AMERICAS OIL: Argentina Production Costs Still Challenge: Chevron
The cost of doing business in Argentina remains challenging despite promising geology and progress by the government to develop the oil economy, Chevron’s Vice Chairman Mark Nelson said Nov. 12, cited by Reuters.
- "Clearly the geology is good," he said
- Chevron has exploration and development interests in Argentina’s Vaca Muerta, where estimated ultimate recovery per well is 50% higher than that seen in Texas’ Permian basin.
- Crude produced from Vaca Muerta competes with Arab Light and is highly desirable after blending, Nelson said.
- However, well-drilling costs are currently 35% higher than in the Permian basin, he added.
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USDJPY TECHS: Pullback Appears Corrective
- RES 4: 154.80 High Feb 12
- RES 3: 154.39 76.4% retracement of the Jan 10 - Apr 22 bear leg
- RES 2: 153.82 1.618 proj of the Sep 17 - 26 - Oct 1 price swing
- RES 1: 153.27 High Oct 10
- PRICE: 152.32 @ 15:53 BST Oct 13
- SUP 1: 150.92 High Sep 26
- SUP 2: 149.45 20-day EMA
- SUP 3: 148.34 50-day EMA
- SUP 4: 146.81 Trendline support drawn from the Apr 22 low
The underlying bullish trend condition in USDJPY remains intact and Friday’s pullback is for now, considered corrective. Note that the trend is overbought and a deeper retracement would allow this overbought set-up to unwind. The next important support lies at 149.45, the 20-day EMA. On the upside, a break of Friday’s 153.27 high, would resume the uptrend and open 154.39, a Fibonacci retracement point.
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- +6,000 SFRZ5 96.18/96.31/96.50/96.62 call condors, 8.0 ref 96.36
EURGBP TECHS: Support Around The 50-Day EMA Remains Intact
- RES 4: 0.8835 High May 3 2023
- RES 3: 0.8800 Round number resistance
- RES 2: 0.8769 High Jul 28 and the bull trigger
- RES 1: 0.8725/8751 High Oct 10 / High Sep 25
- PRICE: 0.8677 @ 15:48 BST Oct 13
- SUP 1: 0.8675/8656 50-day EMA / Low Aug 10
- SUP 2: 0.8633 Low Sep 15
- SUP 3: 0.8597 Low Aug 14 and key support
- SUP 4: 0.8562 50.0% retracement May 29 - Jul 28 upleg
Recent weakness in EURGBP appears corrective and trend signals remain bullish. Note that the cross has pierced support around the 50-day EMA, at 0.8675. A clear breach of this EMA would signal scope for a deeper retracement and open 0.8633, the Sep 15 low. Key trend support lies at 0.8597, the Aug 14 low. On the upside, key resistance and the bull trigger is unchanged at 0.8769, the Jul 28 high.
