UAE and Saudi Arabia Reach Compromise For OPEC+ To Boost Oil Production

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  • #26519
    ThePitBoss
    Participant

    OPEC+ led by Saudi Arabia on Sunday agreed…

    [article]2549[/article]

    #26522
    ThePitBoss
    Participant

    WTI Oil futures tested $66.80 after the dose of OPEC+ and covid-19 worries for global growth. Bounce now to 67.540 but straight back under 67 – looking at those daily and weekly levels from @knovawave https://traderscommunity.com/index.php/market-talk/2548-traders-market-weekly-july-18-to-24-2021

    #26530
    Truman
    Participant

    XLE smashed …

    XLE Sector Briefing: Energy (46.58 -2.10) All eleven sectors trade in negative territory with energy (-4.5%) pacing the early weakness.

    Key factors driving today’s performance include:

    Renewed global growth concerns stemming from increased focus on the spread of the coronavirus.
    Pressure from a lower price of oil. WTI crude is down $4.70, or 7.2%, at $67.07/bbl, falling past its 50-day moving average (69.80) to its lowest level since early June. OPEC+ agreed over the weekend to increase its oil output in August.
    Continuation of this month’s weakness. The sector has fallen 13.5% in July, narrowing its year-to-date gain to 23.2%.

    #26531
    Truman
    Participant

    Notable movers:

    Occidental Petroleum (OXY 23.92, -2.02, -7.8%): weakest performer in the sector, revisiting its May low.
    Diamondback Energy (FANG 72.58, -5.78, -7.4%): trading at its lowest level since late March.
    Schlumberger (SLB 26.01, -1.86, -6.7%): falling toward its 200-day moving average (25.56).
    ONEOK (OKE 49.79, -3.52, -6.6%): trading at its lowest level since late April.
    Valero Energy (VLO 60.85, -4.03, -6.2%): falling to its lowest level since early February.
    Baker Hughes (BKR 19.40, -1.20, -5.8%): approaching its April low (18.75).
    Marathon Petroleum (MPC 50.25, -3.02, -5.7%): falling to its lowest level since early February.

    #26532
    Truman
    Participant

    More Notable movers:

    Apache (APA 16.96, -1.02, -5.7%): seeking support near its 200-day moving average (16.95).
    Halliburton (HAL 18.95, -1.12, -5.6%): falling below its 200-day moving average (19.65) to its lowest level since late April.
    Phillips 66 (PSX 70.56, -3.93, -5.3%): falling below its 200-day moving average (74.16) to its lowest level since early February.
    ConocoPhillips (COP 52.90, -2.60, -4.8%): falling to its lowest level since early May.
    Exxon Mobil (XOM 54.79, -2.53, -4.5%): trading near its April low (54.30).
    Chevron (CVX 94.99, -3.63, -3.7%): seeking support near its 200-day moving average (95.10).
    Williams Companies (WMB 24.41, -0.88, -3.5%): best performer in the sector, trading at its lowest level since late April.

    #26533
    ThePitBoss
    Participant

    Thank you Blarney – here’s a few others and updated prices:

    [size=3][color=red]Diamondback Energy 72.63 −5.73 (7.31%) trading at its lowest level since late March.
    ONEOK 50.24 −3.07 (5.76%) trading at its lowest level since late April.
    Schlumberger 26.38 −1.49 (5.35%): falling toward its 200-day moving average (25.56).
    Occidental Petroleum (OXY 24.57 −1.37 (5.28%) revisiting its May low
    Patterson-UTI Energy, Inc. 7.80 −0.43 (5.28%) 2-wk high 11.27 52-wk low 2.38
    Transocean LTD 3.32 −0.18 (5.14%) 52-wk high 5.13 52-wk low 0.65
    Phillips 66 (PSX 70.67 −3.81 (5.12%)): falling below its 200-day moving average (74.16) to its lowest level since early February.
    Baker Hughes (BKR 19.55 −1.05 (5.10%): approaching its April low (18.75).
    [/color][/size]

    #26534
    ThePitBoss
    Participant

    A few more:

    [color=red]
    Valero Energy (VLO 61.62 −3.26 (5.02%): falling to its lowest level since early February.
    Marathon Petroleum (MPC 51.06 −2.20 (4.13%)): falling to its lowest level since early February.
    Halliburton (HAL 19.10 −0.97 (4.81%): falling below its 200-day moving average (19.65) to its lowest level since late April.
    Exxon Mobil (XOM 54.79 −2.53 (4.42%)): trading near its April low (54.30).
    ConocoPhillips (COP 53.25 −2.25 (4.05%)): falling to its lowest level since early May.
    Chevron (CVX 94.85 −3.80 (3.85%)): seeking support near its 200-day moving average (95.10).
    Williams Companies (WMB 24.46 −0.82 (3.24%)): best performer in the sector, trading at its lowest level since late April.
    [/color]

    #26579
    ThePitBoss
    Participant

    DJ OPEC-Plus Deal Puts Group in Driver’s Seat, Says BofA — Market Talk

    1151 ET – Last weekend’s OPEC-plus production agreement fueled a temporary drop in oil prices this week, but longer term the deal could be a stabilizing force that gives Saudi-led OPEC and other members including Russia a firmer grip on oil markets, says BofA Global Research. “With OPEC-plus agreeing to expand output baselines by 1.6mn b/d starting in May 2022, oil prices have retraced,” it says. “Yet the new agreement also extends supply controls to December 2022. In a way, the new accord supports and simultaneously reduces upside (and downside) risks to global crude prices, and puts OPEC-plus in the driver’s seat for oil markets over the next 18 months.”

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