“Oil squeezed higher last week on tensions in the Middle East, but with so much uncertainty regarding the trade war…”said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
“Oil did not go into free-fall [Tuesday] because of any supply side disappointment or OPEC+ developments, but because of…” Tyler Richey, co-editor of Sevens Report Research, told MarketWatch. Click here to read the full article.
“Oil squeezed higher last week on tensions in the Middle East, but with so much uncertainty regarding the trade war and global economy, the demand…” says Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
As of June 20, oil prices have settled a bit lower after an uptick following a larger-than-expected drawdown of U.S. crude stockpiles in early June. That drawdown “helped ease some of the supply side concerns in the energy market…but U.S. supply data is a secondary influence on the market…” according to Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
Tom Essaye, founder of the Sevens Report Research, partly credited expectations for further economic supportive measures from China for the market’s gains. “Chinese Vice Premier Hu called for more stimulus…” Click here to read the full article.
“The dominant trend remains bearish as U.S. oil supply is up more than 10% this year, and…” says Tyler Richey, co-editor of Sevens Report Research, told MarketWatch. Click here to read the full article.
Tyler Richey, co-editor of the Sevens Report sat down with Ben Lichtenstein from TD Ameritrade Network to talk about oil, corn futures, energy market and more…Click here to watch the full interview.
“There was a violent repricing of risk on Thursday after the rather disappointing global Flash PMIs discounted the argument that solid growth will continue to…” said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
What’s in Today’s Report:
It’s an ugly morning as futures are down about one percent as markets digest disappointment from the week’s two big events, the FOMC Minutes and the global flash PMIs.
EU flash PMIs missed estimates at 51.6 vs. (E) 51.7 but EU and German manufacturing PMIs were especially weak (47.7 & 44.3) and that’s negative for global growth.
Yesterday’s FOMC Minutes were slightly hawkish and confirmed the Fed isn’t close to a rate cut right now.
Given the soft foreign data, the key report today is the flash Composite PMI (E: 52.4). If that number is soft, it’ll further stoke worries about global growth and will be a negative for stocks. Other reports today include Jobless Claims (E: 215K) and New Home Sales (E: 680K).
Bottom line, this market is facing several headwinds and support at 2800 is now important, but should likely hold unless hopes for a Trump/Xi meeting at the G-20 meeting are dashed, or U.S. growth begins to roll over.
Tyler Richey was quoted in Bloomberg on May 20, 2019. “You’ve got some conflicting influences on the market and the price action today is pretty indicative of that…” Click here to read the full article.
