jackie deangelis tells us why oil is sliding. why it's impacting the market and what it could mean for your budget. >> reporter: the international energy agency today declared a world oil glut. a record 3 billion barrels in storage and demand for all that crude will tick down this year. earlier this week the agency said we won't see $80 oil till 2020. opec adding to the chatter, saying its outlook is essentially unchanged, we're only three weeks away from the next big meeting in vienna. further pressure coming from a stronger dollar. supported by the possibility of a fed rate hike in december and a weak euro. the perfect storm to send prices under $40 quickly. >> the technicals after an early november spike have really just kind of plummeted. iea says their inventories were close to 3 billion barrels and here in the u.s. when they include the sbr they jumped back over 2 billion barrels this week. there's a lot of supply out there. >> while lower crude prices take a toll on the equity markets because the big producers are weighted

i'm jackie deangelis reporting from the new york stock exchange. >>> welcome back to "options action." i'm jackie deangelis reporting from the new york stock exchange. a strong jobs report delivering a blow to commodities today after the dollar soared. traders seeing data that they believe could prompt the fed to come out with the rate increase in december. crude prices down 2% on the session. 44.29 is where we finish. a 5% drop on the week. but still stuck smack in the middle of the range from the low 40s to the upper limit of 50. and gold hit as well. a $15 slide south under the key mark of 1100. traders think we could go lower if the conditions persist but there is the situation of buy the rumor sell the fact. they buy the dollar index up which is bearish for commodities until the event happens. we'll have to wait and see. >> jackie, have a great weekend and thank you. >>> carter. s&p energy group is the best performing sector so far this quarter. up 13%. how long does the rally last. >> that is just it. so look at this. just look at that spread

jackie deangelis at the nymex for a very important close for crude oil. jackie? >> hi, brian. important close, and certainly not helping that the iea was out this morning saying we have a record glut of oil. 3 billion barrels in storage. what this means for wti, where pricing goes from here, all when we come back on "power lunch." >>> it's time for the "your business" entrepreneur of the year. josie in fargo, north dakota, is hard at work on sundays. most companies in the downtown area are closed that day, but josie supports the open sundays campaign. she wants people to have a place to shop every day of the week to help fargo thrive. for more watch "your business" sunday mornings at 7:30 on msnbc. we thought we'd be ready. but demand for our cocktail bitters was huge. i could feel our deadlines racing towards us. we didn't need a loan. we needed short-term funding. fast. our amex helped us fill the orders. just like that. you can't predict it, but you can be ready. another step on the journey. will you be ready when growth presents itself. realize your buying power at open.co

jackie deangelis at the nymex. good morning, jackie. >> hi. we're expecting to see light volumes. looking at oil prices down about 2% in this session. as you mentioned, gas prices, bob, as you mentioned are low. the last time i checked, the national average was around $2.06 but it was declining and that's something to keep an eye on. the last week or so, we've touched that level a couple of times and now holding. that's probably what'sed a adding the pressure in the commodity space today. what's more interesting in the metals complex is the action that we're seeing in gold. about a $15 move lower on this movie higher in the dollar index. but part of this also is because we have such a big week next week, expecting to hear from the fed, potentially get a december rate hike that everybody has been looking for. that will really not be a positive thing for gold prices. really a surprising move today on low vacuum. back to you. >> jackie deangelis on oil, thank you. >>> we go back to retail. for many shoppers, black friday started early as they looked for door buster deals on thanksgiv

let's get to jackie deangelis at the nymex for what is going to be yet another ugly oil close. ou're short oil, and then it's beautiful. >> exactly, brian. it looks like we're going to close under $42 a barrel. a steep loss again on the day. the volatility continues. as a matter of fact, this is the lowest we've been since late august for wti. it's lost almost 10% in november. it's on pace for its worst month that we've seen since july. so what happens here? we got a massive inventory build. that was one of the issues. also opec out with its monthly report saying its outlook is unchanged and it doesn't see demand going up from this point. also, you had draghi today increasing his dovish stance. that could take the euro lower and send the dollar higher and as we know, that is not a good thing when it comes to crude oil. so again we're having these conversations about that three handle being just around the corner, brian. >> all right, jackie. before we let you go, i understand the weekly inventory data is a big deal but so is this, and this comes from the monthly opec oil market

jackie deangelis is live at the nymex. >> aaa has been calling for $2 gas for some time and it seemsetting close to that range earlier than expected. the national average for a gallon of regular $2.06. that's down from $2.81 at this time last year. these prices the lowest that we've seen since 2008 at this time of year. already half or more than half of u.s. gas stations are selling under $2. the averages by state, 18 states are under that $2 mark. aaa predicting nearly $42 million americans will take a road trip this holiday. that's higher than last year by a little bit less than a percent. so at this point it doesn't look like these terror threats are having any kind of chilling impact and consumers are taking advantage of this savings. >> thank you very much. and sticking with that theme just how healthy is the consumer side fts economy right now? and how might lower gasoline prices be fuelling it? >> that's definitely a plus but we have a mixed message. the first is the consumer sentiment numbers, the michigan numbers, they're up from the prior numbers. three straight months of i

thank you very much, jackie deangelis. >>> a stunningly strong jobs report. the u.s. economy hiring at its strongest pace this year, 271,000 jobs added last month, and the unemployment rate edging lower to 5% even which now folks is the lowest reading since april of 2008. average hourly earnings also rising 0.4%. all of this coming as fed chair janet yellen says the december fed meeting is a live possibility for a rate hike. our very own steve liesman speaking exclusively with one of the people who will make that decision in december. steve, over to you. >> thanks, mandy. in my interview with chicago fed president charles evans, he was pretty clear he could stomach the december rate hike although it's not his first choice. for evans though, he wants the fed to make sure, make it clear to markets that the path of future rate hikes will be gradual and likely shallow. >> i agree with chair yellen when in the past she sort of said there's a lot of focus on one move, the first move. we need to think about the entire path because that's what's going to dictate how accommoda

back to you. >> all right, jackie deangelis, thank you very much. as sue just showed you, counterattacks are being made in syria but what are the strategic importance of that region. syria produces almost no oil. they got a couple lits btle bit here but they're important from a pipeline perspective. ironically have we become uneasy allies with russia for different reasons in the region? >> so if we are to any extent allied with russia, it's going to be a very temporary because we -- currently sharing some concerns about isis. >> they want to kill isis because they want to keep assad in power to make sure their pipelines get priority. we want to kill isis and remove assad from power so we actually both do support the destruction of isis, but are we aligned? >> i would not say we're aligned, and i think it's a mistake to think that we actually could be aligned with russia. look, they came in to support assad. their first hit was on u.s.-backed rebels because -- in the definition of assad anyone against assad is a terrorist. so that's everybody. that's

a big impact on oil prices today. >> jackie deangelis has the report. >> a 3% drop in oil today.losed at 4293. we've seen a strong season of builds here. we could see a little bit of a draw this year. if we get something like from that the department, it will be a surprise to the marketplace, it probably will pressure these markets a little bit more. price-wise, we're testing the low end of this range that we have been in for quite some time. if crude starts to make these lower lows in the 30s, not far away from here, watch the key technical levels. the strong dollar is also not helping. it was a little bit lower today, but for most of the session, over 99. in terms of volatility, guys, since the start of november, the average daily swing for crude oil prices, 2%. obviously, we know some days it's more, some days it's less. but it's been very, very volatile. back to you. >> it certainly is. keeping an eye on that. and everything else as we head into the close here. the s&p down about five. the nasdaq up 12. >>> good news for stocks, though. bob kaiser capital iq says they'll cont

jackie deangelis is checking in from the nymex. good afternoon. downward pressure on commodities across the board including energy. wti seeing a 3% decline, going to settle under $42. brent under $45. the pressure coming from the strong dollar saying over 100. we did touch it a couple times but now we're proving to break through and hold there. that's negative for the commodity space. while we were all eating turkey, another penny dropped off the average gas price, $2.05. back to you. >> that's what i felt. i thought it was the pumpkin pie. thank you very much, jackie. demonstrators have been marching up chicago's michigan avenue. we go back to reporter adam riess and you were wondering how long this was going to last as they headed towards a mall as well. what's the latest right now, adam? >> reporter: well, they made their way down to water tower. now they're heading back, but the big issue now is this. they're blocking some of the retail stores. this is tiffany. victoria's secret. so they're blocking the front entrances, not allowing shoppers o

let's go to jackie deangelis at nymex. hi, jackie. >> good afternoon, tyler. gold prices saw a little bit of a boost today after really having a bloodbath session on friday after the jobs report. it was this notion that we could see a december rate hike that really took gold prices down under $1,100. this $1,087 level is an area of support here. it could generate a little buying interest but right now traders aren't ottistic we're going to get over that $1,100 hurdle again. the rest of the metals complex today in the red trading alongside equities. a lot of those metals have industrial uses. when you see thedo dow down mor than 200 points, they tend to move down as well. >>> markets starting off with a sell-off. let's check in with bob pisani. >> just off the lows for the day. look at the markets in the middle of the day. you can blame it on concerns about fed hike and other issues out there. i think we're overbought a little bit, six weeks market has been moving up. right now volume on the moderate side. i would note volatility is pretty elevated. the breadth

wti commodities were lower as well, wti crude we've talked about that with jackie deangelis that's down this week. copper, mr..coulder the most economically sensitive of the metals for the week down 3.5%, down to 216. what went up this week, bob? that would be your friend the vix. >> volatility. >> volatility index is back in that territory, up 41% just this week and that was just the last two or three days. >> that's when you want to start paying attention when it's over 20. this is the week they gave up on department stores. jcpenney had a decent report nobody cared. as we've been talking about the kids are a buying appraisal, they're going to century 21, they're going to h & m, they're going to -- >> someplace else. >> stop buying it at jcpenney or macy's. we've had a lot of damage done to big names this week. i don't know if we can put up for the week some of the big dow movers. when you look at cisco, apple, nike, caterpillar. this isn't dot-com stuff here, these are big stocks with big market capitalization behind them. it's been a generally ugly week. any earnings report generall

jackie deangelis at the nymex. >> we are a little higher today on wti but still on track for about a 9% loss for the month of november. bill, let me ask you this, the opec meeting that scott mentioned, all eyings are on that. what are you expecting? >> it's a big meeting. not only two weeks ago, saudi arabia said they with willing to talk to producers about stabilizing price. i'm buying the rumor ahead of this meeting. >> okay, jeff, what are the levels you're watching? seems like we're kind of stuck here at this $42 range. do you think we hit that 43 mark? >> yes, it seems like there's seller's fatigue. like bill highlighted this opec meeting, we're also being very sensitive in the crude oil futures market to the ecb as well as the fed. we have to get above 42.50. that's an imperative close. the bears have very weak hand if we close above 42.50 in crude oil. >> so not just a big week for the markets but also a big week for crude. we'll be watching. we'll be back to the live show tomorrow 1:00 p.m. eastern time. >> we want to stick with the oil trade now. a guest who upgraded a whopp

after years of review president obama denying the keystone pipeline, jackie deangelis has the detailst that this was no surprise, the obama administration was never really supportive of the project, also the fact that trans canada applied for a delay this week tipped many off that it expected a rejection allow the company denies that. politically speaking there is a month before a climate change gathering in paris and came on a day when we had a strong jobs number. that all set the stage for president obama to say that the pipeline actually won't create enough jobs to make a significant impact. he also said it won't take gas prices down they have come down quite a bit and it doesn't impact national security. you can only imagine proponents of the pipeline are firing back saying that hundreds even several thousand jobs could be created and we need every job that we can get. gas prices, yes, they're low but they can always go lower, people can benefit from that and importing foreign oil especially from the middle east it is a significant national security issue. so the final word for ri

let's get to jackie deangelis for the oil close. jack?> oil prices turned negative just as clowe finishing at $41.75 after a volatile session. we were higher for most of the day and that was because of support coming from the comments that came out of an energy conference in the middle east from the saudi oil minister. he talked about the stability of the oil market and he also said those efforts to cooperate with both oil producer and exporting countries would continue. but markets turned negative when the analysis came out that, look, the saudis have said this before. saying it and doing it are a different things. most analysts not expecting to see a production cut from opec at the december 4th meeting. this is the kind of stuff that moves the market and it did. it just really didn't have a lot of staying power. the dollar index hitting $100. that's very bearish for oil prices. continue to see these move down if we don't hear anything else. >> jackie, thank you. take a look at aluminum on the london metal exchange. it's down over 15% th

. >> jackie deangelis at the nymex. >> breaking a three-day win streak here for crude oil.na is one of the concerns. also, a concern, record outputt from russia. are we going to expect it to continue here? >> it looks like oil volatility is subsiding. when i looked at the index, we haven't had that critical print or close above 45. to me, that means slightly priced good stability. good stability and the price of oil means the fundamental picture is taking hold. when we trade above 45, maybe that's when some of that high production starts to take effect. >> the commitment of traders showing more short positions coming on now. what other levels are you watching? >> look at the $48 level, going back to early august. that's what we broke from. it's recovered. that's an imperative level. now the $48 which used to be the higher end of the resistance. it gets above $48, it's a technical tradeoff at $54, get on board. >> for more futures now, head to the website featue futures now. >>> the one name everyone on the desk likes in earnings. plus, fit bit shares down more than 14% over

jackie deangelis, tell us more. >> the dollar coming off its high, geopolitical tensions today supporting with those prices as well. almost a $10 move, and the markets turned to positive territories. this is not the safe haven trade that it one used to be. meantime, take a look at copper prices. copper got dangerously low yesterday as well, a buy in the dip here, a wait-and-see approach those how it all shakes out. >> jackie, thanks very much. it's been a volatile few months, and the s&p is struggling to hold on to gains for the year. there could be more of the same ahead. goldman sachs sees pain and no gain a. the fed begins to raise interest rates. how should you position your portfolio? plus the other central banks that may raise rates when the federal reserve begins liftoff. we'll look and that and more as "power lunch" continues. important than your health. or the freedom to choose what doctor you want to see. so if you have medicare parts a and b, consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supple

. >> jackie deangelis has more. >> hi, guys. we did see oil prices close up about 2.5% today, but that's no say we didn't see some volatility within the session. then a little fear, some short covering coming back into the market to settle us at 4174. what's interesting here is traders are waiting to see what happened. there's so many variables. to the down side, that supply glut, the dollar right now, the fact that there will be no u.s. boots on the ground abroad right now at this point could potentially send us lower. maybe we hit the 3 handle, maybe we don't stay there as long, but certainly we need more information before traders really figure out what's going on here. i also want to point out while energy was ultimate metal were up a bit as well. copper was trading lower today. that indicates to me that there is some fear in the marketplace about everything that's happening, and global growth, even if it wasn't reflected in commodities, the rest of the space today and the equity market as well, so keep an eye on copper. bac

my dear friend jackie deangelis, who you know how much i love this story. >> this story. >> please regale us here. >> it's perfect for you. we talked about this before. $2 gas has been the edict by the ends of the year. that's the national average. it appears it's happening sooner than many expected. the national average, according to aaa now $2.06. already more than half of u.s. gas stations are under the $2 mark. 18 states are seeing their averages under that mark. what's remarkable here is that the retail price decline is actually outpacing the decline in our futures. it's very rare that that happens. usually it takes down and takes a whole for that to trickle down to the pipe. aaa is expecting 42 million americans will take a road trip this holiday season. that's higher than last year by a little less than a percent. it looks like they're going to take advantage of these low prices. i did some special research for you. i know we're going to talk about prices in new jersey. $1.96. i know you're sitting pretty. tristate area, new york. $2.32. connecticut, $2.26, slightly better. project

let's go to jackie deangelis at the nymex. >> as i mentioned, downside pressure in the oil patch todaylar the first reason for it. probably coincidental as you would look at the chart as the dollar started to strengthen today, crude really got hit. also that inventory report this morning. a build of nearly 3 million barrels. it was womore than traders were expected. u.s. production within the report actually went up. it was very slight but still it's going in the wrong direction. that's what people are worried about. but still holding over $46 a barrel. that's significant. the 50-day moving average, that's where we' seeing some support, $45.84 is the technical level to watch to the downside. brian? >> we're watching that level very closely, jackie. thank you very much. >>> another level we're watching is the s&p 500. now less than 2% from its all-time high. will we soon be at record levels or is this doomed to fail and we make new lows? todd gordon, boris schlossberg. todd, we're going to go technically to you first. do you think a record is on the horizon in the near term? >> in the n

we'll go to jackie deangelis. >> well, oil was up today just a little bit less than 4% actually.t closed at $47.90. but the intra day high over $48 a barrel. so what moved the markets today? speculation that the market will rebalance itself. nonopec players reduced capital sxpd chu expenditures, but u.s., russia, opec all producing at or near record levels. tonight the api number. tomorrow department of energy looking for a build of 2.5 million perils. but looking to refinery runs and u.s. production numbers tomorrow i think those will be key. back to you. >>> well, as oil rises, the energy sector hitting a three month high actually. let's get potentially the next move from our trading nation team. erin gibbs and gina sanchez. erin, i'll ask you you a question i think i've asked guests about 100 times. is the worst finally over for the energy stocks? >> i would not want to get in right here for now. it's looking a little top heavy for a couple reasons. one, it's getting a lot closer to all of the analyst estimate prices. we really haven't seen the energy prices revised up. we're

let's get out to jackie deangelis with the latest on this sell off. >> that's right. your 3% sell off in crude oil today, 4175 is where we close and what's interesting is there are days where i will argue it was a weak equity session that took crude down and some people will argue the other way around. today we have fundamental reasons that the commodities took a hit specifically energy, the first would be the inventory report this morning, for wti that was a big build over 4 million barrels but opec was out with its monthly report talking about its outlook. unchanged. it doesn't see an uptick in demand, it's a slight decrease in production in saudi arabia, worried a little bit about iraq, but, again, still near record highs. the third point is what draghi came out with this morning, this increased dovish tone. a lot of people are worried the dollar index will continue to spike and if this rate hike still on the table that will strengthen the dollar as well. these are all bearish factors for crude. the draghi part of that equation definitely took the metals down as we

let's you can go to jackie deangelis at the nymex for the oil close. >> good afternoon to you.a few minutes away from the oil close and we're setting new session lows here. what is moving the market lower is a story out from reuters yesterday talking about a draft report of a opec's long-term strategy saying the cartel thinks that global demand for its crude is going to remain under pressure for the next few years. actually opec coming out with a statement rebutting this report saying that it was disappointed in the story that the document is from an unofficial source and one that is still under process. but traders are reading that statement not really to discount what is necessarily being cited potentially in this report. in fact, the supply/demand equation has not been equal in some time. right now trading over $45 a barrel. back to you. >> thank you very much. coming up next, everyone has talked about facebook's big quarter today, but there is another tech stock hitting new highs as well today that actually no one is talking about. except us. that's next. >>> hi, everybody.

lets get to jackie deangelis because it didn't stay there very long, less than a cup of coffee, but weow $40. >> we did. very dice yes at the close moving back and forth between positive and negative. we finished slightly higher, $40.75. here is what the trader talk is right now. there are reasons to go lower. we dug into the inventory report. we got a little bit of a build. we saw u.s. production was essentially flat. imports were slightly lower, refinery runs were up. the fundamental picture pretty much still intact here. that api through us a off last night. the dollar strengthening well over 99 at this point. that's a reason crude could go lower and you could see some fluctuations as the wti price was changing as the dollar was changing itself. it will be interesting to ste where we go from here. definitely possible since we tested it we could go back into the 30s. >> thank you very much. it's time for "trading nation." what else to trade but oil today. we have stationy gordon and todd gordon. they say this is largely supply/demand but technicals important for oil as well. how low

let's go to jackie deangelis at the nymex. how are we looking? >> good afternoon to you, brian. 3% drop in oil prices on the day. we closed at $42.93 off the session lows but the main issue was that inventory number from the api last night. 6.3 million barrel build setting us up for the report tomorrow. the five-year average shows at this time we should be seeing a slight drawdown. that's why the 6.3 million number really rattled the market today. pricewise, we're testing the low end of the band that we've been in. if crude starts going lower, making lower lows, we could see the 30s again. people are talking about it. the strong dollar certainly not helping. a little lower today but the dollar index still over 99, brian. >> all right, jackie d., thank you very much. >>> let's go to sue herera with your cnbc news update. >> thank you very much, brian. here is what's happening at this hour. thousands of people marching through kabul to protest the killing of seven ethnics reportedly by the taliban. protesters chanted death to the taliban and called on afghanistan's president to re

jackie deangelis has more. >> shares of apache really soaring on the news up 13% at this point in the. in a session where the broader equity market really struggled today. now, the company has declined to comment on these reports, but also this low price environment that we're dealing with, one that definitely spurs consolidation and companies try to figure out ways to operate a little bit more efficiently. now, some analysts are speculating that that unidentified company that's looking to come in here potential suitor could be exxon, could be bp, certainly companies with enough cash to facilitate a transaction like this, rex tiller son said not long ago in this downturn they would look for opportunities to pick up assets that seemed attractive. apache performing relatively well right now in this environment, just last week the company reported a much smaller than expected quarterly loss and raised its four year production forecast. a couple broader take a ways from this news, the first would be that consolidation means that the major players out there do think these oil prices will p

. >>> let's get now to jackie deangelis on the floor of the nymex for the oil close. >> good afternoonan. it appears the bearish factors won out today. we were six cents lower, $41.65 is where we finished the session. opec output was up in november. this was not surprising. close to 32 million barrels per day. we also know saudi arabia did pump a little bit more. opec output up 1.5 million barrels since this time last year. so obviously all eyes on the meeting on friday where we are not expecting to see a production cut and we see these numbers go up. one trader telling me this is a vicious cycle. they need the revenue, brian. back to you. >> it certainly has been vicious for a lot. jackie d., thank you very much. >>> it is time for "trading nation." traders do trade better together after all and today we are looking at gold gold. seeing its worst month in 2 1/2 years. ari wald of oppenheimer, phillip strebel on the fundamentals. they say it's a technically driven market. if it is for gold, where is it headed? >> based on the trend we think it's going down. the trend is still bearish a

jackie deangelis has more on that. >> a little bit higher price right now, volatile session as you mentioned but we did close lower by almost a half a percent. 41.75 is where we finished. what gave us more support during the session because we actually were in the green, comments from the saudi oil minister, only he can oil the oil markets in this way, he addressed at an energy conference the stability of the oil market and also some efforts to cooperate with oil producing and exporting countries. that gave us a little support, some people thinking maybe we will see an opec production cut in november, but many analysts say there is not going to be a cut in december, opec isn't going to change its stance at this point, they've talked about this a lot before but talking about something and actually doing it are two very different things. this is the kind of chatter that does move the market although it was shored lived. the down side move today at the end to be by that dollar index move we saw, going up to 100, bearish for crude and also mother data point. chinese imports of oil fell to a thre