Global macro overview for 29/09/2015:
Amid last week's great drawdown in crude oil inventories (-1.900K vs. -0.5K expected), this weeks figures are being approached with more caution as the market participants expect a -3700K contraction. The Middle East oil producers still have intention to support the high production output in terms of the oversupplied market. Mounting concerns over the global economic growth are adding fuel to the fire for commodity bears. The contagion of lower prices is spreading to other commodities markets. Thus, shares of Glencore, the mining industry giant, crashed 27%on Tuesday after a 29% plunge in the previous day.The sentiment towards this market is clearly negative.
Ahead of the news release, crude oil prices are trading inside the consolidation zone and still below the golden trend line. Moreover, since the beginning of the week, crude prices are trading below the daily moving average of 55,100 and 200. This might be another clue that supports the negative near-term outlook for this market.
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