2023-10-15 20:36

Copyrighted Image by: Reuters. Investing.com-- Oil prices fell in Asian trade on Monday, reversing course after a sharp rally in the prior week as markets awaited any more developments in the Israel-Hamas war, as well as a string of Asian economic cues this week. Crude prices had settled higher after volatile swings last week, amid expectations that the conflict could cause any disruptions in supply from the world’s biggest oil producing region. But this was somewhat offset by signs of cooling U.S. demand and higher production. Brent oil futures fell 0.3% to $90.51 a barrel, while West Texas Intermediate crude futures fell 0.4% to $85.97 a barrel by 20:33 ET (00:33 GMT). Israel-Hamas conflict continues to hold market focus Both major contracts jumped between 6% and 8% through the prior week, as markets watched for any signs of the Israel-Hamas war sparking a broader conflict in the Middle East. Israel’s Prime Minister Benjamin Netanyahu on Sunday vowed to “demolish Hamas,” as his troops prepared for a ground assault on the Gaza strip, in retaliation for a series of deadly strikes by the terrorist group Hamas against Israeli border towns. But U.S. President Joe Biden said any Israeli occupation of the Gaza Strip would be a “big mistake,” although he still called the termination of Hamas a “necessary requirement.” Any signs of the conflict spilling over into the broader Middle East region are likely to provide more support to oil prices, given that they herald disruptions in supply. Specifically, Iran’s joining in the conflict has been in close focus, given that the country is the world’s fifth-largest producer of oil. Chinese, Japanese economic cues on tap Markets were also awaiting more cues on economic conditions in the world’s largest oil importer, China, with third-quarter gross domestic product data due later this week. Growth is expected to have deteriorated further through the quarter, pointing to a weak outlook for fuel demand in the country. An interest rate decision from the People’s Bank of China is also due this week, with focus remaining on any signs of more stimulus in the country. Inflation data from Japan is on tap this week, and is expected to offer more insight into the Bank of Japan’s plans to begin tightening monetary policy. In the U.S., more insight into crude stockpiles is awaited this week, after the country logged a sharp increase in oil inventories and production in the first week of October. https://www.investing.com/news/commodities-news/oil-prices-dip-with-israelhamas-war-more-economic-cues-in-focus-3199023

2023-10-15 20:36

Copyrighted Image by: Reuters. Investing.com -- Oil prices slipped lower Monday, consolidating after recent hefty gains as the conflict in the Middle East continued to raise concerns about disruptions in supply from the world’s biggest oil producing region. By 09:20 ET (13.20 GMT), the U.S. crude futures traded 0.2% lower at $86.19 a barrel, while the Brent contract dropped 0.2% to $90.73. Fears of widening Middle East conflict prompt gains Last week saw both benchmarks climbing nearly 6% on Friday, posting their highest daily percentage gains since April. For the week, Brent advanced 7.5% while WTI climbed 5.9%. Markets are on edge, looking for any signs of the Israel-Hamas war sparking a broader conflict in the Middle East, potentially hitting production in this key region. Israel’s Prime Minister Benjamin Netanyahu on Sunday vowed to “demolish Hamas,” as his troops prepared for a ground assault on the Gaza strip, in the wake of a series of deadly strikes by the Palestine militant group Hamas against Israeli border towns. “We are on the verge of the abyss in the Middle East,” United Nations Secretary-General Antonio Guterres warned in a statement Sunday, while Iranian Foreign Minister Hossein Amirabdollahian warned that Tehran could not simply stay an observer of the crisis if “the Zionist aggressions do not stop.” Iran is the world’s fifth-largest producer of oil, and the U.S. could tighten sanctions against Tehran if it was to offer overt assistance to Hamas. “Uncertainty and concern over the escalation of the Israel-Hamas war continue to support the oil market. In recent days, Iran has warned about the risk of a wider conflict, while there are reports that Saudi Arabia has frozen talks to normalize relations with Israel,” said analysts at ING, in a note. U.S. sanctions could tighten market further Providing a further boost to the market was the decision last week of the U.S. to place sanctions on a couple of companies which it claims shipped Russian oil above the US$60/bbl G-7 price cap while using US-based shipping services. “This is the first time we have seen the G-7 price cap enforced, which will raise fears that it will become more difficult to ship Russian oil and tighten the market up further,” ING added. Chinese growth data due this week However, despite these positive drivers, speculators remain reluctant to jump into the market. The latest positioning data shows that speculators reduced their net long positions in the ICE Brent contract by over 65,000 lots over the last reporting week, with the move largely driven by longs liquidating. The International Energy Agency lowered its forecast for growth in oil demand in 2024, citing likely harsher global economic conditions. Of particular interest will be news about economic growth in the world’s largest oil importer, China, with third-quarter gross domestic product data due later this week. Growth is expected to have deteriorated further through the quarter, pointing to a weak outlook for fuel demand in the country. https://www.investing.com/news/commodities-news/oil-prices-dip-with-israelhamas-war-more-economic-cues-in-focus-3199023

2023-10-15 06:27

Copyrighted Image by: Reuters. Investing.com - This isn’t how the Saudis imagined it would be. There’s also no certainty after this that it’ll play out the way they want it to be. We’re talking, of course, about the so-called demand for oil and how it's weighing on crude prices, which reached July lows of beneath $75 a barrel in the just-ended week. While the Saudi-Russia led oil producing alliance OPEC+ has a meeting on Nov. 26 that could again introduce a tighter supply mentality in the market, the group’s exports for now are rising. Latest OPEC+ data shows an expected seasonal rise of 180,000 barrels led by Iraq and Iran. In the meanwhile, buying of oil for speculative purposes had plunged. “The petroleum buyers are gone, unless you are talking oil call options, as supply and demand take a back seat to rising macroeconomic fears,” Phil Flynn, energy analyst at Chicago’s Price Futures Group, wrote as crude futures finished with a third straight week of losses after a four-month low earlier in the week. “Maybe the buyers of oil have been taken away from the mother ship or maybe they have just ridden off into the sunset, but the reality is we are seeing a short oil position of epic proportions as the market seems to remove the risk of ever rising again.” To hear one of the market’s loudest oil bulls admit that people have been fleeing the long crude game like rats abandoning a sinking ship should be a wake-up call to those who kept drumming for a return to $100 pricing in recent weeks. “Underneath it all, the crash in the price of oil is either a very ominous sign for the state of the global economy or a sign that it is being driven by fear and not on supply and demand fundamentals,” said Flynn. “The oil market swing in mood has gone from pricing in the biggest threat to global oil supply since the Arab oil embargo 50 years ago to almost a record short position in the history of the oil futures markets.” And with a late-week rebound in Treasury yields, the Fed may also have to raise rates to get investors interested in US bonds — adding to market unease that the central bank’s near two-year-long monetary tightening wasn’t over. Reinforcing that notion, San Francisco Fed President Mary Daly said she was not ready yet to call an end to rate hikes, echoing Fed Chair Jerome Powell's comments on Thursday. US consumer sentiment also fell for a fourth straight month in November and households' expectations for inflation rose again. Pierre Andurand, one of the most closely-followed hedge fund managers in oil, pointed out that the net long speculative positioning in oil - comprising crude products, options and delta futures - was fast approaching lows not seen since the data was introduced in 2011. The managed money category in the so-called Commitment of Traders Report showed that hedge funds sold about 400 barrels in the last 6 weeks alone. “There have been macroeconomic worries for a while now,” Andurand said. “However, demand growth has consistently been revised up during the year, and mobility data shows an acceleration in demand and demand growth. Some point to softness in the physical market.” Weak Chinese economic data this week increased worries of faltering demand. Refiners in China, the largest buyer of crude from Saudi Arabia, the world's largest exporter, asked for less supply for December. "Concerns about demand have replaced the fear of production outages related to the Middle East conflict," analysts at Commerzbank said. Oil: Market Settlements and Activity New York-traded West Texas Intermediate, or WTI, crude for delivery in December did a final trade of $77.35 on Friday after officially settling the session at $77.17, up $1.43, or 1.9%. For the week though, WTI was down 4.1%, after prior back-to-back weekly losses of 6% and 3%. That came after the US crude benchmark 11% tumble for October. London-traded Brent crude for the most-active January contract did a final trade of $81.70 per barrel on Friday, after officially settling the session at $81.43, up $1.42, or 1.8% after Thursday’s 0.6% gain. For the week, Brent was down 3.8%, after back-to-back weekly losses of 6% and 2%. Prior to that, the global crude benchmark lost 11% in October. Oil: WTI Technical Outlook A WTI break below the 200-Day SMA, or Simple Moving Average, statically positioned at $78.10, is a significant drop that turns out to be a resistance for immediate recovery attempts that begin from the lows of $74.90, said Sunil Kumar Dixit, chief technical strategist at SKCharting.com. “A rebound from the lows may face challenges at $78.60 and $79.90,” Dixit added. Gold: Market Settlements and Activity Gold’s most-active futures contract on New York’s Comex, December, did a final trade at $1,942.70 per ounce on Friday, after officially settling the session at $1,937.70, down $32.10, or 1.6% on the day. The benchmark gold futures contract finished the week down $61.50, or 3.1% — versus the previous week’s near-flat finish. The spot price of gold, more closely watched by some traders than futures, settled the session at $1,938.28, down $20.32, or 1.04% on the day. The spot price, which reflects real-time trades in bullion, finished the week down 2.8% — adding to the previous week’s drop of 0.7%. Gold: Spot Price Outlook Post-rejection from the $2,010 high has seen spot gold continuing to decline, extending the correctional wave that reached the 38.2% Fibonacci zone at $1,933 — which, in itself, came from the retracement of the $1,810-$2,010 bullish wave, said SKCharting’s Dixit. “Next support for spot gold is seen aligned with the 100-Day SMA of $1,926.80,” said Dixit. “Immediate resistance shifts base at $1,963.” Natural gas: Market Settlements and Activity Natural gas’ most-active futures contract on the New York Mercantile Exchange’s Henry Hub, December, did a final trade at $3.017 on Friday, after officially settling the session at $3.033 per million metric British thermal units, down 0.3%. The benchmark gas futures contract finished the week down almost 14% — versus the previous week’s 11% gain. Natural gas: Technical Outlook A correctional wave from $3.63 on December gas leans on an ascending channel support line of $2.98 and settles at the 50-day EMA, or Exponential Moving Average, of $3.03, said SKCharting’s Dixit. “Weakness below the zone will meet the next support at the 100-day SMA of $2.81,” Dixit added. “Any recovery will need to clear through $3.17 to reach $3.25 and $3.31.” https://www.investing.com/news/commodities-news/energy--precious-metals--weekly-review-and-outlook-3231487

2023-10-13 18:27

Copyrighted Image by: Reuters. In a significant move for the cryptocurrency industry, the U.S. Securities and Exchange Commission (SEC) has decided not to contest a ruling by the DC Circuit Court of Appeals, which allows Grayscale Investments LLC to launch a Bitcoin Exchange-Traded Fund (ETF). The decision, announced on Friday, follows the court's previous overturning of the SEC's rejection of Grayscale's plan to transform its trust into an ETF. The court's verdict was reached by a panel of three judges, but it was subject to potential review by a larger panel. The SEC's decision not to oppose this ruling effectively paves the way for Grayscale's transformation. Grayscale has long argued that such a transition would unlock billions in investor value by enabling simplified share creation and redemption - features absent in their current closed-end structure. This existing structure has often been criticized for preventing investors from redeeming shares when prices fall, resulting in steep discounts relative to Bitcoin's inherent value. The introduction of the Bitcoin ETF is expected to provide investors with greater flexibility and potentially stimulate more participation in the cryptocurrency market. https://www.investing.com/news/cryptocurrency-news/grayscale-gets-green-light-to-launch-bitcoin-etf-as-sec-steps-aside-93CH-3198709

2023-10-13 17:25

Litecoin (LTC), marking its 12th anniversary on Friday, has shown exponential growth over the years, with an increase from less than 10,000 to over 214 million addresses. Despite significant price drawdowns, notably in the 2022-2023 bear market, LTC's price performance indicates a pattern of bearish cycles followed by bullish ones. The recent 46% pullback from its 2021 highs amidst prevailing market conditions suggests an upcoming bull cycle. The cryptocurrency was trading at $61.52 on Friday, indicating potential for a relief rally. Market indicators such as the Relative Strength Index (RSI) point towards growing bullish strength despite the Money Flow Index (MFI) showing continued bearish outflows since October. Whale activity presents a mixed picture. The largest holders, those with over 1 million LTC, have been selling since July, while mid-level holders with between 100,000 to 1 million LTC have remained inactive. Charlie Lee launched Litecoin in 2011 to counter Bitcoin's limitations like transaction speed and high fees. As of September 2023, Litecoin was valued at about $63.53. The cryptocurrency also leverages faucets that reward users with free LTCs for tasks such as solving captchas or playing games. This concept was initiated by Gavin Andresen with a Bitcoin faucet website. Leading LTC faucets for 2023 include Cointiply, Coinpayu, Free-Litecoin.com, Fire Faucet, Allcoins.pw, Claim Free Coins and LitecoinFaucet.com. These platforms contribute to currency adoption and enhance brand awareness while offering varied payouts depending on market conditions. The anniversary's coincidental date on Friday the 13th was humorously noted as safe from "Jason and his machete." The article also mentions the "Litecoin Profit Calculator" for portfolio assessment. https://www.investing.com/news/cryptocurrency-news/litecoin-celebrates-12th-anniversary-amid-market-fluctuations-93CH-3198702

2023-10-13 17:22

Copyrighted Image by: Reuters On Friday, Dogecoin (DOGE) and Solana (SOL) managed to bounce back following two consecutive days of losses. DOGE witnessed a surge from a low of $0.05747 to an intraday peak of $0.05873, after finding support at the critical $0.0580 level. The next resistance level is expected to be at $0.0595. The relative strength index (RSI) for DOGE also rebounded, moving from 31.00 to an interim ceiling at 33.20, with the next potential level being 35.00. In a similar fashion, SOL rallied from a two-week low of $21.07 to reach an intraday high of $21.59, as traders capitalized on the dip near its own support level at $21.00. If the current price strength around 50.00 holds, market participants may aim to push SOL above the $22.00 mark over the weekend. https://www.investing.com/news/cryptocurrency-news/dogecoin-and-solana-rebound-after-consecutive-losses-93CH-3198698