Sentiment hit after tweet Quick move down in the S&P 500 to 2756 from 2764. Better get that Benz you’ve been hoping for soon.
Trump wants more oil This pretty much confirms that the US called around and asked a few OEPC members to pump more. What’s not exactly clear is how much more oil is going to come into the market. It’s somewhere in the 600k bpd to 1 mbpd range. At the moment, the market is saying…
Preliminary readings on services and manufacturing from Markit The Philly Fed was also soft yesterday.
From Mazrouei: This is such a confusing move. The communique sounds like a win for the countries that didn’t want to produce anymore (because they can’t) while in reality it looks like Saudi Arabia is going to pick up the slack for the countries that can’t meet quotas.
CFTC commitment of traders highlights for the week ending June 19, 2018 Highlights:
Watch the OPEC press conference . Click here to watch it live In other news, Congo and its 350K bpd will join OPEC.
Bitfinex and Tether back in the news Bitfinex Chief Strategy Officer Phil Potter is leaving the company in a ‘mutual parting of ways’, . He will be replaced by CEO JL van der Velde.
Saudi says 1 million barrel per day hike Two reports are hitting at the same time. The first cites the Saudi oil minister talking about 100% compliance. The second says they have agreed to a 1 million barrel per day increase.
EUR/USD up 55 pips Fading trade war headlines is suddenly the best strategy in markets. The latest threat from Trump was the main headline today but it’s effects have been fleeting.
Losing momentum. Markit comes out weaker. The USDJPY is backing off (moving lower). The Markit PMI for Manufacturing just came out and it is the lowest since September. That is not helping. Stocks are wandering back down. The Nasdaq is in the red now (down -11 points or -0.14%). The S&P and Dow are still…