CrudeOil
On Saturday, 13 April, Iran unleashed a barrage of 300 aerial drones and missiles toward Israel in a retaliatory move. While Israeli defences, bolstered by support from the US, UK, and European allies, reportedly neutralised 99% of the threats, the incident has sparked concerns of escalating tensions in the volatile Middle East. Following the attack, the White House clearly opposed any Israeli retaliatory strikes against Iran, aiming to prevent further escalation into a regional war. Yet, the Israeli war cabinet remains divided on how and when to respond, a situation that adds layers of uncert...
Euronews (English)
By the afternoon, the FTSE 100 lost some steam, however, and hovered around 7,948.52. The blue-chip index was boosted by mining and commodity stocks with shares in BP and Shell both jumping around 3%, supported by higher oil prices. Oil prices rise: What's pushing up the cost of crude? Shares in mining stocks Fresnillo, Anglo American and Glencore also helped lift the FTSE 100, up 7%, 4% and 3%, respectively. “The ongoing rise in oil prices amid a tighter supply outlook is a worry for corporates and consumers as it is a major inflationary force,” Russ Mould, investment director at AJ Bell, sai...
Euronews (English)
Russian news media reported on Thursday the sudden death of Vitaly Robertus, Vice President of the country’s oil and gas giant Lukoil, writing that the manager died from suicide in his office this week. Just before his death, local media wrote that Robertus had complained of suffering headaches and asking for medications before going to his office. He was later found hanged in the room. "He didn't leave for several hours and didn’t answer his phone. The employees decided to go into his office and found his body. The top manager died by suicide of asphyxia. He had worked at the company for abou...
Euronews (English)
China's third largest national oil and gas company, China National Offshore Oil Company (CNOOC), has recently revealed that it has made a massive deep-water oil discovery in the Kaiping South oilfield. This will add more than a hundred million tons of oil equivalent to the oilfield's total proved in-place volume. The Kaiping South oilfield is 300 kilometres off the coast of Guangdong province, in the South China Sea. It is one of China's offshore oil fields, mainly yielding light crude oil. With an average water depth of about 500 metres, the key oil-bearing plays are Enping Formation, Zhuhai ...
Euronews (English)
US diesel exports to Europe almost halved in February to 6.65 million barrels, down from 11.44 million barrels in January, according to analysis by ship tracking firm Kpler. The drop in supply was driven by technical failures and planned refurbishments at US refineries, which has cut output to 10% below the prior five-year's seasonal average. Official government data shows that, in the week to 9 February, US distillates output fell to 4 million barrels per day, the lowest figure seen since December 2022. A key loss to the market is BP's Whiting refinery in Indiana, which shut at the start of F...
Euronews (English)
At the time of writing, TotalEnergies stock was down 1.23% at €59.45 on the London Stock Exchange, reflecting investor sentiment after the company reported its latest Q4 earnings results. The energy giant said adjusted net income fell 31% in Q4 from a year earlier to $5.23 billion (around €4.8bn), missing the average analyst estimate of $5.66 billion (around €5.2bn), due to weaker oil and gas prices and shrinking refining margins. BP sees profits for 2023 plunge, but still second highest in decadeTotalEnergies shares 2024 outlookIn its outlook for 2024, the energy giant acknowledged the uncert...
Euronews (English)
10y tested the top at 4.33%, and retreated back to the 4.23% support – but S&P 500 kept declining yesterday. The dollar and real assets were though less determined to move correspondingly, which means that stocks may hold up better today than the 4,365 (another suppozt zone, its upper border) hints at, equals we wouldn‘t get orderly selling continuation or acceleration into a crash till the closing bell. At the same time, this data light day won‘t be a genuinely VIX crush Friday one – the buyers can reasonably target 4,390 at best. The warning sign is accelerating decline in XLK below $166.50 ...
ValueWalk
In his podcast addressing the markets today, Louis Navellier offered the following commentary. Energy Bet Paying OffMy big energy bet is paying off now that we are in the midst of peak seasonal demand for crude oil. Although I remain very positive on our dividend and growth stocks, Treasury bond yields soared this week to the highest level in almost a year in the wake of the U.S. government’s Treasury securities being downgraded. Specifically, Fitch Ratings on Tuesday cut its AAA rating on U.S. Treasury debt to AA+ due to worsening financial conditions and governance. The other thing that spoo...
ValueWalk
In hisDaily Market Notes report to investors, Louis Navellier wrote: Stocks grind higher, interest rates softer, gold breaks above $2,000, crude higher. Dow Catching UpAnother big week of earnings, with Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) on Thursday. Earnings have not disappointed overall and allowed the market to book further gains in July. The S&P is up over 3% for the month and may hit +20% YTD. The NASDAQ is up almost 4% for the month, 38% YTD. QQQ is up 3.8% in July, 45% YTD. The Dow has been playing a rapid game of catchup this month with its 13-day positive run and is up 3.1% ...
ValueWalk
In his podcast addressing the markets today, Louis Navellier offered the following commentary. A Lot More Doves Than HawksThe Fed should signal in its FOMC statement on Wednesday that it is effectively done raising key interest rates as inflation cools and Treasury bond yields settle down. There’s a great article in Bloomberg today scoring all the voting members of the Fed from hawks to centrist to doves. According to Bloomberg, there are a lot more doves and centrists than hawks. So there is a growing chance that we will not have a rate hike tomorrow. And even if we do have a rate hike tomorr...
ValueWalk
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