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Analytics, News, and Forecasts for CFD Markets: raw news — 19-05-2021.
The
U.S. Energy Information Administration (EIA) revealed on Wednesday that crude
inventories rose by 1.321 million barrels in the week ended May 14, following a
drop of 0.427 million barrels in the previous week. Economists had forecast a build
of 1.623 million barrels.
At
the same time, gasoline stocks declined by 1.963 million barrels, while
analysts had expected a decrease of 0.886 million barrels. Distillate stocks plunged
2.324 million barrels, while analysts had forecast a draw of 0.386 million
barrels.
Meanwhile,
oil production in the U.S. remained unchanged at 11.000 million barrels a day.
U.S.
crude oil imports averaged 6.4 million barrels per day last week, increased by
0.9 million barrels per day from the previous week.
FXStreet reports that gold (XAU/USD) has taken out the 2020-2021 downtrend. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the yellow metal to extend its rise towards the $2072 2020 peak.
“We target the $1959/65 November 2020 high and the 2021 high. These guard the 187/78.6% retracement and the $2072 2020 peak. Longer-term, we believe that this will also be overcome.”
“Dips lower will ideally be contained by the $1807 six-week uptrend. This guards the 20-day ma at $1762 and while above here the market should continue to maintain upside pressure.”
| Raw materials | Closed | Change, % |
|---|---|---|
| Brent | 68.5 | -1.37 |
| Silver | 28.151 | -0.13 |
| Gold | 1869.296 | 0.15 |
| Palladium | 2902.19 | 0.31 |
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