Serrari Group

Oil prices saw a substantial 3% surge, nearing $100 a barrel, hitting a fresh 10-month high on Wednesday. The rally was ignited by concerns over tightening global crude supplies, with lower-than-expected US stockpiles adding to the bullish sentiment.

Brent crude, the international benchmark, reached as high as $97.06 per barrel, marking its highest intraday level since November 2022. In parallel, West Texas Intermediate (WTI), the US equivalent, jumped 3.6% to reach $93.69 per barrel, driven by declining stockpiles at a critical delivery hub, as per weekly government data.

The Energy Information Administration’s latest report revealed a 2.2 million barrel drop in US commercial crude oil inventories from the previous week, further constraining supply. Additionally, WTI delivery point inventories hit their lowest point in over a year.

Market experts believe that the recent price correction has lost momentum, and the market is now pointing to higher oil prices. This surge comes as some of the world’s major oil producers have announced supply cuts through the end of the year, compounding concerns over persistent inflation in the US and Europe.

In response to these developments, equity markets faced pressure, with the S&P 500 falling 0.4% and the Nasdaq Composite down 0.3%. European stocks also struggled, with the Stoxx Europe 600 index closing 0.2% lower, marking its fifth consecutive day of losses.

US government bond yields continued to rise, driven by the Federal Reserve’s hawkish guidance on extended higher interest rates due to inflation concerns. The 10-year Treasury yield reached a post-2007 high of 4.59%, while the 30-year note yield advanced to 4.71%.

As investors accept the likelihood of higher rates for a more extended period, equities are losing their appeal, and bonds are becoming increasingly attractive. Attention now turns to upcoming US and eurozone inflation data to gain insight into central banks’ future monetary policy decisions.

In other economic news, US durable goods orders showed a notable improvement, rising 0.2% in August compared to the previous month, exceeding expectations. The dollar strengthened by 0.4% against a basket of peer currencies, reaching a fresh 10-month high.

Lastly, China’s industrial sector exhibited signs of stabilization as profits fell by 11.7% year-on-year in the first eight months of 2023, a smaller decline compared to the previous seven months, suggesting that recent support measures are aiding the world’s second-largest economy.

The Hang Seng index in Hong Kong rose by 0.8%, and China’s CSI advanced by 0.2%, breaking a two-day losing streak. Stay tuned for updates on these evolving economic trends.

Photo Source: Google

27th September 2023
Delino Gayweh
Serrari Financial Analyst

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