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Analytics, News, and Forecasts for CFD Markets: raw news — 18-11-2020.
The U.S. Energy
Information Administration (EIA) revealed on Wednesday that crude inventories
increased by 0.768 million barrels in the week ended November 13. Economists
had forecast a build of 1.650 million barrels.
At the same
time, gasoline stocks rose by 2.611 million barrels, while analysts had
expected a gain of 0.087 million barrels. Distillate stocks plunged by 5.217
million barrels, while analysts had forecast a decrease of 1.457 million
barrels.
Meanwhile, oil
production in the U.S. surged by 400,000 barrels a day to 10.900 million
barrels a day.
U.S. crude oil
imports averaged 5.3 million barrels per day last week, down by 245,000 barrels
per day from the previous week.
FXStreet notes that gold (XAU/USD) has recently failed just ahead of the 1973.80 mid-September high but continues to hold over the 1850 low. For now, strategists at Commerzbank are neutral.
“Should a breach of the 1850 support be seen we would allow for further losses to the 200-day ma at 1792.24 and possibly the May high at 1765.61. This in turn protects the 1721.15 55-week ma.”
“In order to regenerate upside interest, the market will need to regain the mid-September high at 1973.8, for a rally to the 78.6% retracement at 2025 which guards the target band of 2070/2088."
| Raw materials | Closed | Change, % |
|---|---|---|
| Brent | 43.68 | -0.5 |
| Silver | 24.44 | -1.21 |
| Gold | 1880.025 | -0.46 |
| Palladium | 2319.06 | -0.45 |
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