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On March 15th, Matt Reed, Vice President of the geopolitical and energy consultancy Foreign Reports, stated that an attack on Kharg Island could trigger Iranian retaliation against Gulf oil-producing countries. He said, "Iran will retaliate in kind." The United States warned on Friday that if Iran continues to block the Strait of Hormuz, Kharg Islands oil facilities could become the next target. Reed warned that the longer the conflict continues, the harder it will be to find alternative energy supplies. "At least 10 million barrels of oil are trapped in the Gulf every day, plus more than 4 million barrels of refined petroleum products and tens of billions of cubic feet of liquefied natural gas, with no easy alternatives." The International Energy Agency has announced the largest emergency oil reserve release in history, with 32 member countries planning to release approximately 400 million barrels of oil. However, Reed believes this measure will have limited effect, stating, "By the time the oil gets to the market, it may be too little, too late." He described it as nothing more than a "band-aid."On March 15th, local time, the Iranian Islamic Revolutionary Guard Corps issued a statement saying that in the past 48 hours, the US and Israel had launched attacks on several civilian industrial facilities in Iran, resulting in the deaths of several workers. The statement said that after setbacks in its confrontation with Iran, the US and Israel have turned to attacking non-military industrial facilities. Iran warned that US companies in the region should withdraw from their facilities and urged nearby residents to stay away from industrial areas with US capital involvement to avoid potential attacks.The Swiss government has discussed the US request for military overflight. In accordance with the principle of neutrality, the Federal Council rejected two requests related to the war with Iran.Local officials said operations at the Lanaz refinery in Iraq’s Erbil province have been suspended until the fire is extinguished and the damage is assessed.On March 15th, Colombian Energy Minister Edwin Palma posted on the X platform that Venezuelas state-owned oil company PDVSA intends to terminate its contract with Colombias state-owned oil company Ecopetrol regarding the Antonio Ricardo pipeline, citing insufficient investment in its maintenance. Palma stated that the Colombian government plans to meet with the US government next Monday to discuss lifting sanctions in an effort to normalize commercial relations with Venezuela. Palma also indicated that Colombia has approved a license to resume imports of liquefied petroleum gas (LPG) from Venezuela at a rate of 1.26 million gallons per month.

Forming Potentially Bearish Reversal Top

Cory Russell

Jul 25, 2022 15:22

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Late in the trading day on Friday, September E-mini Dow Jones Industrial Average futures are trading lower after giving up previous gains. The blue chip Dow had a sharp decline as the S&P 500 Index and NASDAQ Composite Index experienced a sharp decline as technology equities fell as a result of disappointing earnings results from Snap and Twitter.


September E-mini Dow Jones Industrial Average futures are trading at 31772, down 235 points or 0.73 percent, as of 17:53 GMT. From an intraday high of 32193, this is now lower. The SPDR Dow Jones Industrial Average ETF (DIA) is down $1.33 or 0.41 percent, trading at $319.08 today.


In stock-related news, shares of Intel Corp. and Verizon Communications are both down close to 3.5 percent. Apple is down over 1.0 percent, while Microsoft is down more than 1.5 percent.


Procter & Gamble and American Express are the only companies outperforming the market, both up by about 2.0%.

Economic Information Influences Attitude

Following the publication of additional discouraging economic statistics, doubts about the status of the American economy as well as concerns about profits affected confidence.


The U.S. PMI Composite output index, which analyzes activity in both the manufacturing and service sectors, recorded a preliminary value of 47.5, which indicates declining economic production. The index has not been at that level for more than two years.

Swing Chart Technical Analysis for the Day

The daily swing chart indicates that the overall trend is upward, but the price action in the late session indicates that momentum may be changing to the negative.


A transaction through 32193 will indicate that the uptrend has resumed. If 30109 is crossed, the primary trend will shift to being downward.


Smaller trend is similarly upward. The minor trend will turn downward if there is a trade through 31504. The downward momentum will change as a result.

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