These tools are particularly engineered for eliminating the imposed risk to drilling floor professionals and pipes in regard to threads, joints, bail arms, and more. This article introduces corresponding products know as Multi Grab tools which complement the entire pipe handling process for stand building and rack back operation, and improve the safety of personnel. Used by several industries for Pipe Handling applications. Enables hands free application to eliminate injury and promote safety.Deliver maximum control of suspended tubular, drill collars, and casing on drilling rigs.The most important factor across such industries is to increase the time required for creating such alignment, while keeping the effectiveness and precision of tasks in optimum level in order to avoid downtime due to accidents or thread damage related complications. © 2023 OANDA Business Information & Services Inc.Handing pipes on drilling platforms requires to be done safe and efficiently using grabbing tools to align the connective joint of the drill pipe casing as well as tubing. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at Visit to find out more about the beat of the global markets. or any of its affiliates, subsidiaries, officers or directors. Opinions are the authors not necessarily that of OANDA Business Information & Services, Inc. It is not investment advice or a solution to buy or sell securities. Resistance lies at 1282.00 initially ahead of 1292.50 and then the formidable 1296.00 region which must break and consolidate before we can start talking about a structural move onto a 1300 handle.Ĭontent is for general information purposes only. However, longer term bulls will only get concerned should the 100-day moving average at 1254.85 break. A daily close below here may imply a deeper correction to 1260.00 is on the cards. This morning gold continues to hover around 1275.50, just above initial support at 1275.00. We suspect the lull is only temporary however and gold will continue to be supported on meaningful dips. Weaker China and European data and a lack of chest thumping from North Korea diminished the safe haven appeal of gold following the weekend. Gold feel seven dollars to 1275.00 overnight as a resurgent U.S. A break of 50.50 sets up a possible technical correction to support at 49.70. A break of initial support at the overnight low of 47.30 sets the scene for a much deeper washout to possibly the 46.00 and 45.00 regions.īrent spot is trading at 50.65 and clinging to its support at the 100-day average just below at 50.50. It broke and closed below its 100-day moving average overnight at 47.85, and this forms initial resistance followed by 48.25. Of the two contracts, WTI spot is looking the more vulnerable technically as it trades at 47.60 in early Asia. Simply put, speculators have been long and wrong at unattractive levels. This fits perfectly with my comments in previous reports that stale speculative long positioning and a reluctance to hold unprofitable positions has been the main force behind the oil rally running out of steam over the last few sessions. Although a week out of date it showed that speculative traders (mostly hedge funds) had become firmly bullish on oil again. shale production, but the cynic in me regards the backward looking Commitment of Traders (COT) report as the primary driver. The EIA also adjusted its forecasts higher for U.S. dollar strengthen in general across the markets. A decrease in North Korea tension certainly helped along with weaker China and European data. Numerous factors came together during the New York session to put the knife into oil and then twist it. A perceived drop in North Korea threats and some weak data from China and Europe was all the excuse that stale crude oil and gold longs needed to head for the exit door.Ĭrude oil prices tumbled overnight with both Brent and WTI spot falling some 2.60 % to close at their lows at 50.50 and 47.45 respectively.
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