Fri, March 29, 2024

Commodities

Wibest – Oil: An aerial shot of oil inventories and a ship behind on nighttime.

Oil Market Defies Tensions, Up Amid Global Crises

Quick Look Oil prices remain stable despite tensions in the Middle East from Israel’s actions in Gaza. Trinidad and Tobago face a national emergency due to a major oil spill from a capsized vessel. Year-to-date, WTI and Brent crude prices show the market’s durability against geopolitical and environmental issues. Crude oil continues to be essential …

Oil Market Defies Tensions, Up Amid Global Crises Read More »

oil pump – wibestbroker

Jan ’24: OPEC+ Cuts Output by 340K B/D, Misses Target

Quick Look Total OPEC+ crude output decreased by 340,000 barrels per day, the largest drop in six months. The decline was less than half the 700,000 b/d reduction promised for Q1 2024. Key contributors to the cut include Libya, Kuwait, and Iraq, with Libya’s Sharara field shutdown impacting numbers. The UAE bucked the trend with …

Jan ’24: OPEC+ Cuts Output by 340K B/D, Misses Target Read More »

Weekly Market Overview: Forex, Stocks, Crypto, Commodities

Energy & Agriculture Update: Crude Up 5.52M Barrels

Quick Look Crude oil prices stayed within a narrow range, with significant refinery margin improvements. US commercial crude oil inventories surged by 5.52 million barrels. Gasoline and distillate stocks dropped, indicating increased demand. Midwest refinery utilization rates climbed to 95.1%, reflecting robust processing activity. Gold reserves in China increased, while US agricultural stock estimates show …

Energy & Agriculture Update: Crude Up 5.52M Barrels Read More »

Wibest – Petroleum and Oil: Crude oil spilled a hand touching its surface.

80% of Russia’s Crude Oil Exports at Risk: Red Sea Crisis

Key Points: Attacks on Shipping Routes: Despite current stability, the Red Sea faces threats that could necessitate quick adjustments to maintain crude oil flow. Cost Implications: Increased insurance and rerouting costs due to Red Sea tensions could elevate global freight rates. Impact on Russia: Approximately 80% of Russia’s oil exports to Asia are at risk, …

80% of Russia’s Crude Oil Exports at Risk: Red Sea Crisis Read More »

gold

Gold Price Fluctuates: Eyes on Fed’s Rate Decision

At Glance Gold price consolidation continues, hovering around $2025 after a two-day sell-off. Strong US economic indicators dampen prospects for aggressive Fed rate cuts. Global factors and technical analysis signal a bearish short-term outlook for gold. Gold prices are currently in a consolidation phase following a two-day sell-off, indicating the market is seeking direction amid …

Gold Price Fluctuates: Eyes on Fed’s Rate Decision Read More »

CRUDE OIL

Crude Oil Market Sees Decline Amid US Inflation Concerns

Quick Look The crude oil market sees a decline due to US inflation concerns. WTI crude oil approaches the $72 level, with support at $70 and $68. Value hunters and geopolitical factors add complexity to the market. Potential for a rebound as geopolitical tensions rise. Long-term traders may consider favourable entry points. Upside targets include …

Crude Oil Market Sees Decline Amid US Inflation Concerns Read More »

Oil drops over continuous fuel demand worries

Oil Market Dynamics: Geopolitical Tensions & Demand’s Impact

Oil Market Futures Retreat Amid Middle East Uncertainty Investors are closely monitoring a significant pullback from recent two-month highs in oil market futures, driven by escalating geopolitical tensions in the Middle East. The situation underscores the tight correlation between crude oil prices and global political events, particularly in this unstable region, heightening investor concerns. Warren …

Oil Market Dynamics: Geopolitical Tensions & Demand’s Impact Read More »

Commodity Exchange: Still life shot of agricultural commodities.

2023 Commodity Trends: Oil Drops by $1.97, Gold Surges 3%

Key Points: Oil prices slid due to geopolitical tensions and looming demand concerns Gold demand reached record highs in 2023 due to central bank purchases and anticipation of interest rate cuts Industrial metal prices faced headwinds due to China’s manufacturing sector contraction and the strength of the US dollar Nickel market challenges led to the …

2023 Commodity Trends: Oil Drops by $1.97, Gold Surges 3% Read More »

Oil drops over continuous fuel demand worries

Aramco’s Oil Shift: Dow Soars, Alphabet Falters

In the latest market developments, the Dow Jones Industrial Average emerged as a standout performer, closing higher amid a mixed performance from its peers, the S&P 500 and Nasdaq Composite. This divergence in the indices’ performance was further complicated by a downward trend in Treasury yields. Driving these market movements were significant after-hours announcements from …

Aramco’s Oil Shift: Dow Soars, Alphabet Falters Read More »

Swiss Valcambi suspected of acquiring gold of dubious origin

2024 Metal Commodity Outlook: Insights & Projections

A Comprehensive Outlook for the Key Commodities Metal Market in the Coming Year As we enter 2024, it becomes crucial to assess the prospects of global commodities. The unexpected challenges of the past year, particularly resilient supply chains, had a different impact on the market than anticipated. However, with the data at hand, a nuanced …

2024 Metal Commodity Outlook: Insights & Projections Read More »

Gold bullion

Gold’s Resilience: Navigating a Volatile Market Above $2000

Despite headwinds from robust economic data, rising real yields, and a strengthening US Dollar, gold has displayed remarkable resilience, predominantly holding steadfast above the $2000 mark. The intricate dance between positive economic indicators and expectations for aggressive rate cuts has created a nuanced environment for traders, prompting careful evaluation of short-term dynamics. Analyzing Daily Trends: …

Gold’s Resilience: Navigating a Volatile Market Above $2000 Read More »

The Eu’s Oil Embargo Risks Escalating Already High Inflation

Oil Nears 2024 Peak Amid Optimism & Tensions

Positive US Growth and Chinese Stimulus Drive Demand, While Middle East Concerns Add Support The oil market has maintained its upward trajectory in a dynamic interplay of geopolitical uncertainties. The commodity hovered near the peak levels seen in 2024 as global economic optimism prevails. The oil sector experiences a second consecutive week of gains, bolstered …

Oil Nears 2024 Peak Amid Optimism & Tensions Read More »

Biofuel Energy: Biofuel boiler house on a blue sky background

Liberty Energy’s Global Outlook: Surge Amidst Tensions

In the changing landscape of energy dynamics, Liberty Energy Inc., a services firm specialising in energy, anticipates a consistent increase in global demand. According to Chief Executive Chris Wright, the surge is driven by the aspirations of billions seeking affluent lifestyles. Liberty’s strategic perspective highlights the stability of the frac industry as it enters 2024, …

Liberty Energy’s Global Outlook: Surge Amidst Tensions Read More »

Oil prices

Oil Market Retreats Amid Demand Worries and Dollar Strength

Concerns over Global Demand and Dollar Dominance Impact on Oil Markets Oil prices faced downward pressure on Wednesday. Apprehensions regarding lacklustre demand and the resilience of the U.S. dollar offset the impact of escalating geopolitical tensions. Therefore preventing more significant losses. Stockpiles Data Raises Questions about Fuel Demand The March contract for Brent crude slipped …

Oil Market Retreats Amid Demand Worries and Dollar Strength Read More »

Price of oil per barrel rise amid weak US dollar

Commodity Investment: Middle East Tensions & Gas Dynamics

In the dynamic landscape of commodity investment, staying updated on geopolitical events is crucial for informed decision-making. The recent escalations in the Middle East, particularly Iran-backed Houthi militants’ attacks in the oil-rich region, have impacted the global market. Contrary to expectations, crude futures have shown resilience, with West Texas Intermediate trading within a narrow range …

Commodity Investment: Middle East Tensions & Gas Dynamics Read More »