Friday, April 19, 2019
Today’s Market News
Venezuela: Venezuelan President Nicholas Maduro seems to have found a way to skirt recent sanctions handed down by the US. Maduro is funneling cash flow from oil sales through Russia’s oil giant Rosneft. Russia has publicly stated they believe the sanctions handed down on Venezuela are illegal and the will help Venezuela circumvent this situation if possible.
Oil Market Risk: With global crude inventories getting tighter analysts believe the market is becoming more sensitive to unexpected disruptions, analysts believe these are the largest risk factors in the market today. At the top of the list Libya Unrest as analysts believe oil production could be greatly impacted furthering the tightness of global oil supply. Iranian Sanctions is next on the list as worries that Iranian exports may be cut off completely. Finally analysts also fear Black swan event as OPEC may see global supply at critical levels and turn on all the spigots.
Weekly Economic Calendar: Monday: Existing home sales Tuesday: New home sales Thursday: Weekly Jobless claims
Market Opinion: The NYMEX is closed for Good Friday it is one of only three days of the year the NYMEX is closed with Christmas day and New Year’s Day being the other two. Look for concerns around global supply to continue over the long weekend as OPEC cuts and increasing Iranian sanctions are in the forefront of the markets.