Archive for May 15th, 2017

May 15, 2017 Oil getting Big Pop over Saudis, Russia keeping cuts and China’s 78 Billion Pledge

May 15th, 2017

Oil is getting a major Dead Cat Bounce tonight over 2.55% as the Saudis and Russia announce that they favor extending the deal to cut Production for an additional 9 months when they meet in Vienna next week at Opec Meeting. The Loonie is much stronger over this push up in Oil, along with our Futures which is over .15% in the second hour of the European session. China Missed BIG on Industrial Production Numbers tonight 6.5% vs expected 7.0% along their Fixed Asset Spending missed . Their Retail Sales was inline. Shanghai Futures didn’t worry about the miss and followed the Oil Rally pushing up Copper and other metals along with China Prez Xi announcing a pledge of 78 Billion spending towards the “Belt and Road” at the Belt and Road Conference that is going on in China. Everyone was expecting the promise but with the pop in Oil it’s just more good news in the commodity space. OPEC also came out saying there is less floating Oil out there (well duh, the speculators have been selling it like crazy on a slower china theme). Will be interesting if the oil rally is sold when the US Session starts.

May 2017