{"id":18993,"date":"2015-03-23T02:18:55","date_gmt":"2015-03-23T01:18:55","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/18993\/crude-rebounds-as-us-rig-counts-and-usd-declined\/"},"modified":"2015-03-23T02:18:55","modified_gmt":"2015-03-23T01:18:55","slug":"crude-rebounds-as-us-rig-counts-and-usd-declined","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/18993\/crude-rebounds-as-us-rig-counts-and-usd-declined\/","title":{"rendered":"Crude Rebounds as US Rig Counts and USD Declined"},"content":{"rendered":"

The sharp decline in US oil rigs and the selloff in the US dollar lifted crude oil, sending the front-month WTI contract and the Brent contract up by +1.6% and +1.14% respectively. Bake Hughes estimated that the number of US oil rig count fell for a 15th consecutive week, by -41 units, to 825, lowest total rigs since March 2011, in the week ended March 20. The FOMC meeting last week damped speculations of a rate hike in June, as the Fed downgraded the economic growth assessment despite removal of the “patient” language. Fed’s Lockhart noted that “mid-year or a little later is appropriate timing” for rate hike, whilst Evans reiterated that he preferred to wait until 2016 for “liftoff”.<\/p>\n

For the week ahead, the US would release its inflation report Tuesday with headline CPI expected to have contracted -0.1% y\/y in February. Core CPI probably accelerated to +1.7% from +1.6% in January. The flash Markit manufacturing PMI and February’s new home sales would also be due that day. These would be followed by the February durable goods orders report on Wednesday and jobless claims report and flash Markit services PMI on Thursday. 4Q14 GDP would probably be revised higher to +2.4% from +2.2% estimated previously, as shown Friday.<\/p>\n

In Europe, Eurozone’s flash manufacturing and services PMIs for March would be due Tuesday whilst the French INSEE survey and German IFO survey would be released the next day. Consumer confidence reports will be released by Germany and France on Thursday and Friday respectively. UK’s February CPI\/PPI reports on Tuesday might show headline inflation falling to +0.1% y\/y. <\/p>\n

In Asia, China’s flash March HSBC manufacturing PMI would be released on Tuesday, followed by the country’s consumer sentiment data on Wednesday. We would also get Japan’s employment, household spending and inflation data on Friday.<\/p>\n

Commitments of Traders:<\/p>\n

With the exception of natural gas, speculators were bearish over the energy complex in the week ended March 17. Net LENGTH for crude oil futures fell -17 171 contracts from a week ago to 243 488 while net short of heating oil increased -3 718 contracts to 24 468. Net LENGTH for gasoline dropped -747 contracts to 67 047 while net SHORT for natural gas decreased 9 070 contracts to 212 253.<\/p>\n

Speculators were bearish over the precious metal complex last week. Net LENGTH for gold future fell 28 799 contracts to 53 093while that for silver futures dropped -1 561 contracts to 24 411. For PGMs, net LENGTH for platinum slid -1 084 contracts to 20 934 while that for palladium plunged -2 464 contracts to 19 173.<\/p>\n

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\nCrude Rebounds as US Rig Counts and USD Declined<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The sharp decline in US oil rigs and the selloff in the US dollar lifted crude oil, sending the front-month WTI contract and the Brent contract up by +1.6% and +1.14% respectively. Bake Hughes estimated that the number of US oil rig count fell for a 15th consecutive week, by -41 units, to 825, lowest total rigs since March 2011, in the week ended March 20. The FOMC meeting last week damped speculations of a rate hike in June, as the Fed downgraded the economic growth assessment despite removal of the “patient” language. Fed’s Lockhart noted that “mid-year or a little later is appropriate timing” for rate hike, whilst Evans reiterated that he preferred to wait until 2016 for “liftoff”. For the week ahead, the US would release its inflation report Tuesday with headline CPI expected to have contracted -0.1% y\/y in February. Core CPI probably accelerated to +1.7% from +1.6% in January. The flash Markit manufacturing PMI and February’s new home sales would also be due that day. These would be followed by the February durable goods orders report on Wednesday and jobless claims report and flash Markit services PMI on Thursday. 4Q14 GDP would probably be revised higher to +2.4% from +2.2% estimated previously, as shown Friday. In Europe, Eurozone’s flash manufacturing and services PMIs for March would be due Tuesday whilst the French INSEE survey and German IFO survey would be released the next day. Consumer confidence reports will be released by Germany and France on Thursday and Friday respectively. UK’s February CPI\/PPI reports on Tuesday might show headline inflation falling to +0.1% y\/y. In Asia, China’s flash March HSBC manufacturing PMI would be released on Tuesday, followed by the country’s consumer sentiment data on Wednesday. We would also get Japan’s employment, household spending and inflation data on Friday. Commitments of Traders: With the exception of natural gas, speculators were bearish over the energy complex in the week ended March 17. Net LENGTH for crude oil futures fell -17 171 contracts from a week ago to 243 488 while net short of heating oil increased -3 718 contracts to 24 468. Net LENGTH for gasoline dropped -747 contracts to 67 047 while net SHORT for natural gas decreased 9 070 contracts to 212 253. Speculators were bearish over the precious metal complex last week. Net LENGTH for gold future fell 28 799 contracts to 53 093while that for silver futures dropped -1 561 contracts to 24 411. For PGMs, net LENGTH for platinum slid -1 084 contracts to 20 934 while that for palladium plunged -2 464 contracts to 19 173. <\/p>\n","protected":false},"author":968,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-18993","post","type-post","status-publish","format-standard","hentry","category-welcome-start-here-tradecrudeoilchatroom"],"_links":{"self":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts\/18993","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/users\/968"}],"replies":[{"embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/comments?post=18993"}],"version-history":[{"count":0,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts\/18993\/revisions"}],"wp:attachment":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/media?parent=18993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/categories?post=18993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/tags?post=18993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}