Category: Commodities

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Russia is seeking to boost its power in Europe and grip over Ukraine with the proposed Nord Stream 2 natural gas pipeline

“Through Nord Stream 2, Russia seeks to increase its leverage of the West while severing Ukraine from Europe,” Francis Fannon, the U.S. assistant secretary for energy resources at the State Department, told reporters in a teleconference.

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Trade tensions between the United States and China are likely to dominate the G20 summit of the world’s 20 biggest economies next week

The United States and China have been imposing tariffs on each others goods in an escalating dispute over market access, forced technology transfer, intellectual property rights and state subsidies to certain sectors that distort competition. The European Union, Canada and Japan are also involved because of U.S. tariffs on steel and aluminum products imposed by Washington earlier this year.

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Today’s Stock Market News – The United States will become a key source of energy supplies to meet growing demand globally.

StockMarketNews.Today – “In the next 5-10 years, we expect to see improved recovery rates and even a doubling in some of our most prolific (gas) basins,” said Frank Fannon, assistant secretary in the energy bureau of the U.S. state department. “What this means in the near-term is that the United States may double production, double export capacity and introduce new market innovation ” he said at an industry conference in Singapore.

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Oil fell near the lowest level in two months as a rout in U.S. stocks prompted investors to flee risk assets and as American crude inventories continued to rise.

StockMarketNews.Today – West Texas Intermediate for December delivery declined as much as 83 cents to $65.99 a barrel on the New York Mercantile Exchange, and traded at $66.43 at 7:57 a.m. in London. The contract rose 39 cents to $66.82 on Wednesday. Total volume traded was about 5 percent below the 100-day average.

Brent for December settlement fell 41 cents to $75.76 a barrel on the London-based ICE Futures Europe exchange. The contract dropped 27 cents to $76.17 on Wednesday. The global benchmark traded at a $9.32 premium to WTI.

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U.S. oil inventories climbed 6.5 million barrels last week, almost triple the amount analysts had forecast, the U.S. Energy Information Administration said on Wednesday.

StockMarketNews.Today – Oil prices ended slightly higher on Friday, but remained at an inflection point after a rough week. December West Texas Intermediate crude, the U.S. benchmark, rose 57 cents, or roughly 0.8%, on Friday to settle at $69.28 a barrel by close of trade on the New York Mercantile Exchange.

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The WTI crude oil futures contract has stalled at major resistance and could reverse in the coming weeks, ending the uptrend that started in 2016.

StockMarketNews.Today – Price action since 2016 has carved a healthy advance that could mark the first four waves of an Elliott five-wave rally pattern. However, the contract has now stalled at major resistance generated by the intersection of a 10-year trendline and two Fibonacci retracement patterns. The larger Fibonacci grid (red) encompasses the entire trading range between 2008 and 2016, while the smaller grid (blue) encloses the Elliott five-wave decline between September 2013 and January 2016.