OIL: Oil End of Day Summary; WTI Rises 2.5% on Week
Dec-05 19:24
WTI is set for a 2.5% net gain on the week amid stalled Ukraine peace talks, further potential EU/G7 actions against Russia, and geopolitical risks in Venezuela. This outweighs concerns for a market surplus in 2026.
- WTI JAN 26 up 0.6% at 60.03$/bbl
- Baker Hughes US oil rig count: 413 (6) - down 69 rigs, or 14.3% on the year.
- The G7 and European Union are in talks to scrap the oil price cap on Russia and instead impose a full ban on Russia accessing maritime services in order to disrupt its oil exports, sources told Reuters. Russia exports over a third of its oil in Western tankers.
- Ukraine and Russia talks appeared stalled, with Putin emphasizing that several points in the US backed peace plan were unacceptable. Talks between Ukraine’s Umerov and US envoy Steve Witkoff will take place in Miami today.
- OPEC’s oil output edged lower in November, despite higher quotas, due to outages in some member countries: Reuters and Bloomberg surveys.
- Russia’s ESPO blend crude oil cargoes loading in December traded at a discount of $5-6/b to ICE Brent in Chinese ports, the weakest differential on record: Reuters
- Russia plans to raise oil exports from its western ports by 27% in December month on month, Reuters reports.
- Crude stockpiling in China, continuing around 900kb/d, will help absorb a global surplus next year: Citigroup.
- China’s larger allocation of crude imports in the final batch of quotas this year reflects the enforcement of the fuel oil consumption tax and improved refining margins in Q4: Vortexa.
- Brent could fall to $45/b before reaching a floor from physical and paper supply demand adjustments: Macquarie.
- Libya set its Es Sider OSP for December at 5 cents/b above Dated Brent, Bloomberg reported.
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SOFR OPTIONS: Large Mar'26 SOFR Call Spread Buy
Nov-05 19:18
- +25,000 SFRH6 96.62/96.81 call spds, 2.75 ref 96.395
US STOCKS: Late Equities Roundup: Overbought Tech Sector Concerns Cool
Nov-05 19:13
- Stocks have recovered from the prior session's sell-off Wednesday, back to or near late Monday levels. Currently, the DJIA trades up 258.93 points (0.55%) at 47342.77, S&P E-Minis up 48.25 points (0.71%) at 6850.75, Nasdaq up 264.4 points (1.1%) at 23620.13.
- Information Technology sector shares led gainers on the day, rebounding after opinions of the tech sector tied to AI has been overbought dissipated: Seagate Technology +12.62%, Micron Technology +8.69%, Western Digital +7.88%, First Solar +6.30% and Teradyne +6.26%.
- Communication Services and Consumer Discretionary sector shares followed: Match Group +6.69%, Paramount Skydance +2.83%, Charter Communications +2.33% and Meta Platforms +2.22% buoyed the Communication sector while the Discretionary sector was supported by Lululemon Athletica +5.12%, Wynn Resorts +4.17%, Marriott International +4.00%, Ford Motor +3.64% and Tesla +3.53%.
- Second half declines were led by a mix of Consumer Staples, Health Care and Utilities: Zimmer Biomet Holdings -14.38%, Live Nation Entertainment -7.95%, Charles River Laboratories -7.82%, Humana -7.63%, Axon Enterprise -7.61% and Archer-Daniels-Midland -4.81%.
- Earnings expected after today's close include: Albemarle Corp, McKesson Corp, Fortinet Inc, APA Corp, Duolingo Inc, Lucid Group Inc, DoorDash Inc, Snap Inc, AppLovin Corp, Robinhood Market, Lyft Inc, Enovix Corp, QUALCOMM Inc, Dutch Bros Inc and Fair Isaac Corp.
EURGBP TECHS: Bullish Trend Sequence
Nov-05 19:00
- RES 4: 0.8865 1.764 proj of the Sep 15 - 25 - Oct 8 price swing
- RES 3: 0.8848 1.618 proj of the Sep 15 - 25 - Oct 8 price swing
- RES 2: 0.8835 High May 3 2023
- RES 1: 0.8830 Intraday high
- PRICE: 0.8819 @ 15:58 GMT Nov 5
- SUP 1: 0.8763 Low Nov 3
- SUP 2: 0.8741 20-day EMA
- SUP 3: 0.8707 50-day EMA
- SUP 4: 0.8656 Low Oct 8 and a key support
A bull cycle in EURGBP remains intact. The break last week of resistance at 0.8769, the Jul 28 high and a bull trigger, confirms a resumption of the uptrend and this week's fresh cycle high reinforces current conditions. Sights are on 0.8835, the May 3 2023 high. Initial support lies at 0.8763, the Nov 3 low. Note that the trend is overbought, a pullback would be considered corrective.
