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Oil
and Gss: Commodities News
News
Brent
crude oil spot (CFD) (FxPro)
Australian
Mining
AFR:
Mining
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Sydney Morning Herald: Mining
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Commodities
News via Media Man and FxPro
May
20, 2024
Oil
shows weakness
Oil
is losing about ¾% of its peak on Monday, having
hit a strengthening sell-off as it attempts to climb
above $80/bbl WTI and $84/bbl Brent.
Interestingly,
oil is declining despite the death of Iran's president,
which should reinforce the risk premium, and despite
a strong rally in metals and other commodities in
response to China's stimulus measures.
News
on the US oil industry points to relative stagnation.
According to Friday's report from Baker Hughes, the
total number of Oil rigs in the US was 497 compared
to 496 and 499 in the last two weeks. We have been
seeing fluctuations around the 500 since last October.
The
official weekly report from the US Energy Information
Administration last week also pointed to stagnant
production at 13.1 million bpd over the last ten weeks.
This volume also is the average over the period since
mid-September.
The
conclusion is that current prices are neutral for
the industry, not creating incentives to increase
production but not causing it to decline either.
The
price chart also shows a clear balance of power for
more than two weeks now. Since December, the price
has been moving in an ascending channel. Oil briefly
fell out of this range last week but found buyers
in the second half of last week, rising from $76.4
to $79.8 in less than three days.
The
bulls are also not yet able to unequivocally retake
the lead, as an attempt to exceed the 200-day moving
average on Monday was met with increased selling.
This may be a signal that the bears are still in control
of the situation and are now gathering strength for
a new downward impulse. We will get confirmation of
this hypothesis only in case of consolidation under
$76.5. It is also relatively easy for oil to roll
back to $75, where the 200-week moving average lies.
However, a failure below $70-$71 could start a real
corkscrew in oil with a potential first target at
$50 and a final target at $30.
The
ability to get back above $80 would be a sign of a
bullish recovery and set the mood for a quick exit
to $85 within weeks and above $92 by mid-summer.
Oil
(Wikipedia)
Petroleum
(Wikipedia)
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Iron
ore, gold, copper and Bitcoin rise
Media
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Roy
Morgan Summary
April
19, 2024
Australian
Dollar: $0.6420 USD (down 0.0020 USD)
Iron
Ore May Spot Price (SGX): $116.55 USD (up $0.70 USD)
Oil
Price (WTI): $82.53 USD (down $0.33 USD)
Gold
Price: $2,378.14 USD (up $17.05 USD)
Copper
Price (CME): $4.4310 USD (up $0.0900 USD)
Bitcoin:
$63,661.45 (up 3.83% in last 24 hours)
Dow
Jones: 37,775.38 (up 22.07 points on yesterday's close)
News
Broken
Hill's union-run newspaper the Barrier Truth announces
closure after nearly 130 years
Roy
Morgan Summary
Barrier
Industrial Council president and Barrier Truth board
chair Roslyn Ferry has confirmed that the union-run
newspaper is to cease publication after nearly 130
years, saying it breaks her heart to close down its
operations. Formerly known as the Barrier Daily Truth,
the closure of the paper comes after Broken Hill,
a mining town located on the edge of the desert in
NSW, lost its commercial news bulletin a year ago.
Regional and rural independent newspapers are closing
in increasing numbers, and media experts say Meta's
recent decision to remove the News tab on Facebook
is unlikely to help the situation.
In
economics, a commodity is an economic good or service that has full or substantial
fungibility: that is, the market treats instances of the good as equivalent or
nearly so with no regard to who produced them. The
price of a commodity good is typically determined as a function of its market
as a whole: well-established physical commodities have actively traded spot and
derivative markets. The wide availability of commodities typically leads to smaller
profit margins and diminishes the importance of factors (such as brand name) other
than price. Most
commodities are raw materials, basic resources, agricultural, or mining products,
such as iron ore, sugar, or grains like rice and wheat. Commodities can also be
mass-produced unspecialized products such as chemicals and computer memory. Hard
and soft commodities Soft
commodities are goods that are grown, such as wheat, or rice. Hard
commodities are mined. Examples include gold ,silver, helium, and oil. Energy
commodities include electricity, gas, coal and oil. Electricity has the particular
characteristic that it is usually uneconomical to store, and must therefore be
consumed as soon as it is produced. (Wikipedia) Cash
Crop A
cash crop or profit crop is an agricultural crop which is grown to sell for profit.
It is typically purchased by parties separate from a farm. The term is used to
differentiate marketed crops from subsistence crops, which are those fed to the
producer's own livestock or grown as food for the producer's family. In earlier
times cash crops were usually only a small (but vital) part of a farm's total
yield, while today, especially in developed countries, almost all crops are mainly
grown for revenue. In the least developed countries, cash crops are usually crops
which attract demand in more developed nations, and hence have some export value. Prices
for major cash crops are set in commodity markets with global scope, with some
local variation (termed as "basis") based on freight costs and local
supply and demand balance. A consequence of this is that a nation, region, or
individual producer relying on such a crop may suffer low prices should a bumper
crop elsewhere lead to excess supply on the global markets. This system has been
criticized by traditional farmers. Coffee is an example of a product that has
been susceptible to significant commodity futures price variations. (Wikpedia) Forex
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