01172017Tue
Last update: Tue, 17 Jan 2017 03pm

Asia

Markets - Energy - Asia

US oil to test a support at $40.92 SINGAPORE: US oil is expected to test a support at $40.92 per barrel, a break below which could cause a loss to the next support at $40.47.The support is provided by the 138.2 percent Fibonacci projection level of an upward wave 3, the third wave of a five-wave cycle from the April 5 low of $35.24.This wave was disrupted by a strong resistance at $41.90, the March 22 high. A further consolidation below this level is highly likely.A break below $40.92 may not only open the way towards $40.47, the 123.6 percent level, but also cause a further loss to the 100 percent level at $39.75, as suggested by a channel technique.A rise above $41.64, the 161.8 percent level, could lead to a gain to the 186.4 percent level at $42.39.No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his ...

Markets - Energy - Asia

Oil falls after rally fuelled by output freeze hopes SINGAPORE: Oil prices fell on Wednesday, taking a breather after a rally fuelled by reports Saudi Arabia and Russia had agreed to freeze output ahead of a key producers' meeting.Prices climbed to their highest levels this year on Tuesday, as reports the two oil majors had reached a consensus boosted expectations a wider deal will be forged at a meeting in Doha.Sunday's talks will bring together OPEC members led by Saudi Arabia and non-OPEC producers, ...

Markets - Energy - Asia

US oil may retrace to $41.28 before rising SINGAPORE: US oil may retrace a bit further to $41.28 per barrel, before rising again, as suggested by its wave pattern and a Fibonacci projection analysis.The contract is riding on a wave 3, the third wave of a five-wave cycle from the April 5 low of $35.24. It has travelled briefly above a resistance at $42.09, the 176.4 percent level. Chances are it may extend into a range of $43.98-$44.70, formed by the 238.2 percent ...

Markets - Energy - Asia

Oil prices fall on profit-taking, oversupply worries SINGAPORE: Oil futures fell in Asian trade on Wednesday as profit-taking and concern over a larger-than-expected build in US crude stocks outweighed a report that Russia and Saudi Arabia had reached consensus on an oil output cap. Brent crude had dropped 27 cents to $44.42 a barrel as of 0207 GMT, after hitting a four-month high in the previous session, when it settled up $1.86, or 4.3 percent. US crude dropped 37 cents to $41.80 ...

Markets - Energy - Asia

Asia Fuel Oil-380cst cash discounts slip with May-June spreads SINGAPORE: Cash discounts of Asian 380cst fuel oil slipped at the start of the week despite steady activity in the physical market, traders said.The 380cst fuel oil cash discounts widened to minus 28 cents a tonne to Singapore quotes on Monday, down 26 cents from Friday's close at 2 cents below Singapore quotes.Four cash deals were reported, totalling 100,000 tonnes of 380cst fuel oil for delivery across Monday's pricing window between April 26 and May ...

Markets - Energy - Asia

Oil prices rise in Asia as Doha meeting, US report loom SINGAPORE: Crude prices rose in Asia Monday, extending last week's gains from data showing a drop in US production, while traders look ahead to an upcoming meeting of oil majors they hope will lead to limits on output.Data showing US stockpiles and output had seen a surprise fall provided some much needed impetus to the market last week, with a fall in the number of rigs drilling also provided strong support.Dealers are keenly awaiting the ...

Markets - Energy - Asia

Brent crude's premium to Dubai hits over 2-month high SINGAPORE: Brent's premium to Dubai crude hit the highest in more than two months after the European marker strengthened ahead of oilfield maintenances that could tighten supplies, trade sources said on Friday. Brent-Dubai Exchange of Futures for Swaps (EFS) for June was valued at $3.65 a barrel, the sources said, up 28 cents from Thursday's close. This is the widest since Jan. 14, according to Reuters data. A wider spread makes Dubai-linked grades more attractive ...