WTI crude oil is quoted above $ 107 a barrel

Dov Herman

3 years ago

The Old Continent markets saw gains today, with the CAC40 and DAX 40 gaining 3.23% and 1.59% respectively. The British FTSE 100 gained 2.68%. The Polish blue chip benchmark defended the support set by the lows from May 2022 and posted 1.69% growth at the end of the session.

The price of NATGAS is fluctuating today

Investors’ attention was drawn to the termination of the license agreement with the Polish company OncoArendi Therapeutics as part of exercising the rights to the OATD-01 molecule. The company’s stocks fell 45% today. The unemployment rate in Poland in May fell to 5.1% against the earlier reading of 5.2% and in line with analysts’ expectations. New orders in industry in May increased by 25.9% y / y (previously 18.2% y / y). In monthly terms, the increase was 5.6% compared to a decline by 10.1% a month earlier. The Ifo Business Climate Index for Germany fell in June to 92.3 from a 3-month high of 93 (in the previous month), below market expectations of 92.9. The decline can be combined with the threat of gas shortage, which is a key energy resource for the German economy. Meanwhile, UK retail sales fell 0.5% in May compared to the previous month as rising prices hurt consumers who cut back on their purchases. The situation on the US market is also bright. All indices listed on Wall Street are currently rising by more than 2%, and the US100 and US2000 are above the 3% barrier. The fuels for the gains were delivered today by the final data from the University of Michigan and the reading of home sales in the US. University of Michigan USA sentiment for June (final): 50.0 (preliminary reading: 50.2) – Current Conditions: 53.8 (preliminary reading: 55.4) – Expectation: 47.5 (preliminary reading: 46.8)

– 1-year inflation: 5.3% (preliminary reading: 5.4%) – Inflation over 5-10 years: 3.1% (preliminary reading: 3.3%) – New home sales: 696,000 (forecast: 585,000; earlier: 591k) Fed chairman Powell said in his six-month speech to Congress that two factors prompted the FOMC to hike rates by 75 basis points instead of 50 basis points. These factors were the latest CPI reading for May and the University of Michigan data for June, and more precisely the component of inflation expectations in the UoM data. Markets noted that the Fed may have acted too quickly on preliminary Michigan data. Wall Street jumped after the final Michigan data was released. However, it should be noted that at At 16:00 CET a very strong new home sales reading was released, which could also play a role in the observed market movements. This reading showed an increase by 696 thousand. instead of the expected 585 thousand. Money markets withdraw from expectations of a 75 bp rate hike at the July FOMC meeting. FedEx is gaining ground on Q4 results and optimistic forecasts for 2023. Zendesk grows after private equity firms agree to take over the company. NZD and AUD are the best performing major currencies, while JPY and GBP remain under seller’s pressure. The Turkish lira appreciated sharply against other currencies after information about the restriction of lending in lira to foreign investors. The rationale behind this move is that it will reduce TRY’s liquidity abroad and make it more difficult for foreign investors to borrow in lira to sell them in the markets. The price of NATGAS is subject to fluctuations today, but at the moment the raw material is growing by nearly 0.5%. WTI crude oil gains over 3%. Cryptocurrencies also benefited from the return of risk-on sentiments. Bitcoin managed to defend the $ 20,000 mark and is currently trading above $ 21,000. Ethereum gains over 8% and is back above the $ 1,200 barrier.
Source: xStation5 OIL.WTI is up almost 3% and is trying to break above the 38.2% retracement of the downward move started in early March.
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