#WTI:
The global benchmark posting a fourth monthly gain, with demand growing faster than supply and vaccinations expected to alleviate the impact of resurgence in COVID-19 infections across the world. The number of U.S. oil rigs has risen for 11 straight months, but fell two to 385 this week, data from energy services firm Baker Hughes showed. This is a positive signal for oil prices. The dollar languished after the Federal Reserve's remarks that it has not yet set a time to start tapering its bond purchases. A weaker dollar can boost investor demand for dollar-denominated commodities, including crude oil.
Trading recommendation: Buy 72.00 and take profit 73.95.
#SP500:
The Federal Open Market Committee kept interest rates near zero and maintained asset purchases. The monetary policy will continue to support to the economy until the recovery is complete. Progress in vaccinations and unprecedented fiscal policy actions are also providing strong support to the recovery. The Federal Open Market Committee announced the establishment of two standing repurchase agreement facilities—a domestic standing repo facility and a repo facility for foreign and international monetary authorities. These facilities will serve as backstops in money markets to support the effective implementation of monetary policy and smooth market functioning. This is a positive signal for the U.S. stock market.
Trading recommendation: Buy 4378 and take profit 4440.
#Exxon:
Earnings increased $5.8 billion over the second quarter of 2020, driven by oil and natural gas demand and best-ever quarterly chemical and lubricants contributions. The growth fell of traders’ expectations. Excluding entitlement effects, divestments, and government mandates, oil-equivalent production increased 3%, including growth in the Permian and Guyana. Average realizations for crude oil increased 13% from the first quarter. Natural gas realizations increased 1% from the prior quarter. Overall refining throughput was up 3% from the first quarter, when a winter storm in Texas disrupted operations. The company continued to manage refinery operations in line with fuel demand and integrated chemical manufacturing needs.
Trading recommendation: buy 56.90 and take profit 58.80.
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