of the Week: Apple in huge demand, beats estimates by billions. Apple beat estimates for quarterly earnings by billions of dollars. We look at …

Read More →
Stock of the week: Facebook makes CEO Mark Zuckerberg $8 billion in just one week!  

Stock of the week: Facebook makes CEO Mark Zuckerberg $8 billion in just one week!   It has been a momentous week for Facebook CEO Mark Zuckerberg who …

Read More →
Big Tech earnings roll in – Huge profits for Google, Microsoft and more! 

Huge profits for Google, Microsoft and more! Major big tech companies have released their quarterly earnings. We look at how some of the world’s biggest businesses performed so far this year!     Google, …

Read More →
MetaTrader 4 vs MetaTrader 5 – which is the better platform?
Bitcoin bounces back: Is buying the dip worth the risk?

Bitcoin bounces back: Is buying the dip worth the risk?  Bitcoin has recovered some of its losses following its fall from a record high of $65,000. Considering the crypto king’s astonishing performance in 2021, should …

Read More →
Oil summit: Waste of time
Oil market outlook: bumpy ride ahead?

2020 has been disastrous for the oil markets, however, it appears that oil has recovered most of its losses and is now hovering near pre-pandemic levels. In today’s article we will take a look at oil’s recent performance and explore the opportunities that may lie ahead.

Read More →
˄