1/16/2024 0 Comments Oil prices today market watchconsumer prices which is forecast to show headline inflation slowed to its lowest level since early 2021 at 3.1%, with the core easing to 5.0%. “Negative EPS revisions for 20 appear to have bottomed and revision sentiment has improved.” “We expect companies will be able to meet the low bar set by consensus,” they added. “Consensus expects a 9% year/year decline in S&P 500 EPS driven by flat sales growth and margin compression,” noted analysts at Goldman Sachs. S&P 500 futures and Nasdaq futures were both little changed, having retreated modestly last week.Įarnings season starts later this week with JPMorgan Chase, Citigroup, Wells Fargo, State Street and PepsiCo among the names reporting. Japan’s Nikkei firmed 0.3%, while South Korea added 0.1%. The cross currents made for an uncertain background and MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1% in early trade. The surge in yields put pressure on popular carry trades in the currency market which saw the Japanese yen rally sharply late last week, largely at the expense of the U.S. The most important trading venue for European Brent Crude Oil is the International Petroleum Exchange in London.Bond markets were still shaky after a recent vicious sell-off drove yields to multi-year highs across the developed world, making equities less attractive in comparison. Other reference oil types include Leona, Tijuana, Alaska North Slope, Zueitina or Urals. The reference oil traded most frequently and of major significance for the USA is West Texas Intermediate (WTI), while the most important in Asia is Dubai Fateh. These are standardized products used to determine the prices for all other types. For the purposes of trading on futures exchanges in London or New York, however, reference oils are used. The different types of crude oil come from regions as diverse as Alaska North Lope, Arab Light or Zueitina in Libya. On an international level there are a number of different types of crude oil, each of which have different properties and prices. In December 2005 the global demand for crude oil was 83.3 million barrels per day according to the International Energy Agency (IEA) and will rise further. The US investment bank Goldman Sachs estimates the proportion of crude oil used for primary materials production to be 45 percent.īecause the crude oil industry has developed hardly at all in recent years due to a lack of investment capital for discovery, extraction and further processing, global production can barely meet the high demand for crude oil from countries such as the USA, China or India. Because crude oil is needed to manufacture other primary materials, it is the world’s most important commodity. Because the supply of crude oil is limited but demand is constantly growing, the price of oil is also continuously rising. Crude oil is also used in cosmetics and medicines. From there, the crude oil is transported by tanker.īesides its primary role as the most important energy source, crude oil is also an essential raw material for manufacturing plastics. Brent Crude is a particularly light crude oil which is carried from the North Sea to the Sullom Voe Terminal on Mainland, Shetland by an underwater pipeline. The most important type of crude oil used in Europe is Brent Crude, named after the North Sea oilfield where it is extracted. Crude oil is by far the world’s most important energy source and the price of oil therefore plays an important role in industrial and economic development.
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