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Singapores fuel oil inventories for the week ending March 12 will be released in ten minutes.March 13, Goldman Sachs strategists said that European and other overseas stock markets may continue to outperform the U.S. stock market for now, and they reiterated their advice to diversify investments into assets outside the United States. The average correlation between stock markets has fallen to its lowest level since the 1990s. However, they said that any further downgrades in U.S. economic growth expectations could also hurt overseas stock markets. If the main reason for a further correction in U.S. stocks is concerns about economic growth rather than dominant technology stocks, then historical performance shows that other markets will also fall.Switzerlands producer/import price index rose 0.3% month-on-month in February, compared with 0.10% in the previous month.Tip: The annual rate of Switzerlands import and export price index in February has not yet been announced.March 13, Paul Eitelman, chief investment strategist for North America at Russell Investments, said that due to the solid US economy, the next interest rate cut by the Federal Reserve is unlikely to come before May or June. "We believe that the US economy is on solid footing at a time when households, businesses, investors and the Federal Reserve are facing extreme policy uncertainty." Fed Chairman Powell made it clear that he would wait for more clear information before cutting interest rates again, "which sets the stage for the next rate cut in May or June." Eitelman said that macro fundamentals show that economic growth is resilient and inflation is slowing, which supports the basic case for two or three rate cuts later this year.

WTI anticipates a decline to reach $80 per barrel as global growth predictions diminish

Alina Haynes

Sep 23, 2022 11:58

截屏2022-09-22 下午4.34.43_1024x576.png 

 

West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) are experiencing selling pressure while attempting a positive reversal. Oil prices are hanging at $83, and it is anticipated that they will continue to decline to roughly $80. In a larger sense, the black gold has had a weak performance over the past three weeks after giving up the psychological support of $90.00.

 

Numerous global resisting triggers have caused a severe decline in oil prices. As a result of the hawkish posture of western central banks on their interest rates, the objective of achieving price stability is at the expense of the breadth of economic activity. There is a fall in economic activity because corporations are not investing because cheap money is unavailable. In addition, the delay of expansion plans has reduced demand projections. Eventually, there is a substantial decline in oil demand.

 

The demand for oil in the huge economy of the United States is declining sharply. In the previous four weeks, the daily demand for gasoline in the United States has dropped by 8.5 million barrels. This is the result of intensifying pricing pressures, which have led households to purchase only the necessities.

 

In the meantime, an unaltered policy pronouncement from the People's Bank of China (PBOC) dampened oil price sentiment. As China's total demand is not increasing and pricing pressures are falling, a rate drop was anticipated. However, the oil bulls were undercut by the PBOC's neutral position.

 

On the supply side, OPEC+ has reduced output by 3.58 million barrels per day, corresponding to 3.5% of world demand. Despite a drop in global production, oil stockpiles are increasing, which bolsters the indicators of an impending recession.


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