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Oil Fundamentals Indicate Weaker Prices Are Here To Stay (News: 01/02/16)

Today's Press

  • The Shanghai Composite Index SHCOMP, -1.78% finished down 1.8% at 2688.85, after Chinese officials reported that the country’s manufacturing purchasing managers index fell to 49.4 in January, marking the sixth-consecutive month of contraction and its lowest level since August 2012. The Hang Seng Index was last down 0.6%.

  • Stock futures pointed to a lower opening for Canada's main stock index on Monday as investors turned cautious after weak manufacturing data from China and Europe.

  • While many pundits are talking up the positive outlook for crude thanks to OPEC flagging its interest in coordinating production cuts, the looming bankruptcy of U.S. shale oil producers that cause U.S. shale oil output to fall off a cliff and planned economic stimulus to bolster demand the fundamentals still indicate that sharply weaker crude is here to stay.

Next Trading Day's Important Events

Forex Quotes:

  • USDJPY: 121.26
  • EURUSD: 1.0882

Indices:

  • S&P 500: 1,940.23
  • NASDAQ : 4,614.0

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