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Futures News, May 22: With multiple parties continuing to push for US-Iran peace talks, international oil prices have fallen, cost support is weak, end-users are cautious about stockpiling, and downstream operating rates are low. The PX market is expected to remain weak today.Futures News, May 22: Overnight oil prices fell sharply, which negatively impacted the fuel oil market, causing traders to focus on maintaining prices. Market participants lacked confidence in the future, making cautious purchases in small orders, resulting in weak buying activity. It is expected that todays negotiation focus will be lowered accordingly.Yusuf Mehdi, a senior executive at Microsoft (MSFT.O), will leave the company after the next fiscal year.On May 22nd, according to foreign media reports, Chicago Board of Trade (CBOT) corn futures closed lower on Thursday, with the benchmark contract down 0.8%, mainly reflecting a decline in international crude oil futures. Favorable rainfall is expected in the Midwest. However, strong export sales provided some support to the market. Reports about Middle East negotiations led to an early rise in crude oil prices, but they subsequently fell back after news broke that Pakistan had brokered a new peace agreement. According to the latest 72-hour cumulative precipitation map from the National Oceanic and Atmospheric Administration (NOAA), widespread rainfall is expected from Friday to Monday, from the Southern Plains to the Eastern Corn Belt, with estimated rainfall of 1 to 2 inches or more. The latest 8- to 14-day weather forecast shows seasonally rainy weather in the Great Plains and the Western Corn Belt from May 28th to June 3rd, with temperatures likely to be above normal in much of the central United States. Due to a public holiday, the US market will be closed on May 25th (next Monday). Speculative funds are adjusting their positions ahead of the long weekend to mitigate the uncertainties brought about by geopolitical and weather changes during the holiday period.On May 22nd, according to foreign media reports, soybean oil futures on the Chicago Board of Trade (CBOT) closed lower on Thursday, with the benchmark contract down 1.1%, mainly reflecting the continued decline in international crude oil futures. Reports indicated that the US and Iran had reached a peace agreement through Pakistani mediation, leading to a drop in international crude oil futures. However, this news has not yet been confirmed. The US Department of Agricultures weekly export sales report showed that for the week ending May 14, 2026, net sales of US soybean oil for the 2025/26 marketing year were 1,000 tons, significantly lower than the previous week and down 22% from the four-week average. The US Environmental Protection Agency (EPA) stated that the number of US bio-based diesel identification numbers (D4RINs) reached 690 million in April, a 5.9% increase month-over-month, indicating that biodiesel and renewable diesel production is still in an expansion phase.

ETH and BTC Price Movement Determined by US Statistics and the NASDAQ

Daniel Rogers

Nov 04, 2022 17:36

截屏2022-11-04 上午11.21.34.png 

 

On Thursday, Bitcoin (BTC) and Ethereum (ETH) joined the larger market in the green. Despite Fed Chair Powell's hawkish speech on Wednesday, US economic indicators fell short of forecasts, alleviating Fed concern. The technical indications continue to be optimistic, indicating rising price movements. The price of Ethereum (ETH) increased by 0.86 percent on Thursday. ETH finished the day at $1,531, partially correcting a 3.80% drop from Wednesday.

 

Due to a rocky start to the day, ETH fell to a low of $1,515 early on. Avoiding the First Major Support Level (S1) at $1,475, ETH climbed to a morning high of $1,559. However, after falling short of the First Major Resistance Level (R1) at $1,593, ETH plummeted further below $1,530 before US economic indicators provided support.

 

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads beginning at 0 pips and commissions of $3.50 every 100k traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.

 

Bitcoin (BTC) climbed by 0.29% on Thursday. BTC concluded the day at $20,223, partially reversing a loss of 1.63% from Wednesday. Notably, BTC broke a four-day losing trend by avoiding sub-$20,000 territory for the ninth consecutive day.

 

BTC reached a mid-morning high of $20,404 after a strong start to the day. BTC plummeted to a midday low of $20,052 after failing to surpass the First Major Resistance Level (R1) at $20,629 during the trading session. Despite avoiding the First Major Support Level (S1) at $19,900, BTC retested $20,356 before retreating.

 

US economic figures supported cryptocurrency prices, with the crucial ISM Non-Manufacturing PMI below expectations.

 

The ISM Non-Manufacturing PMI decreased from 56.7 to 54.4 in October. Economists anticipate a drop to 55.5.

 

The subcomponents of the Index were diverse. ISM's Non-Manufacturing Employment Index decreased from 53.0 to 49.1. The Prices Index increased from 68.7 to 70.7. The unit labor costs increased by 3.5% in Q3 compared to 8.9% in Q2.

 

While the statistics were favorable for cryptocurrencies, Fed Chair Powell's recent comments weighed on the NASDAQ Composite Index. The NASDAQ Composite Index declined by 1.73 percent on Thursday.

 

The US jobs report will have a significant impact on the NASDAQ Composite Index and the cryptocurrency market today. Due to the sensitivity of BTC and ETH to US economic statistics and the FED, the correlation with the NASDAQ Composite Index remains intact. The NASDAQ 100 Mini gained 17.75 points this morning.


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