Trading in the markets has been quiet so far. EURUSD continues its small declines, which doesn't bother gold, which is breaking through the 1990 USD per ounce. The commodities market is quite volatile today, although trading in some industrial metals is still not possible, due to the London market closure.
The oil market is volatile today. We received fairly mixed demand data from Asia's two largest emerging economies: China and India. On the other hand, there is confusion on the supply side. The largest oil field in Libya is shut down, and one of the country's export terminals has also been closed. This is due to geopolitical turmoil in the country and increased price volatility.
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Create account Try a demo Download mobile app Download mobile appAdditionally, increased bombing activity from Russia on cities such as Kharkiv and Mariupol or even Lviv is creating more uncertainty regarding potential oil-related sanctions on Russia.
Demand data from China (according to China Customs) and India:
- China cure oil imports fell by 14% YoY in March (to 42,71 million tonnes)
- Jet fuel imports were down by 26,7% YoY in March (to 0,09 million tonnes)
- LNG imports fell by 17% YoY in March (to 4,63 million tonnes)
- In the first half of April, petrol consumption in India dropped around 10% in comparison to the same period in previous month
The price is down by 2.5 USD from a daily peak. Source: xStation5
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