Shares of the company have nearly doubled this year, and could rally another 21% when taking into account higher engagement and ongoing innovation, wrote analyst Benjamin Swinburne. Morgan Stanley named Spotify Technology a top pick, saying that vintage fx shares should get a lift from the industry’s superstar year. “This may be the soft landing, it doesn’t feel very good, but this may be what it is, that we just muddle along for an entire year and the market stays fairly range bound,” he said.
China’s consumer price index for September came in flat, lower than a 0.2% climb which analysts polled by Reuters expected. China also reported a 2.5% decline for its producer price index, compared to Reuters’ estimates of a 2.4% drop. With 40% of world exports going through the Strait of Hormuz, Rapidan Energy Group’s President Bob McNally projects a conflict between Israel and Iran could easily lead to a $5 to $10 bump in oil prices.
The Singapore central bank manages monetary policy through exchange rate settings, rather than interest rates. Exports fell by 6.2% last month from a year ago, less than Reuters’ forecast of a 7.6% drop. Similarly, imports also fell by 6.2% in U.S.-dollar terms in September compared to a year ago — slightly more than the 6% decline expected by the Reuters poll.
- China reported a smaller-than-expected decline in exports in September compared to a year ago, while imports missed, according to customs data released Friday.
- Shares of Walgreens traded 7% higher on Thursday after the pharmacy chain reported narrower losses and progress in its cost-cutting plans.
- The Tamar gas field is so far the first field to have been shut down by Israel’s energy ministry.
- Although shares of Walgreens have jumped more than 10% since Monday, the sector has been pulled lower by Hormel Foods and Lamb Weston, which are down 10.8% and 8.3%, respectively.
- Birkenstock’s recent initial public offering (IPO) is expected to help boost shares of a British footwear brand, according to Investec analysts.
Released on Wednesdays, EIA reports track US crude inventories levels stored for future use. Trade the relationship between light sweet (WTI) and “sour” crude (DME Oman crude), used primarily in Asia. Spread NYMEX WTI with other liquid NYMEX energy benchmarks to easily capture inherent price relationships, and get cross-margin savings, operational efficiencies, and lower costs.
West Texas Intermediate Crude Oil cash
U.S. Secretary of State Antony Blinken on Sunday noted the “limited firing” between Lebanon-based Hezbollah and Israel but said that “as of now, that’s quiet, but it’s something we’re watching very carefully.” President Donald Trump in 2018 exited a nuclear accord and re-imposed sanctions aimed at curtailing revenue to Tehran. At dawn on Saturday during a major Jewish holiday, Palestinian militant group Hamas launched a multi-pronged infiltration into Israel — by land, sea and 12trader forex broker review air using paragliders. The attack came hours after thousands of rockets were sent from Gaza into Israel. This page includes full information about the WTI, including the WTI live chart and dynamics on the chart by choosing any of 8 available time frames. Saudi Arabia is putting U.S.-backed plans to normalize ties with Israel on ice, two sources familiar with Riyadh’s thinking said, signalling a rapid rethinking of its foreign policy priorities as the conflict escalates.
- The chance that the Federal Reserve will raise its benchmark overnight lending rate another quarter point — to 5.50%-5.75% — by the end of this year climbed to 35.7% from 26.3% yesterday, according to the CME FedWatch tool.
- Tamar Petroleum and Isramco, which have working interest in the Tamar gas field, are down 7.3% and 5.4% week to date, respectively.
- Defense stocks have jumped this week following the outbreak of the Israel-Hamas war, with the iShares U.S.
- GDP reports track the health of the US economy, and in turn, consumer demand for gasoline.
“Indeed, oil prices fell in the hours following the announcement. Of course, oil prices are sensitive to many factors, including ongoing conflict in the Middle East,” they added. Concerns that major producers like Iran and Saudi Arabia could be drawn into the conflict shook the oil market. Brent traded 4% higher at $88 a barrel, while WTI also jumped more than 4% to over $86 a barrel. Both international and US crude prices spiked following the attacks by Hamas over the weekend, on fears that a wider conflict could pull in oil producers like Iran or even Saudi Arabia and threaten supply. Marks & Spencer reported strong growth in both its Food and Clothing & Home businesses for the first 19 weeks of the financial year. Food sales increased by over 11%, driven by price changes, while Clothing & Home sales grew by more than 6%, primarily due to in-store growth.
The prior record was 13.1 million barrels a day hit in February 2020, right before the COVID-19 pandemic slowed down the economy. Together, the measures were thought at that time to reflect by far the most significant step to curtail the fossil fuel export revenue that is funding Russia’s war in Ukraine. The IEA sought to assuage market concerns by saying it stands ready to act to ensure markets remain “adequately supplied” in the event of an abrupt supply shortage. Further information on each exchange’s rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX. If you’re new to futures, the courses below can help you quickly understand the Crude Oil market and start trading. Released on Tuesdays, API reports track total US and regional inventories and refinery operations data.
The surge in oil production comes amid a period of heightened geopolitical tensions. Russia is still waging war against Ukraine, the Middle East has seen a war breakout between Israel and Hamas, and strains between the US and China remain elevated. The Israel-Hamas conflict has ratcheted up concerns that the fighting may affect regional energy production.
Hamas accused of using Gaza residents as a ‘shield’ as Israeli ground invasion looms
JD.com’s losses this year have halved its market capitalization from the start of the year. The consumer price index was flat on an annual basis in September, data from the National Bureau of Statistics showed. “Despite the geopolitical risks rising in the Middle East over the weekend, US equity futures remain relatively muted in their reaction to these events,” strategists at Denmark’s Saxo Bank wrote in a research note.
Target shares rise on Bank of America upgrade
The US investment bank Goldman Sachs estimates the proportion of crude oil used for primary materials production to be 45 percent. Trade NYMEX WTI Crude Oil futures (CL), the world’s most liquid crude oil contract. When traders need the current oil price, they check the WTI Crude Oil price. WTI (West Texas Intermediate, a US light sweet crude oil blend) futures provide direct crude oil exposure and are the most efficient way to trade oil after a sharp rise in US crude oil production. The consumer price index released Thursday increased 0.4% on the month and 3.7% from a year ago, according to a Bureau of Labor Statistics report. The core inflation number, excluding food and energy prices, came out in line with economists’ expectations at an increase of 0.3% on the month and 4.1% on a 12-month basis.
“The way this becomes an authentic problem for the oil market, and contributes to a much bigger spike is if the market believed the fighting would spread to Hezbollah in Lebanon,” he said. “Under encouragement from the U.S. and secret nuclear talks, Iran saw its oil exports and production grow by some 600-k b/d to 3.2-m of output between end 2022 and mid-2023,” Citi said in a note. Russia is the world’s second-largest oil producer and a major exporter, and the tighter U.S. scrutiny of its shipments could curtail supply.
Israel boasts two oil refineries with a combined capacity of almost 300,000 barrels per day. Energy Information Administration, the country boasts “virtually no crude oil and condensate production.” By a similar strand, the Palestinian territories produce no oil, data from EIA shows. West Texas Intermediate (WTI) is a light, sweet crude oil (petroleum with less than 0.5% sulfur is called sweet) considered one of the main global oil benchmarks, along with Brent oil.
These are the stocks making the biggest moves premarket
Victoria’s Secret & Company — Shares rose 1.1% after the company’s third-quarter guidance came in stronger than expected. Hong Kong’s Hang Seng Index rose more than 2% in afternoon trade, leading wider gains in the region, boosted by financial stocks. “It’s going to be tough for the market to move ahead and mostly because of higher interest rates,” he told CNBC’s “Squawk on the Street” on Thursday, due in part to heightened uncertainty fueled by geopolitical risks and climate concerns. Although shares of Walgreens have jumped more than 10% since Monday, the sector has been pulled lower by Hormel Foods and Lamb Weston, which are down 10.8% and 8.3%, respectively. Sonu Varghese, Carson Group vice president and macro strategist, similarly noted an “immediate negative correlation to equity prices” when yields rise, particularly over a short period of time as they have been in recent weeks. Equities continue to head south “as the market realizes that yields will move higher,” he said.
Twenty Australians, tens of thousands more trying to leave Gaza as Israel prepares ground offensive
For many decades, due to its unique properties, US crude oil had traded at a dollar or two premium to Brent and the OPEC basket. However, because of the following Shale Revolution in the early 2000s, when WTI production increased, and more imports to the US from Canada, the commodity has aafx trading review started trading at a discount against its major counterparts. The chance that the Federal Reserve will raise its benchmark overnight lending rate another quarter point — to 5.50%-5.75% — by the end of this year climbed to 35.7% from 26.3% yesterday, according to the CME FedWatch tool.
The differences between WTI and Brent include not only price but oil type as well, with WTI producing crude oil with a different density and sulfur content. The demand for crude oil is dependent on global economic conditions as well as market speculation. Although there have been discussions of replacing the USD with another trade currency for crude oil, no definitive actions have been taken. Besides its primary role as the most important energy source, crude oil is also an essential raw material for manufacturing plastics. Because the supply of crude oil is limited but demand is constantly growing, the price of oil is also continuously rising. Because crude oil is needed to manufacture other primary materials, it is the world’s most important commodity.
Nonetheless, Capital Wealth Planning chief investment officer Kevin Simpson has sold off some of his Lockheed Martin shares as a result of the strength — noting that he remains bearish on the defense sector overall. Oct 12 (Reuters) – U.S. crude stocks rose as production jumped to a record high, while gasoline and distillate inventories fell last week, the Energy Information Administration (EIA) said in its weekly Petroleum Status Report on Thursday. Iran’s Oil Minister Javad Owji said on Friday oil prices are expected to reach $100 per barrel due to the current situation in the Middle East, according to the ministry’s news agency SHANA. The new record high also comes as oil prices have also jumped in recent months, with Brent crude up 24% since June. That’s as top OPEC+ producers Saudi Arabia and Russia have curbed supplies.