{"id":577865,"date":"2022-12-07T04:00:27","date_gmt":"2022-12-07T04:00:27","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/oil-is-close-to-wiping-out-all-of-its-2022-gains\/"},"modified":"2022-12-07T04:00:27","modified_gmt":"2022-12-07T04:00:27","slug":"oil-is-close-to-wiping-out-all-of-its-2022-gains","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/oil-is-close-to-wiping-out-all-of-its-2022-gains\/","title":{"rendered":"Oil is close to wiping out all of its 2022 gains"},"content":{"rendered":"

<\/a> Oil tumbled to its lowest level since January yesterday<\/strong> on concerns that the Federal Reserve will continue to aggressively raise rates and as investors weighed the impact of the price cap on Russian crude. Brent dipped below USD 80 for the first time since 3 January yesterday, falling 3.6% during trading. Meanwhile, US crude fell 3.8% to its lowest level since December 2021, reaching USD 74.47 a barrel.<\/p>\n

This was the third consecutive day that prices have fallen by more than 1%<\/strong> on the back of a string of bad news for the market. \u201cIt's been quite the three days \u2014 with OPEC+ deciding not to further cut production on Sunday, the toothless start of the Russian price cap and sanctions yesterday, and a rout in equity markets today, oil speculators are charging for the exits amid a flight from risk assets,\u201d a Kpler analyst told Reuters<\/a>. The Financial Times<\/a> and Bloomberg<\/a> also have the story.<\/p>\n

US stocks tumbled again yesterday<\/strong> as traders continued to fret about rising interest rates and bank CEOs warned of an oncoming recession, according to Bloomberg<\/a>. Stronger-than-expected data out earlier this week stoked fears that the Fed may continue raising rates for longer, triggering a sell-off on Monday that continued in yesterday\u2019s session. The S&P 500 finished in the red for the fourth straight session, falling 1.4%. Tech stocks were particularly hard hit, with the Nasdaq losing 2% and only two companies seeing gains.<\/p>\n

Bank CEOs warn of recession: <\/strong>Coming on the same day that Morgan Stanley announced a fresh round of job cuts, stocks were also hit by JPMorgan CEO Jamie Dimon warning of a \u201cmild to hard recession\u201d in 2023 in an interview with CNBC<\/a> and Morgan Stanley Wealth Management\u2019s Lisa Shalett forecasting a larger-than-expected drop in earnings next year due to higher inflation and slowing growth.<\/p>\n

It\u2019s a sea of red in Asia this morning <\/strong>where shares are picking up where Wall Street left off yesterday. It\u2019s a more mixed picture in the Western markets, with US shares currently poised to see early gains later today but most European markets to open in the red.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

14,498<\/p>\n<\/td>\n

\n

+1.2% (YTD: +21.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 24.58<\/p>\n<\/td>\n

\n

Sell 24.66<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 24.58<\/p>\n<\/td>\n

\n

Sell 24.64<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

13.25% deposit<\/p>\n<\/td>\n

\n

14.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

10,444<\/p>\n<\/td>\n

\n

+0.2% (YTD: -7.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

10,408<\/p>\n<\/td>\n

\n

-0.6% (YTD: +22.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,340<\/p>\n<\/td>\n

\n

-0.4% (YTD: +4.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

3,941<\/p>\n<\/td>\n

\n

-1.4% (YTD: -17.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,521<\/p>\n<\/td>\n

\n

-0.6% (YTD: +1.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

3,939<\/p>\n<\/td>\n

\n

-0.4% (YTD: -8.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 79.73<\/p>\n<\/td>\n

\n

-3.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 5.38<\/p>\n<\/td>\n

\n

-3.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,783.60<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 16,994<\/p>\n<\/td>\n

\n

+0.1% (YTD: -63.2%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 1.2% yesterday<\/strong> on turnover of EGP 2.65 bn (48.6% above the 90-day average). International investors were net sellers. The index is up 21.3% YTD.<\/p>\n

In the green: <\/strong>Elsewedy Electric (+9.4%), Sidi Kerir Petrochemicals (+9.2%) and Ibnsina Pharma (+5.9%).<\/p>\n

In the red: <\/strong>Telecom Egypt (-2.6%), e-Finance (-2.4%) and Eastern Company (-1.7%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Oil tumbled to its lowest level since January yesterday on concerns that the Federal Reserve will continue to aggressively raise rates and as investors weighed the impact of the price cap on Russian crude. Brent dipped below USD 80 for the first time since 3 January yesterday, falling 3.6% during trading. Meanwhile, US crude fell […]<\/p>\n","protected":false},"author":1,"featured_media":577866,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[93,72,164,119,91,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-energy","tag-enterpriseam","tag-equities","tag-financial-markets","tag-oil-and-gas","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"17ce6841-768d-4418-8fea-bde56f4eadc9","is_powered_by":true,"section_story_id":"6d228588-17b0-4ae9-b889-c76a7ff1350f","story_type":"1","photo_url":"https:\/\/ent.news\/2022\/12\/134.jpg","photo_position":"above","related_issue":[577842],"teaser":"","voice_url":""},"yoast_head":"\nOil is close to wiping out all of its 2022 gains - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/oil-is-close-to-wiping-out-all-of-its-2022-gains\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil is close to wiping out all of its 2022 gains\" \/>\n<meta property=\"og:description\" content=\"Oil tumbled to its lowest level since January yesterday on concerns that the Federal Reserve will continue to aggressively raise rates and as investors weighed the impact of the price cap on Russian crude. 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September 2022","format":false,"excerpt":"Investors are increasingly pricing in another huge rate-hike in the US this month: The futures markets is currently giving a 75% probability to the Federal Reserve raising interest rates by 75 bps for the third consecutive meeting on the back of Chairman Jerome Powell\u2019s hawkish speech last month, according to\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591104,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/31\/oil-prices-look-to-notch-biggest-monthly-gains-since-january-2022-in-july\/","url_meta":{"origin":577865,"position":1},"title":"Oil prices look to notch biggest monthly gains since January 2022 in July","author":"enterpriseam admin","date":"31 July 2023","format":false,"excerpt":"Brent and US crude have hit their highest levels since April as the market tightens","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/1257.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578118,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/15\/dont-expect-oil-prices-to-stay-lower-for-long\/","url_meta":{"origin":577865,"position":2},"title":"Don\u2019t expect oil prices to stay lower for long","author":"enterpriseam admin","date":"15 December 2022","format":false,"excerpt":"Crude prices could rise once more in 2023 on the back of sanctions on Russian crude and higher global demand, the International Energy Agency (IEA) said yesterday. Western sanctions on Russian crude including an EU and UK ban and the G7 price cap could see oil supply from the country\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/331.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578969,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/19\/chinas-comeback-to-see-oil-demand-hit-a-record-high-in-2023-european-em-equities-gain-popularity-as-wall-street-takes-a-kicking\/","url_meta":{"origin":577865,"position":3},"title":"China\u2019s comeback to see oil demand hit a record high in 2023 + European, EM equities gain popularity as Wall Street takes a kicking","author":"enterpriseam admin","date":"19 January 2023","format":false,"excerpt":"China\u2019s loosening of covid-19 restrictions is forecasted to boost oil demand to a record high this year of 101.7 mn barrels per day, the International Energy Agency (IEA) said yesterday. 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