Account

New to ADSS? Open an
account now to get started.

OR

Already have an account?

Add funds to your ADSS account

Account

New to ADSS? Open an
account now to get started.

Add funds to your ADSS account

Trends & Analysis
News

Has gold peaked?

News

European stocks close at record high

News

Gold prices ease after hitting record high

News

Week Ahead Preview: 17th of February

News

Europe stocks hit record high on strong earnings

News

BRIC currencies mostly gain as US inflation rises

Trends & Analysis
News

Has gold peaked?

News

European stocks close at record high

News

Gold prices ease after hitting record high

News

Week Ahead Preview: 17th of February

News

Europe stocks hit record high on strong earnings

News

BRIC currencies mostly gain as US inflation rises

News

Crude oil gains as US inventories fall for 4th week

Thursday, December 19, 2024

Today’s headlines

What’s happening: Crude oil settled higher on Wednesday, as investors assessed data on US crude inventories.

What happened: Official data from the US showed domestic crude inventories fell for the fourth straight week, which helped oil prices rise after three sessions of declines.

Crude oil cut back some of its gains later in the session after the US Federal Reserve announced its interest rate decision.

Why it matters: The US Energy Information Administration said domestic crude inventories fell by 900,000 barrels in the week ended December 13. The contraction was less than market expectations of 1.8 million barrels.

The EIA also said that weekly gasoline supplies rose by 2.3 million barrels, more than estimates of a gain of 2.1 million barrels, while distillate inventories fell by 3.2 million barrels, versus expectations of a rise of 600,000 barrels.

US oil production declined by 27,000 barrels to 13.604 million bpd (barrels per day) during the latest week.

The Federal Reserve cut its policy rate by 25 basis points (bps) on Wednesday and projected further cuts of 50 bps for 2025. Markets were widely expecting the rate cut announcement, while speculating higher rate cuts next year than was indicated by the Fed.

US central bank policymakers also raised their inflation outlook for next year, signalling a slight acceleration versus the end of this year, which weighed on oil prices.

Strength in the US dollar limited the overall gains for oil as a higher greenback makes commodities more expensive for foreign currency holders. The US dollar index, which measures the greenback’s performance versus a basket of major peer, surged to fresh highs during the session.

WTI crude for January delivery gained 50 cents, or 0.7%, to close at $70.58 per barrel on the NYMEX (New York Mercantile Exchange). The more active February contract rose 37 cents, or 0.5%, to $70.02 a barrel. February Brent crude oil, the global benchmark, added 0.3% to close at $73.39 per barrel on ICE Futures Europe on Wednesday.

Oil prices recorded gains on Wednesday following three sessions of losses due to weak disappointing economic data from China, the world’s biggest crude importer.

In other energy trading, January gasoline fell almost 0.1% to settle at $1.94 a gallon, while January heating oil climbed 1.2% to $2.26 a gallon and natural gas for January delivery rose 2% to close at $3.37 per million British thermal units.

What to watch: Investors await the release of data on natural gas supplies form the EIA (1930 UAE Time) today. US natural gas inventories had contracted by 190 billion cubic feet during the week ended December 6.

Data on US initial jobless claims (1730 UAE Time) and GDP growth rate (1730 UAE Time) will also remain in focus today.

The markets today

UK stocks in focus today ahead of the Bank of England’s interest rate decision

Context: London’s FTSE 100 closed higher on Wednesday as investors assessed inflation data, which is expected to impact the BoE’s monetary policy.

Details: Data released on Wednesday showed the annual inflation rate in the UK accelerating for a second month to 2.6% in November, from 2.3% in the previous month. Although the figure came in-line with market estimates, it was the highest inflation rate in eight months.

UK producer prices eased by 0.6% year-over-year in November, following a 0.9% decline in the previous month. This marked the third straight month of a decline.

The Bank of England had cut its Bank Rate by 25bps to 4.75% during its November meeting, in-line with expectations. This followed the rate cut decision announced earlier in August.

London’s FTSE 100 gained 0.05% to close at 8,199.11 on Wednesday, while the domestically focused FTSE 250 rose 0.29% to settle at 20,601.99.

Banks were among the top performers, gaining around 1.2%, while energy stocks also moved higher, driven by strength in crude oil prices. Healthcare stocks fell the most, down around 1%, being weighed down by the decline in AstraZeneca’s shares.

Meanwhile, the GBP/USD forex pair gained 0.2% to 1.2597 this morning, while the EUR/GBP pair rose around 0.2% to 0.8250.

What to watch: The Bank of England will announce its interest rate decision at 1600 UAE Time today. Markets widely expect the UK central bank to keep rates unchanged at 4.75%.

Other Markets: US trading indices closed lower on Wednesday, with the Dow Jones index, S&P 500 and Nasdaq 100 down by 2.58%, 2.95% and 3.60%, respectively.

The news shaping the markets

Russian authorities detained an Uzbek man for the assassination of Lt. Gen Igor Kirillov in a bombing. The news sent the RUB/USD pair slightly higher in forex trading this morning.


Argentina recorded a trade surplus of $1.234 billion in November, versus a deficit of $559 million in the year-ago period. The latest reading also came in higher than market expectations of a $700 million surplus, lending support to the ARS/USD forex pair.


The Macau Monetary Authority slashed its base rate by 25bps to 4.75% during its recent meeting, which sent the MOP/USD pair lower in forex trading this morning.


New Zealand’s economy shrank by 1% during the September quarter, after a 1.1% contraction in the previous period. However, the NZD/USD forex pair rose slightly this morning.


The Hong Kong Monetary Authority cut its base rate by 25bps to 4.75% at its latest meeting, sending the HKD/USD pair lower in forex trading this morning.

What else to watch today

Eurozone’s current account (1300 UAE Time), Italy’s construction output (1300 UAE Time) and current account (1400 UAE Time), Spain’s balance of trade (1300 UAE Time), Turkey’s foreign exchange reserves (1530 UAE Time), Canada’s average weekly earnings (1730 UAE Time), US Philadelphia Fed manufacturing index (1730 UAE Time), continuing jobless claims (1730 UAE Time), corporate profits (1730 UAE Time), PCE prices (1730 UAE Time), existing home sales (1900 UAE Time), CB leading index (1900 UAE Time), Kansas Fed composite index (2000 UAE Time), Kansas Fed manufacturing index (2000 UAE Time), Argentina’s consumer confidence (1900 UAE Time), as well as Mexico’s interest rate decision (2300 UAE Time).


Site by Pink Green
© ADSS 2025


Investing in CFDs involves a high degree of risk that you will lose your money due to the use of leverage, particularly in fast moving markets, where a relatively small movement in the price can lead to a proportionately larger movement in the value of your investment. This can result in loses that exceed the funds in your account. You should consider whether you understand how CFDs work and you should seek independent advice if necessary.

ADS Securities LLC – S.P.C (“ADSS”) is authorised and regulated by the Securities and Commodities Authority (“SCA”) in the United Arab Emirates under First Category: Dealing in Securities and Fifth category: Arrangement and advice (Introduction). ADSS is a Limited Liability Company – Sole Proprietorship Company incorporated under United Arab Emirates law. The company is registered with the Department of Economic Development of Abu Dhabi (No. 1190047) and has its principal place of business at 8th Floor, CI Tower, Corniche Road, P.O. Box 93894, Abu Dhabi, United Arab Emirates.

The information presented is not directed at residents of any particular country outside the United Arab Emirates and is not intended for distribution to, or use by, any person in any country where the distribution or use is contrary to local law or regulation.

ADSS is an execution only service provider and does not provide advice. ADSS may publish general market commentary from time to time. Where it does, the material published does not constitute advice, or a solicitation, or a recommendation to a transaction in any financial instrument. ADSS accepts no responsibility for any use of the content presented and any consequences of that use. No representation or warranty is given as to the completeness of this information. Anyone acting on the information provided does so at their own risk.