Fear Weighs In On Oil Prices

2023-06-09 | Commodities , Current Affairs , Forex , Futures , Precious Metals , Securities , Spot Indices

Planet Stocks Plummet By 20% After Annual Revenue Guidance Cut

Planet has lowered its guidance for its current fiscal-year 2024 revenue to a range of $225 million to $235 million, down from a prior forecast between $248 million and $268 million. Planet also claims that more projected losses is to be expected on an adjusted EBITDA basis.

GM In Approval Of Tesla’s EV Charging System

General Motors has reportedly joined Ford in adopting Tesla’s North American charging plug standard which grants GM electric-vehicle buyers access to the Tesla Supercharger network in an unannounced agreement yesterday. This means that the top EV sellers in the North American market has now come to a consensus for its charging hardware.

Nikkei 225 Projected To Achieve A 9-Week Gain

Japan’s blue-chip equity gauge is estimated to complete a nine-week advance that would be its longest winning streak in over five years. The Nikkei 225 Stock Average has climbed by almost 2% since June 2, extending its advance since April 7 to 17%, as the S&P 500’s entry into a bull run yesterday added to the Japanese market’s uptick.

Today’s News

In attempts to maintain elevated prices, Saudi officials have pledged production cuts to maintain elevated prices. However, repercussions ensue as public fears have resulted in an opposing effect in the global market with oil prices fluctuating once more, taking a downturn instead of a projected uptick.

Oil prices have since experienced another fall as it was reported to head for a second weekly loss in a row. Demand concerns and fears spearheaded the matter with many seeking alternative energy sources while others remain unfazed by the prospect of tighter supplies.

Reports also indicate that an alleged U.S.-Iran deal might be involved as an alternative measure for energy sources.

Economic Concerns Cap Oil Prices

Concerns about the global economy has dampened the oil market’s reaction to Saudi Arabia’s notions to limit supplies and has capped prices this year. Benchmark Brent crude prices were just below $76 a barrel, just a little shy from the previous prices, prior to the Saudi announcement which would result in a cut of 1 million barrels per day, starting July.

Source: REUTERS

Oil prices remains tight with little spare capacity to deal with a future rise in demand. “The supply cut is a macroeconomic sentiment”, claimed Colin Parfitt, Chevron’s vice president of midstream.

Softer Oil Prices In Response To Demand Fears

Brent crude futures dropped by 36 cents, or 0.5%, to $75.60 a barrel while the U.S. West Texas Intermediate crude futures eased by 33 cents, or 0.5%, to $70.96 a barrel.

Source: REUTERS

Both benchmarks slid by approximately $1 respectively yesterday as it rebounded from their earlier losses of more than $3.

Europe’s Gas Prices Stabilize Despite Storage Addition Slowdowns

Europe’s gas storage is refilling much slower than usual as softer prices encourages more consumption by industrial users and power generators while diverting liquefied natural gas (LNG) cargoes to Asia.

Source: Financial Times

Gas inventories across the European Union and the United Kingdom were +261 Terawatt-hours (TWh) above the prior 10-year seasonal average on June 6, a surplus of +48% or 1.88 standard deviations.

Current AffairsIconBrandElement

article-thumbnail

2025-01-13 | Current Affairs

Dollar Surge Pressures Global Currencies Amid Fed Uncertainty

The U.S. dollar climbed sharply on Monday, reaching multi-year highs against other currencies after an unexpectedly strong U.S. jobs report highlighted the resilience of the American economy

article-thumbnail

2025-01-10 | Current Affairs

Musk Urges State AGs to Facilitate OpenAI Stake Auction

Musk’s lawyer submitted a letter requesting the states to ensure an open bidding process to safeguard public interest as OpenAI move away from nonprofit control

article-thumbnail

2025-01-09 | Current Affairs

Global Stocks Struggle Amid Rising Treasury Yields and Tariff Concerns

TODAY’S NEWS The ongoing selloff in global bonds intensified on Wednesday, weighing on Wall Street stocks and bolstering the dollar as robust U.S. economic data lowered hopes for imminent aggressive interest rate cuts by the Federal Reserve. The 10-year U.S. Treasury yield climbed to a peak of 4.73%, the highest since April 2024, before settling […]