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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.

Silver Price Prediction: Silver Markets Recover

Alina Haynes

Jun 24, 2022 15:12

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The silver market began Thursday's trading session with a sharp decline, reaching $21 per ounce. Considering that the $21 level has been significant on several occasions, I believe it is just a matter of time until volatility returns to this market. The $22 level above is a place of resistance; thus, if we do rebound, you must pay special attention.

 

The 50 Day EMA is currently at $22.39 and falling. This implies that a certain level of dynamic resistance should enter the picture. I believe that any balance will be sold because, obviously, there are several concerns over industrial demand and the rising of the US currency. Long-term, all of these factors work against silver, but inflation tends to benefit it. In such a circumstance, the only predictable response is likely to be a great deal of volatility, but that does not distinguish silver from other markets.

 

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Breaking below the $21 level enables a decline to the $20.50 level, and potentially even the $20 level. A breach of the $20 level would be extremely negative for silver, opening the door to the $18 level. If we were to rebound and break through the 50 Day EMA, it is conceivable that we may see an attempt to reach the $23 level, but I believe it would require much work.


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