Crude Oil Insight & Support & Resistance Levels 11.09.2018


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Our own John Thorpe, on the big drop in the energy sector:
“Traders began focusing on defending the Bear Line in the sand at $61.20 per barrel,” John Thorpe, a commodity broker at Cannon Trading, told UPI.
“The EIA sees 2018 domestic crude production at 10.9 million barrels per day, up 1.5 percent from the October forecast. It also lifted its 2019 view on output by 2.6 percent to 12.06 million barrels a day,” he added, referring to a report issued Tuesday that was having an impact in the market.
“The expectations for lower prices yet further, increase the argument for crude entering into a bear market,” he said.
With prices seeing declines, there was speculation that producer nations may resort to production cuts. According to the OPEC website, the organization has its 175th ordinary meeting scheduled for Dec. 6 in Vienna.
Representatives of some nations will meet on November 12-15 on the framework of ADIPEC, the Abu Dhabi International Petroleum Exhibition and Conference
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Futures Trading Levels



Economic Reports, source:


Date 4:01pm Currency Impact Detail Actual Forecast Previous Graph
FriNov 9  2:45am EUR
French Industrial Production m/m
-0.3% 0.3%
4:30am GBP
GDP m/m
0.1% 0.0%
Manufacturing Production m/m
0.1% -0.2%
Prelim GDP q/q
0.6% 0.4%
Prelim Business Investment q/q
0.2% -0.7%
Construction Output m/m
0.2% -0.7%
Goods Trade Balance
-11.4B -11.2B
Index of Services 3m/3m
0.5% 0.5%
Industrial Production m/m
-0.1% 0.2%
Tentative GBP
NIESR GDP Estimate
8:30am USD
PPI m/m
0.2% 0.2%
Core PPI m/m
0.2% 0.2%
9:00am USD
Final Wholesale Inventories m/m
0.3% 0.3%
9:05am USD
FOMC Member Quarles Speaks
10:00am USD
Prelim UoM Consumer Sentiment
98.0 98.6
Prelim UoM Inflation Expectations

This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

Posted in: Future Trading News  

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