Energy Sector Update for 03/09/2018:
Crude oil futures have recovered some ground in early going after two days of solid losses, but are still in a bearish set up and eyeing data on US drilling activity.
WTI (APR) - $60.59/BBL; UP 47 CENTS; SESSION RANGE - $60.69 - $60.14
BRENT (MAY) - $64.24/BBL; UP 98 CENTS; SESSION RANGE - $64.33 - $63.69
Oil calendar -
--Baker Hughes weekly rig report just after 1pm EST - further oil rig gains expected after last week hit 800 in US
--CFTC's COT weekly (to March 6) due after market settlement. Previous week showed net long managed money rising again
--CeraWeek annual industry shindig in Houston wraps up - kicks off with chief of Motiva, Saudi Aramco's downstream business in US, closes at lunchtime
--US jobs report expected to show nonfarm payroll gain of 200,000 last month, above 170,000 trend of last year, unemployment drop to 4 percent, lowest in 17 years.
--Trade war worries loom following Trump Admin's outline of 25/10 percent tariffs on steel, aluminium - details to come, including exemptions on top of Canada, Mexico announced.
--Positivity in share and interest rate markets generally attributed in part to cooling of North Korea relations, prospect of a summit between President Trump and NK's dictator.
WTI TECHNICAL CHART
Front-line April pushed through the $60.49/bbl initial resistance (Fibo 61.8% of $58.19/$64.22 rally). Base of thick daily cloud at $61.23, expected to cap and keep bears intact for fresh downside.
Res: 60.49; 60.86; 61.23; 61.57
Sup: 60.12; 59.94; 59.55; 59.10
(courtesy: Slobodan Drvenica, Windsor)
(First Oil reports are produced by MT Newswires' global team of oil reporters. This story is also disseminated in real time to energy industry professionals via the First Oil Chat service on the ICE Instant Message application.)
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