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Active Traders: Gold, S&P, and Bitcoin Podcast

June 7th
Moor Podcast Excerpts:
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TFA Energy Morning Highlights – 6/07/2023 

Crude oil futures in European trading hours Wednesday were little changed with prices hovering at levels prior to the weekend’s OPEC+ meeting, as sluggish economic growth continues to offset supply-side concerns.  

“Crude prices are heavy as global growth concerns continue to suggest a much weaker crude demand outlook. China is scrambling to deliver a ‘basket of support measures’ and Germany factory orders were unable to rebound.  It seems the Saudi-led OPEC+ production cut only deterred short-sellers for a couple of days,” said Ed Moya, senior market analyst at brokerage Oanda.

The World Bank warned Tuesday that higher rates interest and overhangs from this year’s banking crisis will significantly slow economic growth for the biggest global economies.

Traders had already raised concerns over the sluggish pace of growth in the US and a possible further rate rise over summer, while household consumption in the Eurozone area remained subdued in April, with the volume of retail sales unchanged from March levels.

German factory orders also fell a further 0.4% month-on-month in April, significantly below expectations for a 2.8% rise, driven by a decline in large-scale orders.

Today’s July WTI Pivot Level = $71.40

NOTABLE OVERNIGHT HEADLINES

*IEA Executive Director Birol: IEA sees tight second half of the year in the oil market.

*IEA Executive Director Birol: China's economy is the most important factor for the oil market.

*IEA Executive Director Birol: OPEC+ output cut might put upward pressure on oil price.

*Traders: Turkish lira's depreciation is a strong indication of a move away from state controls in favour of free market.

*Iran's Embassy In Saudi Arabia Officially Reopens After China-Brokered Detente

*Iran's Oil Minister Owji: With the collaboration of Russia, Turkmenistan and Qatar, we’re working to have a gas hub near Assaluyeh.

*Some Chinese banks are to cut deposit rates Thursday - Securities Times.

*OECD sees global GDP growth of 2.7% in 2023 and 2.9% in 2024 (previously 2.6% in 2023 and 2.9% in 2024).

*OECD sees Chinese growth of 5.4% in 2023 and 5.1% in 2024 (previously 5.3% in 2023 and 4.9% in 2024).

*OECD sees US growth of 1.6% in 2023 and 1.0% in 2024 (previously 1.5% in 2023 and 0.9% in 2024).

*Climate Activists Slam Biden For Breaking Gas Financing Promise

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