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It was a busy week in the oil patch. The week started with news that Qatar is leaving OPEC to concentrate on their natural gas business. However, the ongoing blockade of the tiny and wealthy nation likely contributed to their decision. After all, discussing energy policy with the Saudis who initiated the blockade has been more than distasteful for the Qataris. us electricity supply voltage UCO and SCO are the double-leveraged crude oil trading products that replicate twice the daily trading performance of WTI futures that trade on the NYMEX division of the CME. electricity bill calculator In the current environment of high volatility in the crude oil market, these products provide market participants with turbocharged performance on a short-term basis.

On Thursday, December 6 the oil ministers of OPEC could not come to any consensus over output cuts. The market had expected a 1.4 million barrel per day decline in output, but KSA lobbied for only one million barrels. The oil ministers decided to turn to the Russians for guidance and support. The Russian oil minister Alexander Novack worked with Vladimir Putin to come up with a solution. Meanwhile, U.S. President Donald Trump continued to pressure the Saudis and other allies in the cartel to leave production unchanged.

OPEC’s influence in the oil market has declined appreciably over recent years. If it were not for the Russians and Vladimir Putin, they would have had lots of trouble digging their way out of the situation when the price of the energy commodity fell to a low at $26.05 per barrel in early 2016. ortega y gasset revolt of the masses This week, the ministers turned to the Russians once again. The three leading producers of oil in the world are the United States, the Russians, and Saudi Arabia. The triad now controls the global oil market, and other OPEC members have become little more than a sideshow. Qatar’s exit from the cartel was a realization that the power base in the oil market has shifted as policy is now made in Washington DC, Moscow, and Riyadh.

On Friday, December 7, the members of OPEC decided to cut production by 1.2 million barrels per day which was a compromise between the 1.4 million cut and the one million barrel level favored by the Saudis and likely supported by U.S. electricity transformer health risks President Donald Trump who would have preferred no cut at all. gas meter car Meanwhile, Vladimir Putin via his oil chief Alexander Novak blessed the move and emerged once again as the mediator and most powerful force when it comes to the production policy for the cartel. OPEC decided to issue an exemption to Iran who will not be required to cut their production from the current level. The 15 members of the cartel, except for Iran, agreed to reduce its petroleum output by 800,000 barrels per day while Russia and other allied producers will contribute another 400,000 barrels to the cut. The cartel also issues exemptions to Venezuela and Libya. The price of crude oil moved higher in the wake of the announcement.

As the daily chart of NYMEX January crude oil futures highlights, the price of the energy commodity rallied on Friday to a high of $54.22 and settled at the $52.61 level posting its second consecutive week of gains after seven straight weeks of losses. While the price of the energy commodity recovered in the aftermath of the OPEC meeting, it remains close to recent lows and is not out of the woods given U.S. production at 11.7 million barrels each day. eon gas card top up However, the production cut went a long way to stabilize the market and cause the falling knife to float.

The investment seeks to provide daily investment results (before fees and expenses) that correspond to twice the daily performance of the Bloomberg WTI Crude Oil Subindex. The ‘Ultra’ funds seek results for a single day that match (before fees and expenses) two times (2x) the daily performance of a benchmark. It does not seek to achieve their stated objective over a period greater than a single day. 76 gas station hours The Bloomberg WTI Crude Oil Subindex is designed to track crude oil futures prices.

The fund summary for the inverse SCO product is similar as both products gain double leverage in the WTI crude oil market via positions in futures and swaps on the long and short sides of the oil market. The price for the leverage is decay, so UCO and SCO are only appropriate for short-term forays into the oil market. The price of crude oil moved from a low of $50.08 on December 6 to a high of $54.22 on December 7 as OPEC went from no decision to a production cut. The price of the energy commodities moved by 8.3% from low to high from Thursday to Friday.

The latest OPEC meeting and compromise over the production in the wake of falling crude oil prices since October is another sign that the triad of Russia, the United States, and Saudi Arabia is the force behind the price path of crude oil. OPEC has become a relic of the past that is nothing more than the triad’s puppet. gas dryer vs electric dryer safety Highlights in Commodities:

GSG is the iShares S&P GSCI Commodity-Indexed Trust which represents a diversified basket of commodities futures contracts, has net assets of $1.25 billion and trades an average daily volume of 768,496 shares. The fund summary for GSG states that it holds a “diversified group of commodities futures.” Volume increased as the price rose in the GSG product over the past week.

Disclaimer: Any investment involves substantial risks, including, but not limited to, pricing volatility, inadequate liquidity, and the potential complete loss of principal. This document does not in any way constitute an offer or solicitation of an offer to buy or sell any investment, security, or commodity discussed herein, or any security in any jurisdiction in which such an offer would be unlawful under the securities laws of such jurisdiction.

The Hecht Commodity Report is the most comprehensive commodities reports available today from the top-ranked ranked author in both commodities, forex, and precious metals. My weekly report covers the market movements of over 25 different commodities and provides bullish, bearish and neutral calls; directional trading recommendations, and actionable ideas for traders and investors.