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Market Recap – Tanker on fire at the Persian Gulf

Thursday, June 13, 2019 10:35 AM GMT

A tanker that had loaded oil from Abu Dhabi reported on fire. Markets regarded the incident as a sign that the situation in the Persian Gulf is out of control and sent oil prices higher. Keep in mind that during the last month, there had been four incidents in the Persian Gulf with vessels being sabotaged. All four incidents were blamed on Iranian forces. This has led to (i) three military US vessels heading back to the region, (ii) Saudi Arabia managing to gather 20 Arabic nations in Mecca (including Qatar) and uniting them against Iranian actions, and (iii) the Japanese Prime Minister Abe visiting Iran yesterday and prompting Iran to play a “constructive role”.

Today, OPEC is set to release its monthly report on oil markets.

The risk on-mode that was prevailing at the start of the week has stalled. US Equities (both the Dow Jones and S&P500) continue testing indecisively their 50 Day Moving average level, the German Dax index is doing the same, the Japanese Nikkei is back at the Friday’s close level, the Chinese and the Australian index kept their recent gains.

Today the first round of votes, for the leadership race of the UK’s Conservative party, will take place.

Macro releases: Yesterday’s US inflation readings continue favoring a rate cut on July by the FED. Today no market moving release is expected other than the OPEC’s report.

 

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