A sell-off in London-listed palm oil producers triggered by an opaque Indonesian government announcement on export controls looks increasingly like an overreaction, with both REA Holdings and M.P. Evans now trading at valuations that bear little relation to their underlying earnings power.
Oil prices rebounded on Thursday after two days of losses on outstanding supply concerns because of the uncertain outlook for an end to the Iran war and a U.S. inventory draw raised worries about the depletion of global stockpiles.
Oil futures rose in early Asian trade on a likely technical recovery after the futures posted back-to-back losses overnight.
Spot gold prices are sharply higher and spot silver prices are sharply higher after the close Wednesday, as oil prices fell on U.S.-Iran diplomacy and signs of renewed tanker movement through the Strait of Hormuz.
Wall Street regulators are investigating a batch of suspiciously well-timed oil trades worth more than $800 million – amid mounting accusations of insider trading, according to a report.
Commercial crude oil stocks fell by 7.9 million barrels last week. Analysts expected crude stocks to fall by 3 million barrels.
The Commodity Futures Trading Commission is looking into oil futures trades made by at least three previously unreported firms on March 23, just before Trump announced a ceasefire extension with Iran, the Wall Street Journal reported.
On Tuesday, the Strait of Hormuz saw “one of the busiest days since the closure.”
Crude prices remain elevated but there appears to be movement in the Strait of Hormuz Wednesday.
Oil edged lower as traders assess Middle East developments.
The near-standstill at the Strait of Hormuz has forced countries to get much-needed energy products via routes that were relatively quiet only a few months ago.
Rising oil prices often trigger recession, but high and stable oil prices don't. This distinction is key to understanding the effects of the current jump in energy costs that resulted from closure of the Strait of Hormuz.