Global Equities Markets Selling Off
- Global equities markets are selling off this morning, taking energy prices with them. The S&P, Germany’s DAX, and Hong Kong’s Hang Seng are posting losses of 1.5-3% so far today.
- RBOB, HO, WTI, and Brent futures contracts are down ~2% this morning and falling. Momentum will likely carry the complex downward the rest of the day unless some drastic news breaks to incite some buying.
- Saudi Arabia announced it could supply more crude quickly if needed, easing tensions felt in overseas markets due to speculation on US sanctions after the suspected murder of journalist Jamal Khashoggi.
- Hurricane but not the kind we are used to: Major Hurricane Willa is expected to make landfall on the western coast of Mexico later this afternoon as a Category 5 storm. While it is expected to be locally devastating, minimum impact is projected for the United States.
- Gasoline and American crude oil futures both opened below some significant support levels this morning. WTI has another ~$2 to fall before being tested around the $66 mark, RBOB can shave another 7 cents before testing the support at $1.80.
Latest Posts
Ceasefires, Airstrikes, And False Starts: Another Wild Week In Energy
Volatility Returns As Energy Markets Grapple With Strait Of Hormuz Shutdown
Ceasefire Relief Fuels Equity Rally And Historic Energy Market Reversal
Week 14 - US DOE Inventory Recap
Energy Markets Rally As Iran Ceasefire Hopes Fade
Energy Markets Start The Week Torn Between Tight Supply And Peace Rumors
Social Media
News & Views
View All
Ceasefires, Airstrikes, And False Starts: Another Wild Week In Energy
Volatility Returns As Energy Markets Grapple With Strait Of Hormuz Shutdown