Morning Market Overview
A supportive EIA weekly oil fundamental snapshot along with growing concern that global supply and demand may tighten quicker than earlier anticipated pushed oil prices into positive territory on Wednesday. The gains were modest with refined products leading the way higher.
Aside from the weekly oil snapshot not much has changed on the fundamental front with market participants still approaching the market very cautiously as signals from many of the global economic indicators have been mixed. This has resulted in the overall market sentiment flipping daily. On the financial front global equity markets were mixed around the world.
The EMI Index was lower by 0.11 percent for the day with the year to date gain at 9.4 percent.
All ten bourses in the Index are in positive territory for 2019 with Japan holding the worst performing spot in the Index with Brazil in the top spot with a 11.9 percent gain for the year. The higher value direction in global equity markets today was a positive price driver for the oil complex.
On the currency front the US dollar Index was higher for the day with the Yen/USD and the Euro/USD mixed. Overall the currency markets were a negative price driver for the oil complex.