flag-gb flag-my flag-zh flag-id flag-th flag-vi

Oil market anticipates the EIA data publication and the results of OPEC monitoring committee meeting

Oil prices are moderately declining today, despite the publication of positive API data on reserves.

 

According to the report for the week, the level of oil reserves decreased by 4.26 million barrels, against the forecast of -2.9 million barrels. Later today will be published a weekly report by the EIA. Experts expect a decline in reserves by 2.67 million barrels. API data indicate actual values ​​may be below forecast expectations.

 

Several factors are exerting moderate pressure on oil prices today. First, investors were disappointed by the statistics from Japan. Japanese exports continue to decline for the 20th month in a row. A drop in production is inevitably accompanied by a decrease in demand for energy resources. Second, investors are expressing concern about a further recovery in US energy demand, as Congress was unable to pass a new stimulus package. Third, the market is reacting negatively to growing tensions between the US and China. The day before, Donald Trump announced the postponement of a new round of negotiations on a trade agreement. Investors fear the outbreak of a new trade war.

 

In addition to EIA data on reserves, today investors will follow the meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC+. OPEC+ members should discuss the extent to which countries are meeting their production quotas. Russian Energy Minister Alexander Novak is expected to join the video meeting, despite testing positive for COVID-19 on Tuesday.

 

During the day, the situation on the chart has not fundamentally changed. Upward movement remains a priority. We consider the 42.50 level as intraday support. The medium-term target for growth is the level of 43.75.

 

  • Resistance levels: 43.10, 43.75, 45.00.

 

  • Support levels: 42.50, 41.80, 41.40.

 

The main scenario - a decline to 42.50 and a renewed upward movement.

 

An alternative scenario - growth from current levels.

 

The current fundamental outlook is neutral. We consider longs from the levels of 42.50 and 42.15.

Latest news

Reduced spreads for popular pairs

2021-02-11 15:07:39

FortFS wishes all traders a Happy Chinese New Year! Only from February 8 to March 12, 2021, we reduce spreads for the 4 most popular trading pairs. New values*: EURUSDf: 0.8 GBPUSDf: 0.9 USDJPYf: 1.0 XAUUSDf: 3.5 *These values are valid only for FLEX accounts Hurry up to take advantage of the offer! Learn more about spreads: https://www.fortfs.com/clients/specifications

Deposits are even more profitable now!

2021-02-01 11:29:44

Only until February 26, special deposit rates* are available for all traders in Malaysia, Indonesia, Vietnam and Thailand: 3.6 MYR = 1 USD 10 000 IDR = 1 USD 20 000 VND = 1 USD 25 THB = 1 USD *Only Local bank deposit method is included Hurry up to take advantage of the offer until […]