After yesterday’s paucity of company news, forcing an oil price only blog, today the tables are turned, there is oil price news but companies are doing all sorts of stuff today.

The vampire squid poured cold water on the crude price yesterday, the recent substantial rise is clearly not what G Sachs thought when it predicted $20 oil. It was sort of inevitable, the fall that is, not the lousy forecast and is what they say ‘makes a market’. Weak Chinese trade data also punished oil bulls who had got Brent up to $41.48 during the day. After the close the API stats showed a stock build of 4.4m barrels just north of the guess of 3.9m for tonight’s EIA numbers. Kuwait added to the gloom by saying that whilst it was happy to freeze production that it would only do so if everybody else did, and they mean Iran…

The EIA also published its STEO in full which was like the curates egg, demand forecasts were lowered again but so was production. US production this year is now expected to be 8.7m b/d falling to 8.2m b/d next year, this compares with 9.4m b/d in 2015. For Natural gas geeks there were many figures to absorb, current inventories are 46% higher than this time last year and at the end of the season (Match 31st) will be 54% above last year. Their Henry Hub forecasts are $2.25 for this year and $3.02 for next which might cheer people up as will another stat which shows that this year 33% of all electricity generation in the US will be gas fired, the first time ever that it overtakes coal, stuck on 32%.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD stays near 1.0800 after upbeat US data

EUR/USD stays near 1.0800 after upbeat US data

EUR/USD stays under modest bearish pressure and trades near 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.

EUR/USD News

GBP/USD stays in daily range above 1.2600

GBP/USD stays in daily range above 1.2600

GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.

GBP/USD News

Gold pulls away from daily highs, holds above $2,200

Gold pulls away from daily highs, holds above $2,200

Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.

Gold News

XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC

XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC

XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase. 

Read more

Portfolio rebalancing and reflation trades emerge into Q2

Portfolio rebalancing and reflation trades emerge into Q2

Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.

Read more

Majors

Cryptocurrencies

Signatures