Crude Oil Futures: Rebound in the offing?

Pablo Piovano FXStreet

Open interest in crude oil futures markets shrank for the second session in a row on Friday, this time by just 692 contracts according to preliminary readings from CME Group. In the same line, volume went down for the second straight session, now by around 208.6K contracts.

WTI retargets the 2023 highs

Prices of WTI dropped for the second session in a row on Friday following Thursday’s YTD peaks. The daily drop came on the back of shrinking open interest and volume and could leave the door open to a near-term rebound with the immediate target on the 2023 top at $94.99 (September 28).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD eases marginally, back to 1.1800

EUR/USD navigates a narrow range on Thursday, hovering around the 1.1800 neighbourhood in a context of humble gains in the US Dollar. The pair’s lacklustre performance come amid the unabated trade uncertainty, geopolitical tensions in the Middle East and the cautious tone from the ECB’s Lagarde.

GBP/USD holds above 1.3500, struggles to gain traction

GBP/USD rebound from session lows but stays below 1.3550 on Thursday. The cautious market stance helps the US Dollar stay resilient against its rivals and makes it difficult for the pair gather recovery momentum. Investors await headlines that will come out of the US-Iran nuclear talks.

Gold clings to small gains near $5,200 ahead of US-Iran talks

Gold trades marginally higher on the day above $5,150 on Thursday as investors refrain from taking large positions. The US and Iran will hold the next round of nuclear talks in Geneva on Thursday, outcome of which could have significant implications for risk perception.

Stellar: Relief bounce fades as bearish undertone persists

Stellar is trading around $0.16 at the time of writing on Thursday after rebounding more than 8% in the previous day. Derivatives data paints a negative picture as XLM’s short bets hit a monthly high while Open Interest continues to decline.

The one thing everyone is on the lookout for is US action of some sort against Iran

The FX market is minestrone soup these days. It is befuddled by conflicting data, rumors and small stories exaggerated out of proportion, and Trump-generated uncertainty.

Solana strikes key resistance with double-digit gains

Solana trades at $88 at press time on Thursday, after an 11% upswing the previous day within a broader consolidation range of roughly three weeks. Institutional demand for Solana heightens as US spot SOL Exchange Traded Funds record $30 million of inflow on Wednesday.