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ECOPETROL: Cupiagua Gas Plant To Increase Output By 6,000 Boed

The Colombian state-owned oil company Ecopetrol reported that it would launch next month the second stage of work in the Cupiagua gas plant, in southwestern Colombia.

The next phase will allow the company to increase its production by around 6,000 barrels of oil equivalent per day in fuels such as LPG, NGL (natural gas liquids) and C5 (pentane).

The Cupiagua gas plant started gas sales operations in December 2012. Currently, its capacity is at 210 million cubic feet per day.

The project would be completed by mid-2019, allowing sales to increase from around 40,000 barrels per day, estimated for 2017, to about 46,000 barrels per day. The investment exceeds US$ 127 million in the construction of processing units, loading areas, and storage system.

The material has been provided by InstaForex Company – www.instaforex.com

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Treasuries Close Modestly Higher Following Slew Of Economic Data

After ending the previous session slightly lower, treasuries moved back to the upside during trading on Thursday.

Bond prices moved higher early in the session and showed a notable upward move going into the close. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 2.2 basis points to 2.121 percent.

The higher close by treasuries came following the release of a slew of U.S. economic data, including a Commerce Department report showing a bigger than expected increase in personal income.

The Commerce Department said personal income climbed by 0.4 percent in July after coming in unchanged in June. Economists had expected income to rise by 0.3 percent.

Meanwhile, the report said personal spending rose by 0.3 percent in July after edging up by 0.2 percent in the previous month. Spending had been expected to increase by 0.4 percent.

The Labor Department released a separate report showing first-time claims for U.S. unemployment benefits edged slightly higher in the week ended August 26th.

The report said initial jobless claims inched up to 236,000, an increase of 1,000 from the previous week’s revised level of 235,000.

Economists had expected jobless claims to rise to 237,000 from the 234,000 originally reported for the previous week.

MNI Indicators also released a report showing continued growth in Chicago-area business activity in the month of August.

The Chicago business barometer came in at 58.9 in August, unchanged from July. A reading above 50 indicates growth. Economists had expected the barometer to edge down to 58.5.

A separate report from the National Association of Realtors showed an unexpected decrease in pending home sales in the month of July.

NAR said its pending home sales index fell by 0.8 percent to 109.1 in July from a downwardly revised 110.0 in June. Economists had expected pending home sales to rise by 0.5 percent.

A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.

Trading on Friday is likely to be impacted by reaction to the Labor Department’s monthly jobs report. The report is expected to show an increase of about 180,000 jobs in August.

The closely watched monthly jobs report may overshadow data on manufacturing activity, construction spending, and consumer sentiment.

The material has been provided by InstaForex Company – www.instaforex.com

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Crude Oil Trims Recent Losses, Gasoline Skyrockets

Crude oil futures surged Thursday, taking back recent losses after the U.S. Energy Department’s release of 1 million barrels a day from the Strategic Petroleum Reserve.

The move was made in the wake of Hurricane Harvey which has disrupted refinery operations on the Texas coast.

October West Texas Intermediate rose $1.27, or 2.8%, to settle at $47.23 a barrel on the New York Mercantile Exchange. Still, oil was down 6% for the month.

Gasoline futures continued to skyrocket.

September gasoline rose 25.5 cents, or 13.5%, to end at $2.140 a gallon, up about 28% for the month. October gasoline rose 14.2 cents, or 5.7%, to $1.779 a gallon.

The material has been provided by InstaForex Company – www.instaforex.com

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Dollar Little Changed Ahead Of Employment Report

The dollar is down slightly against all of its major rivals Thursday afternoon. Traders were confronted with a high volume of economic reports this morning the results of which were mixed. However, the employment data remained positive ahead of tomorrow’s jobs report for August.

First-time claims for U.S. unemployment benefits edged slightly higher in the week ended August 26th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims inched up to 236,000, an increase of 1,000 from the previous week’s revised level of 235,000.

Economists had expected jobless claims to rise to 237,000 from the 234,000 originally reported for the previous week.

A report released by the Commerce Department on Thursday showed U.S. personal income rose by slightly more than expected in the month of July, while personal spending increased by slightly less than expected.

The Commerce Department said personal income climbed by 0.4 percent in July after coming in unchanged in June. Economists had expected income to rise by 0.3 percent.

Meanwhile, the report said personal spending rose by 0.3 percent in July after edging up by 0.2 percent in June. Spending had been expected to increase by 0.4 percent.

Chicago-area business activity saw continued growth in the month of August, according to a report released by MNI Indicators on Thursday. MNI Indicators said its Chicago business barometer came in at 58.9 in August, unchanged from July. A reading above 50 indicates growth. Economists had expected the barometer to edge down to 58.5.

With inventory woes throughout the country continuing to stall contract activity, the National Association of Realtors released a report on Thursday showing an unexpected drop in pending home sales in the U.S. in the month of July.

NAR said its pending home sales index fell by 0.8 percent to 109.1 in July from a downwardly revised 110.0 in June. Economists had expected pending home sales to rise by 0.5 percent.

The dollar climbed to an early high of $1.1822 against the Euro Thursday, but has since eased back to around $1.19.

Eurozone inflation climbed to a four-month high in August on energy prices, flash data from Eurostat showed Thursday. Inflation accelerated to 1.5 percent in August from 1.3 percent in July. This was the highest since April and above the expected rate of 1.4 percent.

The euro area unemployment rate remained unchanged at the lowest level in more than eight years in July, Eurostat reported Thursday. The jobless rate held steady at 9.1 percent in July, the lowest since February 2009. The rate also matched expectations.

Germany’s retail sales increased at a slightly faster pace in July, data from Destatis showed Thursday. Retail sales grew 2.7 percent year-on-year in July, slightly faster than the revised 2.6 percent increase seen in June. Nonetheless, the annual pace of expansion was slower than the expected 2.9 percent.

Germany’s unemployment decreased in August, reports said citing data from the Federal Labor Agency on Thursday. The number of unemployed decreased by 5,000 in August from July. Economists had forecast a decrease 6,000 for August.

Germany’s unemployment rate fell slightly in July, figures from Destatis showed Thursday. The unemployment rate dropped marginally to 3.7 percent in July from 3.8 percent in June. The number of unemployed decreased by around 27,000 to 1.59 million.

France’s inflation accelerated to a four-month high in August, provisional estimate from the statistical office Insee showed Thursday. Consumer price inflation rose to 0.9 percent in August, in line with expectations, from 0.7 percent in July. This was the highest rate since April, when inflation was 1.2 percent.

The buck rose to a high of $1.2850 against the pound sterling Thursday morning, but has since retreated to around $1.2920.

Consumer confidence in the United Kingdom ticked slightly higher in August, the latest survey from GfK revealed on Thursday with an index score of -10. That beat forecasts for a score of -13 and was up from -12 in July.

The greenback reached an early high of Y110.668 against the Japanese Yen Thursday, but has since dropped to around Y110.050.

Industrial output in Japan fell a seasonally adjusted 0.8 percent on month in July, the Ministry of Economy, Trade and Industry said on Thursday. That missed forecasts for a decline of 0.3 percent following the 2.2 percent spike in June.

Japan’s housing starts declined more than expected in July, data from the Ministry of Land, Infrastructure, Transport and Tourism revealed Thursday. Housing starts decreased 2.3 percent year-on-year in July, in contrast to a 1.7 percent rise in June. This was also bigger than the expected drop of 0.2 percent.

The material has been provided by InstaForex Company – www.instaforex.com

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Gold Up 4% In August

Gold futures continued to surge Thursday, extending monthly gains on a weaker dollar.

Dec. gold gained $8.10, or 0.6%, to settle at $1,322.20/oz, the highest in eleven months. Gold was up 4% for the month of August.

With inventory woes throughout the country continuing to stall contract activity, the National Association of Realtors released a report on Thursday showing an unexpected drop in pending home sales in the U.S. in the month of July.

NAR said its pending home sales index fell by 0.8 percent to 109.1 in July from a downwardly revised 110.0 in June. Economists had expected pending home sales to rise by 0.5 percent.

The material has been provided by InstaForex Company – www.instaforex.com

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Daily analysis of USDX for September 01, 2017

The index remains strong in the recovery phase that has entered and the 200 SMA on the H1 chart is currently challenged. If it manages to overcome that area, we should expect a rally to test the August 17th highs around 94.04. To the downside, the nearest support is placed at the 92.34 level, at which a breakout should open the doors for more weakness.

USDXH1.png

H1 chart’s resistance levels: 93.09 / 94.04

H1 chart’s support levels: 92.34 / 91.67

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 92.34, take profit is at 91.67 and stop loss is at 93.00.

The material has been provided by InstaForex Company – www.instaforex.com

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Daily analysis of GBP/USD for September 01, 2017

The pair still remains in a corrective mode since August 29 and looks forward to testing the support level of 1.2842. Around that area, buyers could appear for a rebound that make a breakout of the latest swing high and if that happens, we expect the price to reach the resistance zone of 1.3013, which should also strengthen the bullish scenario.

GBPUSDH1.png

H1 chart’s resistance levels: 1.2958 / 1.3013

H1 chart’s support levels: 1.2842 / 1.2761

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2958, take profit is at 1.3013 and stop loss is at 1.2903.

The material has been provided by InstaForex Company – www.instaforex.com

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India GDP Growth At 3-year Low

India’s economic growth slowed to its lowest level in three years during the June quarter as activity was impacted by the roll out of the Goods and Sales tax in an economy that continued to reel under the strain of the government’s shock demonetization move from last November.

Gross domestic product grew 5.7 percent year-on-year in the June quarter, preliminary data from the Central Statistics Office showed Thursday.

Economists had expected the growth rate to improve to 6.5 percent from 6.1 percent logged in the previous quarter.

Latest growth rate was the lowest since the March quarter of 2014. In the June quarter of 2016, growth was 7.9 percent.

In terms of Gross Value Added, which is the preferred measure for the Reserve Bank of India, growth was 5.6 percent in the June quarter versus 7.6 percent a year ago.

The government’s Chief Statistician TCA Anant attributed the weakness in growth to de-stocking by firms, mainly manufacturers, ahead of the implementation of the GST on July 1.

Indeed, manufacturing grew just 1.2 percent versus 10.7 percent expansion in the same period last year. Financial services sector growth was 6.4 percent compared to 9.4 percent a year ago. Farm sector growth was a modest 0.3 percent versus last year’s 9.9 percent.

The official expects a revival to take place in the September quarter as firms return their stocks to normal levels after incorporating the changes due to the GST.

Anant also pointed out a rise in prices as another reason for the slowdown in the economic growth, but ruled out the demonetization as a cause for the latest weakness.

Prime Minister Narendra Modi’s shock move to cancel the legal tender status of the INR 500 and INR 1,000 currency notes last November, in a bid to curb the menace of unaccounted cash or ‘black money’ and fake currency, was hailed a masterstroke then though it caused a lot of hardship for the public.

However, the RBI annual report released on Wednesday suggested the move apparently failed to yield expected success and the cost may have exceeded the benefits.

The central bank report said about 99 percent of the cancelled currency notes were deposited with banks, thus debunking the government’s claim that trillions of rupees would not return to banks as they were unaccounted cash or ‘black money’.

As the cost increased, the RBI’s profit halved in the financial year 2017 that ended on March 31.

The material has been provided by InstaForex Company – www.instaforex.com

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