{"id":15432,"date":"2020-03-19T07:36:21","date_gmt":"2020-03-19T06:36:21","guid":{"rendered":"https:\/\/bernstein-bank.com\/?p=15432\/"},"modified":"2020-03-19T08:13:16","modified_gmt":"2020-03-19T07:13:16","slug":"capitulation-of-the-oil-market","status":"publish","type":"post","link":"https:\/\/bernstein-bank.com\/en\/capitulation-of-the-oil-market\/","title":{"rendered":"Capitulation of the oil market?"},"content":{"rendered":"<table cellspacing=\"0\" cellpadding=\"4\">\n<tbody>\n<tr>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">Gold<\/span>\u00a0 \u00a01473,82<br \/>\n(<span style=\"color: #ff0000;\">-0,76%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">EURUSD<\/span>\u00a0 \u00a01,0905<br \/>\n(<span style=\"color: #ff0000;\"> -0,25%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">DJIA<\/span>\u00a0 \u00a019443,50<br \/>\n(<span style=\"color: #ff0000;\">-3,84%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">OIL.WTI<\/span>\u00a0 23,42<br \/>\n(<span style=\"color: #ff0000;\">-0,13%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">DAX<\/span>\u00a0 \u00a08454<br \/>\n(<span style=\"color: #008000;\">+ 0,04%<\/span>)<\/h4>\n<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"justify\">Optimists think there&#8217;s nowhere else for oil to fall. And the pessimists (shorts and oil producers) continue to sell it in huge volumes. On Wednesday, WTI oil fell by another 20%, reaching a low of $20 per 1 barrel.<\/p>\n<p style=\"text-align: center;\"><strong><br \/>\nChart of the Day GBP\/USD<br \/>\n<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-15433 aligncenter\" src=\"\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2020\/03\/222.png\" alt=\"Chart of the Day GBP\/USD\" width=\"600\" height=\"244\" \/><\/p>\n<p style=\"text-align: center;\"><strong><br \/>\nOIL<br \/>\n<\/strong><\/p>\n<p>In theory, black gold has somewhere else to fall. There are huge surpluses of physical oil in the markets, which nobody buys. Owners are forced to store it in tankers, the cost of freight which has increased by 5-10 times in just one month.<\/p>\n<p style=\"text-align: center;\"><strong><br \/>\nPound<br \/>\n<\/strong><\/p>\n<p align=\"justify\">Yesterday we were looking at a significant event on a monthly timeframe in the Australian dollar\/US dollar pair. Today, on the same timeframe (chart above), no less significant event. The pound\/dollar broke the lows, which were shown in 2016 after the referendum on Brexit. And then there is not just an abyss, but abyss without a bottom, the pound has never been so cheap..<\/p>\n<p style=\"text-align: center;\"><strong><br \/>\nCanadian Dollar<br \/>\n<\/strong><\/p>\n<p align=\"justify\">But there is another very interesting chart in the Australian dollar\/Canadian dollar pair. What do we see on a monthly timeframe? The price has approached the highs of the panic in 2016, and behind them there is a new huge gap. On Thursday, at this level, there will be a huge battle of bulls and bears and another blood will spill.<\/p>\n<p style=\"text-align: center;\"><strong><br \/>\nBitcoin<\/strong><\/p>\n<p align=\"justify\">For the third day in a row, we draw our subscribers&#8217; attention to the first cryptocurrency. It persistently refuses to fall further against the U.S. dollar, while all assets fall against the dollar. The absurdity is that this very crisis can give cryptocurrencies a powerful boost in terms of human acceptance, which has been so lacking for the last 2 years.<\/p>\n<p style=\"text-align: center;\"><strong><br \/>\nWhat&#8217;s waiting for us today?<\/strong><\/p>\n<p align=\"justify\">00.50 Monetary Policy Committee Meeting of the Bank of Japan<br \/>\n01.30 Employment rate in Australia for February<br \/>\n09.30 Swiss National Bank interest rate decision<br \/>\n13.30 Initial claims for unemployment benefits in the USA<\/p>\n<hr \/>\n<p style=\"text-align: center;\" align=\"justify\">Important Notes on This Publication:<small> <\/small><\/p>\n<p align=\"justify\"><small>The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold\u00a0 \u00a01473,82 (-0,76%) EURUSD\u00a0 \u00a01,0905 ( -0,25%) DJIA\u00a0 \u00a019443,50 (-3,84%) OIL.WTI\u00a0 23,42 (-0,13%) DAX\u00a0 \u00a08454 (+ 0,04%) Optimists think there&#8217;s nowhere else for oil to fall. And the pessimists (shorts&#8230;<\/p>\n","protected":false},"author":37,"featured_media":13158,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-15432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Capitulation of the oil market? | Bernstein Bank<\/title>\n<meta name=\"description\" content=\"Optimists think there&#039;s nowhere else for oil to fall. 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