Oil and metals prices have declined due to improved perceptions of supply flow through the Strait of Hormuz and a broader risk-off move in global markets. ING analysts maintain that the oil sell-off is likely overdone given the underlying market tightness.
Key Takeaways
- 1.Oil prices are falling due to the assumption of a rapid recovery in traffic through the Strait of Hormuz.
- 2.Russia is considering a ban on diesel exports, which would significantly impact global markets.
- 3.Metals prices dropped following a global equity market sell-off and a more hawkish Federal Reserve outlook.
Table of Contents
- Energy – Russia considers diesel export ban
- Metals – Risk-off move triggers metals sell off
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Authors
Warren PattersonEwa Manthey
Securities
ICE BrentWTI
Themes
Fed rate policyGeopolitical risk premium
Regions
Middle EastEuropeRussiaFrance
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