Market Overview July 17

Tuesday's global oil prices plunged to one-week lows in American trade, continuing their losses for the third straight day as worries about Beryl Hurricane-related damage to the oil infrastructure waned.

Economic News
17 juil. 2024

Tuesday's global oil prices plunged to one-week lows in American trade, continuing their losses for the third straight day as worries about Beryl Hurricane-related damage to the oil infrastructure waned.

Traders are currently awaiting initial data on US crude stocks, which is predicted to reveal a decline in inventory for the second consecutive week.

Costs

At $81.70 a barrel, US crude dropped 0.6%, to its lowest level since July 1.

Brent hit a record low of $85.12 today, down 0.65% from July 1.

US crude fell 1.3% on Monday, and Brent fell 1.4% as investors pulled out of three-month highs.

Hurricane Beryl

Looks like tropical cyclone Beryl won't cause too much harm to the infrastructure supporting the production of crude oil and refining in the Mexico Gulf.

Shell confirmed on Monday that its staff would be redeployed after temporarily ceasing production and evacuating from some of its oil producing facilities in Texas.

The US hurricane season this year is still a source of concern; Colorado University predicts a "highly active season" in 2024.

US Stocks

The official EIA government statistics on US crude supplies will be released tomorrow, but the American Petroleum Institute will provide preliminary data on the subject later today.

Robert Thompson

Economic News

Market Overview July 10

Due to strong short-covering, Bitcoin increased 2.5% on Tuesday, moving away from its five-month lows for the second session.

Robert Thompson
10 juil. 2024

Economic News

Market Overview June 26

The Japanese yen (JPY) fell 0.56% on Friday, while the US Dollar Index (DXY) climbed after Purchasing Managers' Index (PMI) data came in higher than predicted.

Robert Thompson
26 juin 2024

Economic News

Market Overview June 19

Following the release of official data showing US consumer prices rose 3.3% y/y in May, down from 3.4% in April, and core inflation rose 3.4%, slowing down from 3.6%, US stock indices rose on Wednesday.

Robert Thompson
19 juin 2024