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16 Mar 2020

Oil: Depressed prices on the horizon – TDS

The world is closed; mounting travel restrictions and border closures continue to deliver a direct and immediate hit to energy demand, strategists at TD Securities inform. WTI trades at $30.031.

Key quotes

“Crude demand could very well fall in the realm of -500k bpd in y/y terms, with some in the market even anticipating as much as 10m bpd of lost demand through Q2.”

“To make things worse, increased supply from Saudi, Russia and the UAE remain on the cards amid a price war for the foreseeable future.”

“The combination of both the demand and supply shock suggest massive surpluses, swelling inventories and increasingly depressed prices are on the horizon.”

“We do not expect any material moves as funds are already positioned extremely short in the complex and elevated volatility will continue to constrain position sizing.”

Mar 16, 2020

GBP/USD New York Price Forecast: Pound under heavy pressure in five-month lows, fast approaching 1.2200 figure

GBP/USD is dropping like a stone in March 2020 as the market is nearing its lowest point since October 2019. Despite the overnight Fed cut, GBP/USD remains ext

ECB: Stimulus package instead of rate cuts – UOB

Lee Sue Ann, Economist at UOB Group, assessed the recently announced stimulus package by the ECB at its meeting last week. Key Quotes “First, the ECB