Daily Alert: Wednesday 22nd November 2017

Mark Nugent Daily Alert, Nov 2017

Trading Analysis for Wednesday 22nd November 2017

My WTI long is now nicely in profit after the latest API report (see below). My FTSE250 long gaps up this morning and is heading towards 1 x risk in profit.

Yesterday, the USD, US 10 Year yield and GOLD were all essentially flat. Global equities continue up with S&P500 and Nasdaq closing at new all-time highs. There is very little movement in forex. The equities say we are risk-on.

Crude prices were bolstered by the latest API report which showed a larger than expected drawdown: weekly crude stocks (Nov 17) -6.356M (Prev. 6.513M). (Newswires)

Iran’s oil minister Zanganeh suggested that (based on reports & discussions), most of the main players in the market agree that the output cuts should continue for at least another 8-9 months in 2018, but OPEC must first meet before a decision is made. (Newswires)

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