somrat4030
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Mar-12, 2022, Crude Oil analysis and US hedge Fund Latest updates, By forex forum.
Oil prices are set to close the week down more than 4.8% (the larges weekly decline since November) despite setting a weekly range of more than 20% to fresh multi-year highs. As the global energy market attempts to re-route power around the Russian invasion of Ukraine, volatility in oil prices has exploded with WTI setting back-to-back weekly ranges not seen since 2008. While the broader outlook remains constructive, the initial price shock may have exhausted here near-term and the focus is on identifying low in the weeks ahead. These are the updated targets and invalidation levels that matter on the oil price weekly chart.
Prices briefly registered an intraday high 129.41 this week before reversing with WTI now set to close back below confluent resistance at the 2013 / 2011 swing highs at 112.21-114.80. Near-term exhaustion?
We want to again point to the August 1990 price parallel (when Iraq invaded Kuwait) as the last instance price saw weekly momentum surge to this level. A deeper study in volatility also highlights a extreme in the objective weekly range- the last time we saw a single week ATR reach this level was back in September of 2008. The more price parallels you look at, the deeper the conviction for expectations a period continued extreme volatile as price discovery works its way through.
On the other hand, Russia's central bank on Saturday said it has decided not to reopen stock market trading on the Moscow Exchange from March 14-18, with the exception of some non-open-market transactions an transactions using the SPFI payment system.
It said the foreign exchange market, money market and repo market would open at 0700 GMT on those days. The bank said it would announce the operating mode for the following week at a later date.
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Elsewhere, Brent crude oil futures were trading below $110 a barrel on Friday. This follows Russia's announcement on Thursday that it will meet the contractual obligations of crude supply, and also due to the fear of demand destruction following the increase in the price of the commodity.
May Brent oil futures were at $109.21, down by 1.73 per cent; and April crude oil futures on WTI at $106.28, up by 0. 25 per cent.
March crude oil futures were trading at ₹8115 on Multi Commodity Exchange (MCX) in the initial hour of Friday morning against the previous close of ₹8154, down by 0.48 per cent; and April futures were trading at ₹7908 against the previous close of ₹7934, down by 0.33 per cent.
On the other hand, Fighting raged near Kyiv on Saturday and heavy shelling in other areas threatened new attempts to evacuate trapped civilians as France said Russian President Vladimir Putin showed no readiness to end the war in Ukraine.
Ukrainian President Volodymyr Zelenskiy said Moscow was sending in new troops after Ukrainian forces put 31 of Russia's battalion tactical groups out of action in what he called Russia's largest army losses in decades. It was not possible to verify his statements.
He also said about 1,300 Ukrainian troops had been killed so far and urged the West to get more involved in peace negotiations. The president suggested Russian forces would face a fight to the death if they sought to enter the capital.
Source: reuters.com/world/europe
Elsewhere, A number of U.S. hedge-fund firms that have investments from Russian oligarch Roman Abramovich have been told to freeze his assets after he was sanctioned by the British government Thursday, according to people familiar with the instructions.
A message from fund administrator SS&C Globe Op to one firm said, "Currently accounts attributed to Roman Abramovich are blocked from transacting, as such any distributions, redemptions or payment cannot be made and no subscriptions or contributions can be accepted."
SS&C, whose clients include hedge funds and other investment managers, said in the message it was monitoring the situation for guidance from the U.K. Treasury, the Office of Financial Sanctions Implementation and the Cayman Islands Monetary Authority. Other funds have received similar messages, according to people familiar with the matter. The guidance likely puts a stop to recent efforts by Abramovich to sell his interests in a slew of hedge funds, said people familiar with the matter.
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