{"id":18418,"date":"2023-05-03T12:16:52","date_gmt":"2023-05-03T20:16:52","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=18418"},"modified":"2023-05-03T12:16:52","modified_gmt":"2023-05-03T20:16:52","slug":"crude-oil-futures-market-outlook-jobs-data-and-more","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/crude-oil-futures-market-outlook-jobs-data-and-more\/","title":{"rendered":"Crude Oil Futures Market Outlook, Jobs Data and More"},"content":{"rendered":"
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Get Real Time updates and more on our private FB group!<\/span><\/div>\n
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https:\/\/business.facebook.com\/groups\/1105191589938254\/<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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The rest of the week in futures markets:<\/h3>\n

By Mark O’Brien, Senior Broker<\/p>\n

Today’s FOMC trading volume on the ES was one of the lowest I ever seen o an FOMC day!!<\/p>\n

Over the weekend of April 1-2 \u2013 one month ago, Saudi Arabia and other OPEC+ oil producers announced cuts in their collective crude oil<\/a> output that amounted to about a million barrels per day.\u00a0Prior to the announcement \u2013 a surprise before the group\u2019s ministerial panel meeting on Monday where analysts expected the oil cartel would hold steady on production \u2013 front month crude oil futures<\/a> had dropped to near 15-month lows approaching $70 barrel.\u00a0At Sunday\u2019s opening of trading, crude prices gapped up over $5.00 per barrel.<\/p>\n

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If as some analysts surmised after the cuts were announced, which was that OPEC+ was taking pre-emptive steps in case of any possible demand reduction, they were dead on.\u00a0Since then, renewed fears of recession in the U.S. (seemingly a constant over the last 12 months or so) have once again stoked demand fears in the energy sector.\u00a0June crude oil futures<\/a> have since filled the price gap created on that Sunday opening in early April and have continued falling.\u00a0As of this typing, crude has sliced \u00b1$15.00 off its post-announcement high, through $70.00 per barrel and is currently hovering near $69.00.\u00a0Even this week\u2019s news of another Iranian seizure of a foreign-flagged oil tanker in the Persian Gulf and yesterday\u2019s much-larger-than-expected decline in crude oil stocks<\/a> \u2013 3.9 million barrels \u2013 failed to quell bearish sentiment.\u00a0Keep an eye on this Friday\u2019s jobs data as the report now stands in front of a significant crude oil sell-off with the numbers more capable than usual to drive the direction of crude oil near-term.<\/p>\n

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Plan your trade and trade your plan.\u00a0<\/a><\/p>\n

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Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.\u00a0 You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time when it comes to Futures Trading.<\/p>\n

Futures Trading Levels<\/strong><\/h3>\n

for 05-04-2023<\/p>\n

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#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG<\/figcaption><\/figure>\n<\/div>\n
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Economic Reports, Source:\u00a0<\/strong><\/h3>\n

Forexfactory.com<\/a><\/p>\n

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This is not a solicitation of any order to buy or sell, but a current market view provided by\u00a0Cannon Trading Inc<\/a>. Any statement of facts\u00a0here in\u00a0contained are derived from sources believed to be\u00a0reliable,\u00a0but are not guaranteed as to\u00a0accuracy, 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\u00a0judgement\u00a0in trading.<\/p>\n","protected":false},"excerpt":{"rendered":"

Get Real Time updates and more on our private FB group! https:\/\/business.facebook.com\/groups\/1105191589938254\/ The rest of the week in futures markets: By Mark O’Brien, Senior Broker Today’s FOMC trading volume on the ES was one of the lowest I ever seen o an FOMC day!! Over the weekend of April 1-2 \u2013 one month ago, Saudi […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67,119,230,61],"tags":[1481,1480,1475,1471,1469,1467,1468,1474,1472,1477,1478,1476,1479,1470,1473,1172,1239,40,627,1277,36],"class_list":["post-18418","post","type-post","status-publish","format-standard","hentry","category-future-trading-news","category-crude-oil","category-day-trading-2","category-futures-trading-2","tag-cbot","tag-comex","tag-commoditiesmarket","tag-commoditiestrader","tag-commoditytrading","tag-crudeoil","tag-daytrader","tag-futuresmarket","tag-futurestrader","tag-kcbt","tag-mgex","tag-nymex","tag-smfe","tag-stockindices","tag-swingtrader","tag-cme","tag-commodities","tag-daytrading","tag-futures","tag-globex","tag-gold"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/18418","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/comments?post=18418"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/18418\/revisions"}],"predecessor-version":[{"id":18419,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/18418\/revisions\/18419"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=18418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=18418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=18418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}