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Bullish rally in the oil market!

Bullish rally in the oil market! | 08 November 2019

Bullish rally in the oil market!


#BRENT:


We are expecting the bullish rally to continue this week! Cleanup crews in Walsh County, North Dakota, are working to plug the Keystone pipeline after oil leak. The shutdown threatens to cut off a large amount of regular supply of heavy Canadian crude to the United States. Canada is the biggest foreign provider of oil to the United States, with exports to the U.S. averaging about 3.6 million barrels per day. The large Ohio refiners and east will suffer on both heavy and light deliveries. This is a positive factor for oil prices!


Trading recommendation: Buy 61.00 and take profit 62.23.


Bullish rally in the oil market!


#SP500:


Positive trade talks between Washington and Beijing will have a positive impact on the U.S. stock market. Beijing's state-media Xinhua News Agency reported the two countries have "reached consensus on principles. U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin made progress on a variety of issues during a telephone call on Friday with China's Vice Premier Liu He about an interim trade agreement. Donald Trump is ready to make a trade deal with China. About 75% of the 356 S&P 500 companies that have reported so far have beaten profit estimates, according to Bloomberg data. This is a positive signal for the U.S. stock market!


Trading recommendation: Buy 3052 and take profit 3077.


Bullish rally in the oil market!


#GAS:


Investors traditionally increase long positions in the natural gas market in autumn and winter. During this period, there is traditionally an increased demand for fuel. U.S. oil and gas companies are cutting back on drilling activity. According to reports of oilfield service companies there is a reduction in drilling platforms. This factor will have a positive impact on the cost of natural gas! Positive trade talks between the United States and China will provide additional support for the natural gas price. U.S. Commerce Secretary Wilbur Ross said the "phase one" trade pact with China appeared in good shape.


Trading recommendation: Buy 2.72 and take profit 2.76


 


TRADE OILS WITHOUT SWAPS!

 

David Johnson
Analyst of «FreshForex» company
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