Crude Oil Futures: Further gains not ruled out near term

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets note traders increased their open interest positions by around 6.6K contracts at the beginning of the week. On the other hand, volume went down for the second session in a row, this time by around 148K contracts.

WTI: Immediate hurdle comes at $72.00

WTI prices started the week on a positive mood, although a convincing breakout of the $70.00 mark per barrel remained elusive. The uptick was accompanied by rising open interest, which suggests the likelihood of a near-term bounce. Next on the upside for the commodity emerges the recent weekly tops beyond the $72.00 yardstick.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

AUD/USD trades near May 14 highs, above 0.7200 ahead of China's trade data

AUD/USD sits above 0.7200 during the Asian session on Tuesday, near its highest level since May 14. The US Dollar stays under pressure as a rallying Japanese Yen outweighs support from hawkish Fed bets and geopolitical tensions. This, along with firming expectations for another RBA rate hike later this month, acts as a tailwind for the Aussie ahead of China's trade balance data.

USD/JPY sinks to mid-153.00s, February 18 lows as BoJ rate hike bets boost JPY

USD/JPY drops to its lowest level since February 18, near mid-153.00s during the Asian session on Tuesday, as Japan's upbeat wage growth data cements bets of a BoJ rate hike next week and continues to boost the Japanese Yen. Meanwhile, US Dollar selling remains unabated despite hawkish Fed expectations and rising geopolitical tensions, lending additional support to the currency pair.

Gold holds above $4,400 as USD weakness counters Fed hike bets

Gold trades with a positive bias above $4,400 during the Asian session on Tuesday and, for now, seems to have snapped a two-day losing streak as a rallying Japanese Yen keeps the US Dollar depressed. However, hawkish Fed bets, along with rising US-Iran tensions, could support the USD and cap the non-yielding bullion as traders await US inflation figures later this week.

Bitcoin whale profits hit record $9.07B, long-term holders increase on-chain activity

Bitcoin’s (BTC) short-term holder (STH) whales have reached a record level of unrealized profit, raising concerns that increased profit-taking could put pressure on the market during its current consolidation phase.

Strong US jobs, Middle East tensions and key inflation data ahead

Good morning all, hope you enjoyed your weekend. Markets are starting the week after Friday’s stronger-than-expected US jobs report, which increased expectations that the Fed could raise rates at its September meeting. However, US markets are closed today for the Labor Day holiday, so liquidity should be lower and we may see slower price action.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.