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April 5th - In recent weeks, aviation fuel prices have surged from $85-90 per barrel to $150-200 per barrel, posing a significant challenge to the global aviation industry, with many airlines adjusting their operating strategies. On April 4th, local time, Manix Fortmar, Chairman of the Representative Committee of KLM Royal Dutch Airlines, warned that if shipping through the Strait of Hormuz remains disrupted, airlines could face pressure to cancel flights within six weeks. Benjamin Smith, CEO of Air France-KLM Group, stated that the company is preparing for potential fuel shortages. Michael OLeary, CEO of Ryanair, Europes largest low-cost carrier, said on April 1st that the airline may face a fuel supply shortfall of up to 25% in May and June, with overall European aviation fuel supplies expected to tighten in May. OLeary also said that there is a possibility of a significant increase in airfares from April to June.On April 5th, Irans Islamic Revolutionary Guard Corps issued a statement saying it had launched strikes against petrochemical plants in the UAE, Kuwait, and Bahrain, an oil refinery in Israel, and a natural gas facility in the UAE. Further attacks on civilian targets within Iran would further intensify the damage to US economic interests in the region.On April 5th, Japanese Prime Minister Sanae Takaichi stated that Japan has secured enough naphtha supplies to cover at least four months of demand, and the government is seeking to alleviate concerns about potential supply shortages. Takaichi said on social media on Sunday that these supplies include approximately two months worth of overseas procurement shipments and domestic refinery production, as well as approximately two months worth of inventory of intermediate chemical products derived from naphtha, such as polyethylene. According to the Japan Petrochemical Industry Association, Japan relies on imports for about 60% of its naphtha, with over 70% coming from the Middle East. Major Japanese naphtha producers have already reduced production of this petroleum byproduct. Naphtha is widely used in the manufacture of plastic bottles, building materials, and electrical appliances.Ukraines state-owned oil and gas company, Naftogaz, said that Russia attacked its facilities in the Poltava region for the second consecutive day.April 5 - According to data from LSEG and Kpler, a tanker carrying Iraqi crude oil was spotted transiting the Strait of Hormuz along a route close to the Iranian coast, one day after Iran indicated that Iraq could be exempted from restrictions on passage through this key shipping lane. Kpler data shows that the "Ocean Thunder" loaded approximately 1 million barrels of Basra Heavy crude oil on March 2 and is expected to unload in Pengerang, Malaysia, in mid-April.

S&P 500 (SPY) Gains Ground As Rebound Continues

Florala Chen

Oct 19, 2022 16:33

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S&P 500 rose more than 1% on widespread rebound

After touching the 3760 resistance level, the S&P 500 lost pace and drew back toward the 3720 level. Stocks nonetheless managed to post respectable gains for the day.


Stocks received significant support from the Industrial Production data, which showed that Industrial Production climbed by 0.4% month over month in September. But it seems that the stock market's primary driver today was the continuance of the technical bounce.


One of today's largest gainers was the cruise industry. Today's gains ranged from 7 to 11% for Royal Caribbean Cruises, Norwegian Cruise Line Holdings, and Carnival Corporation.


After exceeding analyst earnings expectations and expanding stock repurchases, Lockheed Martin saw an 8% increase. Salesforce increased by more than 4% after Starboard Value's purchase of a stake in the business.


Interestingly, despite the significant sell-off in the oil markets, top energy equities like Exxon Mobil and Chevron did not decline.


From a wide perspective, the recovery was significant, and all market sectors rose. Traders kept looking for discounts and purchasing undervalued stocks.


Following the release of its earnings report, Netflix shares climbed near $275 in the after-market session. The firm posted profits of $3.19 per share and sales of $7.48 billion, both of which were higher than analysts' estimates. Regarding the fourth-quarter forecast, Netflix said that the persistently high dollar posed a substantial obstacle. Netflix anticipates reporting revenue of $7.8 billion for the last quarter of current year.


The shares of United Airlines rose to $40 in the after-market session after the airline's earnings topped analysts' expectations. The business said that despite the difficulties of the recession, robust COVID recovery patterns will continue. Previously, traders were concerned that consumer spending would be harmed by recession worries, but it seems that demand for air travel is still high.

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