Financial Analyst/Content Writer, RADEX MARKETS
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
AZIONI
Hopes remain high that the United States and Iran will soon reach a ceasefire deal that would lift shipping restrictions in and out of the Gulf and offer both nations more time to negotiate matters relating to Iran’s nuclear programme. While the agreement has yet to be formally announced, crude oil prices have come down significantly over the last few days, with the Brent Crude benchmark falling to $92 per barrel and WTI slipping to just $87. Since the conflict began at the end of February, news headlines have been the main drivers behind the wild swings observed in crude oil prices, but increasingly, a more fundamental shift is starting to affect oil markets. US crude and petroleum exports continue to break records, recently approaching 13 million barrels per day, in large part due to drawdowns in the Strategic Petroleum Reserve. In the absence of reliable deliveries from the Middle East, the world is turning to the US to make up for the shortfall, which has so far been able to at least partially fill the gap. The additional supply has helped keep a lid on prices for now, but SPR reserves are dwindling rapidly, falling to 365 million barrels by the end of last week.
All three major US indices closed at new highs yesterday, with the S&P 500 rising 0.6%, the Nasdaq gaining 0.9% and the Dow Jones only just earning the points necessary to secure a record of its own. The tech sector did most of the heavy lifting, as optimism in the AI sector continues to pervade Wall Street circles. In its latest earnings report, Dell Technologies (DELL) revealed an annual sales outlook that wildly surpassed analysts' expectations, leading to a massive 40% surge in extended trading late last night. The moves in stock markets came among a confused series of data points relating to the US economy on Thursday. US GDP growth for the first quarter of the year was revised downwards to below expectations, but then again, according to the April PCE price index, inflation figures also came in lower than expected. Durable goods orders meanwhile came in far above predictions, leaving a somewhat murky picture overall.
About the Author
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
Reviewed by RADEX MARKETS
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