The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).
Will oil change the trend after OPEC-JMMC meetings?
What will happen?
On Wednesday, February 2, during the day, members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce. Representatives from the 13 OPEC members and 11 other oil-rich nations attend meetings. The discussions are closed to the press, but officials usually talk with reporters throughout the day. After the meetings have concluded, they release formal statement covering policy shifts and meeting objectives.
Why is it important?
Oil prices are highly dependent on the global supply to demand ratio. The main goal of OPEC+ organization is to balance this ratio by supply changing. Oil prices have been growing for six weeks straight, and OPEC+ might intervene in the situation.
Last time, OPEC+ did not increase production. As a result, oil prices kept rising due to the increasing oil deficit. If OPEC+ sticks to the previous plan again, oil prices might keep the momentum up to $100.
How to trade on the OPEC-JMMC meetings?
- If OPEC+ increases supply, oil prices will fall.
- Otherwise – rise.
Instruments to trade: XTI/USD, XBR/USD
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