WTI Crude Prices Surging Ahead this Wednesday

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Commodities News WTI Crude Prices Surging Ahead this WednesdayBy Forexminute - Jonathan Millet | Commodities News | Nov 6, 2013 9:00AM UTC

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West Texas Intermediate or WTI crude has been in the doldrums recently. Today it rebounded from the lowest level in five months amidst the news that a report is expected that will show that U.S. fuel supplies actual shrank recently and the price that went southward were excessive. Whereas futures advanced by 0.9 percent in New York, the indicators for gasoline and distillate inventories fell slightly.

Earlier we had reported the last week that West Texas Intermediate oil fell to the lowest level in more than four months when it was expected that the U.S. has huge stockpiles of crude. Then Futures in New York sank as much as 0.6 percent which contributed to the week’s 3.3 percent decline as the U.S., the world’s biggest oil consumer stockpiled huge quantities of crude. Additionally, there was a report that Libya had started its productions from the oilfields that were shut due to protests.

Amidst the reports from the Energy Information Administration that the U.S. had huge quantities of crude reserves, the crude prices went down below $95 which was the lowest since June this year. There is still not much improvement in the price levels as crude’s relative strength index is below 30 for a fourth day which again is not a bright signal for oil companies that are looking for profits from oil production.

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However, WTI recorded a slight growth in its December delivery which rose as much as 88 cents to $94.25 a barrel in electronic trading on the New York Mercantile Exchange; then to it is still traded at $94.16 at 9:40 a.m. London time. On the other hand, the contract dropped $1.25 to $93.37 yesterday which is the lowest from all standards since June 4 this year.

Market observers say that WTI has lost 5.4 percent in the past seven days. Its 14-day relative strength index yesterday fell to 25.9 which in fact is the lowest reading since June 2012 which can be of great trouble for oil producers. Some investors believe that crude prices are completely oversold, and people are sort of looking for the chance of a rebound within a few days.

According to the new estimates U.S. gasoline inventories probably decreased by 400,000 barrels in the week ended Nov. 1 which leaves close to 213.4 million in supplies which is the least since November last year. Similarly, distillate stockpiles that also include heating oil and diesel, in all probabilities have fallen by 1.5 million barrels to 121.2 million.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com

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Pound got what it wanted

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Forex Tips Pound got what it wantedBy Forexminute - Jonathan Millet | Forex Tips | Nov 6, 2013 9:00AM UTC

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The British pound was hovering at its multi month low at 1.5900 till Friday, after which the bulls entered the market this week on Monday following a good improvement in the construction sector of the U.K. economy. Plus, as mentioned in our previous analysis that if the Services PMI data comes out to be impressive, then that short term gains of Monday could extend further and may take the pair further up and so it did. The Services sector expanded in the U.K. economy much better than expected in the past month, hence regaining investors’ confidence in the British pound.

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After gaining 200 points in just 2 days, the GBP/USD is trading at 1.6085 in the Asian session on Wednesday, where it has completed its 50% bullish correction of the bearish move it witnessed last week. Chances are that the pair would gain around 20 points more to complete its 61.8% retracement on a Fibonacci retracement scale, and that would be the point where sellers might start entering the market.

Therefore, those who want to sell the pair can enter now or at 1.6118 and can keep a tight stop loss, but the overall trend could become bullish if the manufacturing production data for the past month comes out to be pleasing as well.

**relatedaticle**

As long as the pair is trading above 1.6051 critical level, the pair is good for buying, below this level sellers would enter more in the market.

Watch out Euro Traders

The euro made a zig zag movement on Tuesday where it is seeing its resistance level at 1.3531, breaking of which could lift the pair further up to 1.3545 and 1.3580 where sell orders might start triggering again. However, investors are eying on key economic indicators due today for the euro including European retail sales, German factory orders, and Spanish and Italian services PMI.

Stagnant Gold

Gold is stuck at the 1313 level and has been stagnant so far this week, since investors are looking forward the big data that would be released on Friday after 2 months, i.e. NFP and the U.S. unemployment. A lot depends on this data and thus could shape the short to medium term outlook for the metal. The support is still there at 1307 and 1301 levels; hence buying is safe above these levels.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com

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Forexminute Daily Signals Special Promotions New Features Country Afghanistan Åland Islands Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Indian Ocean Territory Brunei Darussalam Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos (Keeling) Islands Colombia Comoros Congo Congo, The Democratic Republic of the Cook Islands Costa Rica Côte D'Ivoire Croatia Cuba Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands (Malvinas) Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Holy See (Vatican City State) Honduras Hong Kong Hungary Iceland India Indonesia Iran, Islamic Republic of Iraq Ireland Isle of Man Italy Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Korea, Democratic People's Republic of Korea, Republic of Kuwait Kyrgyzstan Lao People's Democratic Republic Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macedonia, The Former Yugoslav Republic of Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia, Federated States of Moldova, Republic of Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar Namibia Nauru Nepal Netherlands Netherlands Antilles New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island Northern Mariana Islands Norway Oman Pakistan Palau Palestinian Territory, Occupied Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Poland Portugal Puerto Rico Qatar Reunion Romania Russian Federation Rwanda Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Sao Tome and Principe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syrian Arab Republic Taiwan, Province Of China Tajikistan Tanzania, United Republic of Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom United States United States Minor Outlying Islands Uruguay Uzbekistan Vanuatu Venezuela Viet Nam Virgin Islands, British Virgin Islands, U.S. Wallis And Futuna Western Sahara Yemen Zambia Zimbabwe Continue to ForexMinute.com Continue to Forexminute.com

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Currency Forecast, November 7th 2013

Today will be the beginning of a volatile market, once the ECB announced the rate decision plus the press conference afterwards.

Even the ECB doesn’t cut the rate, Draghi will mention that a rate cut in December then is more than likely.

EURCHF moved higher as expected, but there are still some pips missing to sell at 1,2340.

Let’s see what happens after ECB rate decision, which will give us a better outlook then for the next week.

Good luck,

Current trades, positions and levels:

For info how the model works: The P/L is always calculated with the size of 1. So if the position is 1 and it makes a profit of 100 pips, the P/L would be +100 pips. If the position is 2 and it makes a profit of 100 pips, the P/L would be +200 pips of course – it is always calculated with the position size of 1. The position could go up to 3, in case the system has a strong view.

Current spot: EURUSD 1,3505 , USDCHF 0,9130 , EURCHF 1,2335 , USDJPY 98,70 , EURJPY 133,30 , EURHUF 296,65 , USDCAD 1,0410 , GOLD 1.315,00

EURUSD
(Entry lvl):
Current position: Short 3 @ 1,3150
Target:
Stop lvl:
Last trade:
P/L (ytd): -110 pips

USDJPY
(Entry lvl):
Current position: flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +2240 pips

EURJPY
(Entry lvl): buy 3 @ 131,75
Current position: Flat
Target:
Stop lvl:
Last trade: Bought 3 @ 133,15
P/L (ytd): +1078 pips

USDCHF
(Entry lvl):
Current position: Long 3 @ 0,9366
Target:
Stop lvl:
Last trade:
P/L (ytd): +440 pips

EURCHF
(Entry lvl):
Current position: long 3 @ 1,2300
Target:
Stop lvl:
Last trade: bought 3 @ 1,2300
P/L (ytd): +621 pips

EURHUF
(Entry lvl): Buy 3 @ 292,00
Current position: flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +2540 pips

USDCAD
(Entry lvl):
Current position: flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +500 pips

XAUUSD (Gold)
(Entry lvl):
Current position:
Target:
Stop lvl:
Last trade:
P/L (ytd): +258.000 USD

To contact the reporter of this story: Marco Roemer at marco@forexminute.com

I am an fx-trader (mainly fx-options and fx-exotic options but also fx-spot and fx-swaps of course which you need to run an options-book) for already more than 10 years at a big European bank. 95% I t...

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Bitcoin Landscape Changes in Canada for the Better

Victor Hugo had said, “None can stop the idea whose time has come.” It looks like the idea of Bitcoin has come finally as the first ever BTC ATM has arrived in Canada. The stage was set for Bitcoin ATM a couple of months ago when the idea was germinated by Bitcoiniacs – we had reported this earlier in September.

Canada, the country which has been a country that welcomed Bitcoin wholeheartedly, has become part of history now with its first BTC ATM. The 27-year old, Mitchell Demeter, owner of Bitcoiniacs had insisted that Bitcoin kiosks would be a better option for customers to buy and sell Bitcoins and hopefully drive the adoption of Bitcoin, now the company has executed it perfectly well. Demeter believes that it will help make a mainstream currency.

Canada has Favorable Circumstances for BTC

Canada has a lot of customers and Bitcoin supporters who now prefer exchanging their Canadian dollar for Bitcoin. To convert their Canadian dollars to Bitcoin they use the services from Bitcoiniacs, a physical store in Vancouver that acts like a Bitcoin broker. Many of these customers consider that buying BTC from a physical store can be tedious at times and incurs discomfort.

However, now that things have changed and the first Bitcoin ATM has come up in Vancouver, things are not going to remain the same. May be this idea spreads around the world and various other cities get their BTC ATMs soon. A revolution has just begun and will not be stoppable. Bitcoin is getting new supporters and gaining popularity and acceptance from all corners excluding of some skeptical governments.

BTC ATM Will Change the Way Bitcoins Are Being Transacted

BTC ATMs are going to transform the way Bitcoins have traditionally been bought and sold. In fact, now there won’t be any requirement for customers to visit brokers to exchange their Canadian dollars into Bitcoin; rather, they can go to the Bitcoin ATM and get their virtual currency instantly.

Bitcoin supporters are delighted over the news and realize that it will be much more comfortable for them than ever to get user-friendly professional transactional experience with BTC ATMs.

Proactive Approach from Bitcoiniacs

A couple of months ago Bitcoiniacs had decided to install five Bitcoin kiosks from a Las Vegas-based company called RoboCoin so that it could cater its customers exchange their Canadian dollars with Bitcoin. The company had then declared that Apart from Vancouver Toronto, Montreal, Calgary and Ottawa would be getting a machine each.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com

Deepak Tiwari, a law graduate, has been working as a journalist for six years now. He currently writes on Bitcoin, economic, and Forex related news at ForexMinute, the brand new financial news portal ...

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Asian Markets react to FED Plan

The Asian stock market witnessed a temporary downfall as the investors reacted to yesterday’s comments made by the Federal Reserve where it was stated that the paring of the stimulus plan might be initiated sooner than expected. However, the Federal Reserve kept the stimulus bond buying at the same level of 85 billion dollars per month because the government shutdown for 16 days caused nearly 800,000 federal workers furlough, plus the unemployment rate and NFP data release was delayed.

Therefore, according to the FED chairman Mr. Ben Bernanke, the economy needs to be analyzed properly and after that the decision would be taken as to what should be done about the stimulus reduction and when.

Stock Indices – Asia

Shanghai Composite dropped by 0.4% as the top four banks of China unveiled their highest rise in soured loans in the past 3 years; while the Hang Seng index of Hong Kong fell by 0.7%. Moreover, slight losses were also seen in the Singapore, South Korea’s and Taiwan’s stock markets as investors and analysts are conceiving that ‘tapering is inevitable’ hence it could slow down the flow of money and ease of trade from Asian markets as well.

S&P 500 on a Roll

The S&P 500 index has been on a roll for the past 2 weeks as there were no indication of paring the stimulus plan, plus the government shutdown problem was also resolved that buttressed the market to move up sharply. However, a mixed reaction was seen yesterday where the market moved in a sideways direction during and after the speech but today in the Asian session, the S&P 500 futures are hovering at 1753 level after losing a few points in the Asian session. However, this move is merely a bearish correction and may go down till 1741 where its support zone is present.

Major Stocks

Mitsubishi Industries along with the Japan Airlines are set to unveil their reports today, where volatility would be seen in the stock prices as the analysts are expecting better results from both the companies against their previously posted records. The stimulus in the Japanese economy has certainly helped the exporters a lot hence bringing in more revenue to the country, so good sales and profits are expected from Mitsubishi Industries as well.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com

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Mongolia’s Tavan Tolgoi Basin to Sell Fuel to Shenhua Group Corp

According to various reports coming up, three companies that mine coal in Mongolia’s Tavan Tolgoi basin have agreed to export 1 billion tons of the fuel to China’s Shenhua Group Corp. The exports will be done in the next 20 years by three companies e.g. Erdenes Tavan Tolgoi JSC, Mongolia Mining Corporation (975), and Tavantolgoi JSC.

The tree companies have signed the memorandum of understanding with Shenhua. According to Yaichil Batsuuri, CEO of state-owned Erdenes Tavan Tolgoi, the coal delivered by the three companies could generate about $50 billion at current prices. Earlier, in July this year, China Shenhua Energy Co., Peabody Energy Corp. (BTU) and a Russian-Mongolian group were picked to develop Mongolia’s Tavan Tolgoi deposit.

Reportedly, Tavan Tolgoi has the world’s largest untapped coking coal reserve and has a great potential to fulfill the requirement for fuel from China which became the largest consumer of liquid fuel recently. The agreement will help Mongolia received Forex in exchange of the fuel that it will export to China.

Partnering for Better

According to reports, the Shenhua-led group will get a 40 percent share in the project. The other two partners have been given rest of the share. Whereas Peabody will hold 24 percent, the Russian-Mongolian venture will be holding 36 percent. The three companies which are operating in the Tavan Tolgoi basin own more than 6.4 billion tons of coal reserves.

Now that they have agreed to export 1 billion tons of coal over 20 years to China, the company can still manage to export the rest of the amount to other markets. Nonetheless, the current export will be in tune of 50 million tons annually on average. According to the agreement any coal supplied by the Mongolian companies and not wanted by Shenhua can then be sold on the international market.

Falling Coal Exports from Mongolia

Mongolia has been facing a falling rate of coal exports recently. The recent data shows that the country has been able to export only 11.38 million tons of coal whereas it was able to export 14.29 million tons a year earlier. Similarly, there has been a decrease in the value of the exports of coal wherein it has fallen to $783.94 million from $1.43 billion a year earlier.

Additional agreement regarding building a freight line that will help deliveries to the Chinese border too has been reached upon by Shenhua, China’s biggest coal producer, and the three companies and Mongolia’s state-owned railway company.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com

Jonathan Millet is currently the proud CEO of ForexMinute.com, the brand new financial news portal which is making waves among Forex traders around the globe for the innumerable Forex resources it off...

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