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Both WTI and Brent crude oil opened about 1% higher on Monday, currently trading at $102.57 per barrel and $107.15 per barrel, respectively.On March 30th, Jefferies stated that Australian refineries can only meet a small fraction of domestic fuel demand. The conflict in Iran has led to rising petrol and diesel prices, and Australias competition regulator has expressed concern about supply issues in areas including suburban areas, regional towns, and remote regions. Jefferies estimates that Australian refinery output can meet approximately 37% of petrol demand and about 14% of diesel demand. This conclusion is based on an analysis of Australian oil statistics from last year. "Even in Queensland and Victoria, where Ampore and Viva Energy respectively own refineries, the output of Litton and Geelong is insufficient to meet the states total demand for petrol or diesel," said analyst Michael Simotas.According to Iranian state media, a petrochemical plant in Tabriz, a city in northwestern Iran, was attacked.1. Ukrainian Armed Forces: Russian troops lost approximately 1,360 soldiers yesterday. 2. RIA Novosti: Russia claims to have captured the village of Kivsharivka in Kharkiv Oblast, Ukraine. 3. Russia warns South Korea that it will retaliate if it provides lethal weapons to Ukraine. 4. Kremlin spokesman Dmitry Peskov: Russian-American relations have fallen to a historic low in recent years; Russia is willing to develop relations with the US. 5. Ukrainian President Volodymyr Zelensky: Following the Ukrainian attack, oil refineries in Leningrad Oblast, Russia, are operating at only 40% capacity. 6. Governor of Leningrad Oblast: A fire broke out at the Baltic port of Ust-Luga, Russia, caused by a Ukrainian drone attack; the fire is now under control.On March 30th, economist Rory Robertson stated that the Australian economy may have already experienced a downturn due to the oil price shock and threats to energy supplies. If the economy did not actually contract in March, the constraints imposed on numerous industries by the sudden surge in fuel prices (especially diesel) and reduced supply could force a slight contraction in economic activity in April. Robertson stated that the economic outlook depends on whether the problems can be resolved as quickly as they appeared. He added that historical experience shows that sudden and prolonged oil price shocks often turn into economic disasters.

S&P 500 Price Forecast – Stock Markets Continue to Struggle

Alice Wang

Jul 15, 2022 15:54

Technical Analysis of the S&P 500

Due to the ongoing pessimism, the S&P 500 has decreased somewhat during Thursday's trading session. At this time, it seems as if the market is prepared to go further, maybe attempting to approach the most recent lows at the 3637 level. In the end, this market should continue to see a lot of agitated behavior. I believe that fading rallies will remain a significant problem. The 50 Day EMA is now hanging in the general vicinity of the 3950 level, which serves as the ceiling at this time.


Ultimately, your indication to become engaged will be when you start to feel exhausted after brief rallies. Given the lack of global growth and the fact that inflation is still a problem, I do believe the downward trend will continue. Additionally, the Federal Reserve is rapidly tightening monetary policy, and as a result, a 100 basis point interest rate rise is being predicted. Due to the fact that the S&P 500 contains so many significant exporters, it is extremely probable that we will continue to see significant problems with the global economy.


In the end, a running season is approaching, so there could be some "hopium" waiting to happen, but after hearing J.P. Morgan declare, "We have never seen an economic scenario like this," during its results presentation, I don't think this earnings season will be cause for celebration. After a rally, I will suppress any indications of tiredness.

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