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Good news from OPEC + for oil production collapsed oil below $80

OPEC + Committee Ministers Support Extension of Oil Production Plan for December The ministers of the monitoring committee of the OPEC + countries (JMMC) called for an increase in oil production in December by only 400,000 barrels per day, as planned, sources told Interfax.

Later, a full-format meeting of ministers will take place, after which, at 18:30 GMT, a press conference is scheduled.

In July, amid the recovery in oil demand, the OPEC + countries decided to accelerate the increase in oil production - by 400 thousand barrels per day (b / d). Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman, who has expressed concerns that a recovery in demand may be fragile amid the ongoing C0VID-19 pandemic, said not all countries will be able to ramp up supply. And already in August the deal was overfulfilled by 119% (that is, the shortfall to the plan was about 1 million bpd), and in September - by 115% (the shortfall was 0.7 million bpd).

Oil prices are rising steadily and in excess of $ 80 a barrel, pushing fuel prices higher, causing inflation and, as consumers say, hampering economic recovery.

However, while the OPEC + countries ignored these requests - at the previous meeting there was talk of a possible accelerated increase by eight hundred, and not 400 thousand b / d, but in the end the decision was made. Producers, in particular Saudi Arabia, want to make sure that the market needs oil in the long term, because they cannot, once increasing supplies, "turn off the tap" and leave their investments in the ground.

Meanwhile, many experts and market participants are already talking about a persistent lack of investment in oil production, and producers are talking about the need to look at sources of energy other than oil.

Miami Announces Plans To Pay City Workers Salaries In Bitcoin

Miami will push a bitcoin payout plan for its employees, Mayor Francis Suarez told Bloomberg on Tuesday, expanding its ambition to make Florida a major digital asset hub. “In October, we are going to submit a request for proposal to allow our employees to receive payment in bitcoins, to allow our residents to pay fees in bitcoins and even taxes, potentially in bitcoins, if the county allows it,  Suarez said in an interview. The official offer came after city commissioners backed his decision in February to instruct the city manager to hire a supplier that would offer employees the option to receive a percentage of their salary in bitcoin.

New Mexico news dropped the oil price today

New Mexico news dropped the oil price today. The oil price quickly moved down after the release of the news that New Mexico broke oil production records. "New Mexico broke an oil production record in May, pumping an average 1.22 million barrels daily as the Permian Basin returned to output growth again." The Oil price dropped about 150 pips after one hour of the news release and is on the way to continue downward direction. The top level of oil price WTI New York was at $76.95 on 6th of July 2021 and since then the trend is down. The huge recovery since July 19th is impossible but temporary we may see levels close to $70 in a few days time. World-Signals.com trading strategy is to bet into short positions. If you are not into short positions already at levels of $71.50-$72.00 and above you can enter now or wait this level to open short with a target close to $70.00.

BofA expects Brent oil at $ 100 in 2022

Analysts at BofA Global Research view the decline in oil prices following the OPEC + decision to increase production as a bargaining opportunity and still expect Brent futures to rise to $ 100 a barrel next year.

The average price of Brent crude oil in 2021 will be $ 68 per barrel, WTI crude oil - $ 65 per barrel, according to the bank's analysts. Futures on these marks are expected to average $ 75 and $ 71, respectively, in 2022. The global oil deficit will be 1.4 million barrels per day in 2021 and 400,000 barrels per day in 2022, analysts say.

According to the bank, the new OPEC + agreement simultaneously supports and reduces both upward and downward risks for oil prices. In the next 18 months, this group of producer states will become a key player in the oil market.

The higher U.S. consumer price may support the dollar in a short term period

Inflation climbs for third straight month: U.S. consumer prices rose 5.4% in June from a year ago, again higher than expected.

The dollar became stronger after today's key report for U.S. inflation. The Dollar gained about 55 pips after the release of the news. This year World-Signals.com expects to see the highest inflation in the last decade. As the dollar gains today by this news in a mid and long-term period the dollar may lose against the major currencies. But the higher inflation is a signal that Fed policy to hike U.S. interest rates is close. The Fed last month announced that it will make two interest rate hikes with the minimum 0.25% but this high inflation may push the Fed to make higher than expected rates hike.

At the same time the inflation in the biggest European economy is 2.3% the same as expected and the same as in prior month of year base. The Germany Consumer Price Index was released earlier today of 2.3% of year base and 0.4% for June the same as expected and prior month too. For tomorrow (Wednesday July 14th) the most important event is Fed's Chair Powell testifying schedule or 16:00 GMT.

The news for U.S. Consumer prices may strengthen the Dollar in a short term period. Our prediction is to see EURUSD at levels of 1.1600.

EURUSD trading strategy ahead key events

During the current European session the trend of EURUSD will change. The current downward trend started last Friday and is about to end today. The Dollar gained about 130-140 pips in this period of 4 days. For today the key event is ISM Manufacturing PMI(May) at 14:00 GMT. But overall the key event that everyone is waiting for is Friday Non-farm payroll report. It is expecting a positive report that may support the dollar. The event is already generated by the market. But till the event World-Signals.com expects to see temporary recovery of the Euro as possible levels up to 1.1885.

Hedge Funds go to invest in cryptocurrencies by 2026

The Financial Times, citing the results of a survey of hedge funds by Intertrust, reports that hedge funds intend to increase their stake in cryptocurrencies.

On average, hedge funds are ready to allocate up to 7.2% of the investment portfolio for cryptocurrencies. According to Intertrust estimates, funds can invest about $ 312 billion in the crypto market. Approximately 17% of respondents intend to keep more than 10% of their portfolio in cryptocurrencies. American hedge funds are more interested in cryptocurrencies than others. They are ready to increase their shares in the crypto business to an average of 10.6%, while hedge funds in the UK and Europe are ready to allocate 6.8% of assets to this segment.

Fed Interest Rates - Focus over the higher inflation

Today at 14:00 Eastern Time will be published the decision of the US Federal Reserve on interest rates in the country. The expectations for today's meeting are that the interest rates will not be changed and will remain at the level of 0.25%. The Fed's press conference, which will start at 14:30 Eastern Time, is also expected with increased interest. Investors are waiting for comments from Fed Chairman Jerome Powell on inflation, the state of the economy, and future moves by the central bank. World-Signals.com recommends focusing over U.S. Inflation as probably the risk of high inflation is real.


 

 

 

 

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