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Market Analysis

November, 2020

  • 5 November 2020 1:54 pm

    EIA: Crude Inventories Fell Significantly in Past Week

    The US Energy Information Administration said on Wednesday that crude oil inventories in the United States fell significantly in the past week, while gasoline inventories rose and distillate stocks decreased. Crude stocks fell by 8 million barrels in the week to October 30, compared to analysts’ expectations in a Reuters …

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  • 5 November 2020 1:28 pm

    BOE Minutes: The Level of Activity in The First Quarter is Expected to Remain Materially Lower Than in 2019 Q4.

    Following the BOE’s policy announcement, the central bank released the minutes of the meeting, with the key highlights found below (via Reuters). “Market participants attach some weight to the possibility of a negative bank rate.The market path for interest rates averages zero over the forecast period.Market-implied path for bank rate …

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  • 5 November 2020 12:40 pm

    EIA: Weekly Crude Exports Fell to The Lowest Level Since January

    According to data from the US Energy Information Administration, weekly US crude oil exports fell by 1.2 million barrels per day to about 2.3 million barrels per day last week, the largest drop since January, as Hurricane Zita disrupted flows. Meanwhile, distillate stocks in the Gulf of Mexico in the …

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  • 5 November 2020 11:43 am

    US Dollar Falling to Lowest Level in More Than Two Years Against Chinese Yuan

    The dollar fell to its lowest level in more than two years against the yuan and fell against other Asian currencies, with the Joe Biden approaching the White House in an exciting US presidential election. The pound weakened against the dollar and the euro after media reports that the Bank …

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  • 5 November 2020 10:57 am

    US Election: Trump Leads in Pennsylvania and Georgia With 89% and 95% Votes Tallied

    US President Donald Trump maintains his lead over rival former Vice President Joe Biden in Pennsylvania as well as Georgia, with 89% and 95% of the respective votes counted so far, according to Edison Research. Trump has 50.7% while Biden has 48.1% of votes in Pennsylvania while in Georgia, the …

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  • 5 November 2020 12:05 am

    BOE Leaves Rates Unchanged, Expands QE by £150 Billion

    The Bank of England’s (BOE) Monetary Policy Committee (MPC) decided to leave the benchmark interest rate unchanged at 0.10% at its November policy meeting, as the second nationwide lockdown kicks-in this Thursday. The BOE expanded the Quantitative Easing (QE) program by £150 billion to £895 billion. Sees UK GDP -11% …

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  • 4 November 2020 10:23 pm

    Oil Settles Higher on Stockpiles Draw

    Oil prices rose on Wednesday, after data showed a decline in US crude oil inventories. Data by the US Energy Information Administration (EIA) showed on Wednesday that crude oil inventories in the United States declined by 8 million barrels for the week ended October 30. Brent futures for January delivery …

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  • 4 November 2020 10:22 pm

    Gold Settles on Lower Note

    Gold prices declined on Wednesday, as markets anticipate the outcomes of the US presidential elections. Gold futures for December delivery closed lower by $2.30, or 0.1%, at $1,908.10 per ounce. Silver futures for December delivery finished lower by 14.4 cents, or 0.6%, at $24.19 per ounce.

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  • 4 November 2020 8:31 pm

    European Stocks Close Higher

    European stocks closed higher on Wednesday, as investors anticipate the outcomes of the United States presidential elections. The Stoxx Europe 600 index gained 1.89% or 6.73 points, to close at 362.74 points. Meanwhile, the UK’s FTSE100 finished higher by 1.67%. The German DAX leveled up by 1.95%, while the French …

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  • 4 November 2020 8:20 pm

    US Service Sector Slows in October

    The Institute for Supply Management’s (ISM) services index decreased in October to 56.6 from 57.8 in September, data showed on Wednesday. This is the lowest expansion for the United States services sector in five months, as the economy recovers from the impact of the COVID-19 pandemic.

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  • 4 November 2020 8:10 pm

    US Crude Oil Inventories Down in Week

    Crude oil inventories in the United States declined by 8 million barrels last week, according to data by the US Energy Information Administration (EIA) on Wednesday. Meanwhile, gasoline stockpiles increased by 1.5 million barrels, while distillate stockpiles decreased by 1.6 million barrels.

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  • 4 November 2020 7:44 pm

    USD Struggling for Direction

    The US Dollar (USD) is fluctuating on Wednesday, awaiting the results of yesterday’s elections. It seems unlikely that the Democrats will take control of the Senate, which means a new large stimulus package remains uncertain. The Dollar index (DXY), which measures the performance of the USD against a basket of …

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  • 4 November 2020 7:26 pm

    Wall Street Opens Higher Awaiting Election Results

    Wall Street opened higher on Wednesday, on the day following Election Day in the United States as the outcomes of the elections remains highly anticipated. All the indices of the New York Stock Exchange (NYSE) are trading higher. The Dow Jones Industrial Average is up by more than 563 points …

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