{"id":585054,"date":"2023-04-10T00:00:00","date_gmt":"2023-04-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/10\/theres-no-knowing-where-crude-prices-are-going\/"},"modified":"2023-04-10T00:00:00","modified_gmt":"2023-04-10T00:00:00","slug":"theres-no-knowing-where-crude-prices-are-going","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/10\/theres-no-knowing-where-crude-prices-are-going\/","title":{"rendered":"There\u2019s no knowing where crude prices are going"},"content":{"rendered":"

<\/span>OPEC+ cut fragments outlooks on the future of oil prices:<\/span> While last week\u2019s <\/span>surprise decision<\/a><\/span> by OPEC+ to restrict oil supply has <\/span>driven up crude prices<\/a><\/span> and raised the oil-price forecasts of banks like Goldman Sachs, many traders believe that the murky global economic outlook and weak demand will p<\/span>revent prices from rising much highe<\/span>r, <\/span>Bloomberg<\/a><\/span> reports. <\/span><\/p>\n

It\u2019s a tug of war between lower supply and stunted demand: <\/span>\u201cThe OPEC+ output cut <\/span>certainly raises the possibility of USD 100 a barrel this year, although it is by no means a certainty,\u201d one analyst told Bloomberg. \u201cDemand-side weakness stemming from growth considerations is clearly taking a more prominent role.\u201d <\/span><\/p>\n

EMs could be in line for a carry trade revival: <\/span>The FX trade in emerging markets is <\/span>expected to pick up steam on the back of the US economy\u2019s slowdown and expectations that global interest rates will soon fall, <\/span>Bloomberg<\/a><\/span> reports. Expectations that the Federal Reserve is nearing the end of its interest rate hikes is at the heart of this prognosis, which sees investors borrowing dollars at low interest rates to invest in higher-yielding EM currencies. These transactions, known as the carry trade, have returned almost 5% this year following three years of losses, according to Bloomberg data. \u201cMost EM countries have hiked rates significantly, many starting before the Fed and hiking by more, so many EM yields are attractive,\u201d one portfolio manager explains. <\/span>Read more about carry trade in our explainer <\/span>here<\/a><\/span>.<\/span><\/p>\n

<\/a><\/a><\/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<\/span><\/p>\n<\/td>\n

\n

16,675<\/span><\/p>\n<\/td>\n

\n

-0.2% (YTD: +14.2%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 30.84<\/span><\/p>\n<\/td>\n

\n

Sell 30.94<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 30.85<\/span><\/p>\n<\/td>\n

\n

Sell 30.95<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

18.25% deposit<\/span><\/p>\n<\/td>\n

\n

19.25% lending<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

10,966<\/span><\/p>\n<\/td>\n

\n

+0.6% (YTD: +4.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,462<\/span><\/p>\n<\/td>\n

\n

-0.1% (YTD: -7.3%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,411<\/span><\/p>\n<\/td>\n

\n

-0.1% (YTD: +2.2%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,105<\/span><\/p>\n<\/td>\n

\n

+0.3% (YTD: +6.9%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,742<\/span><\/p>\n<\/td>\n

\n

+1.0% (YTD: +3.9%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,309<\/span><\/p>\n<\/td>\n

\n

+0.3% (YTD: +13.6%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 85.54<\/span><\/p>\n<\/td>\n

\n

+0.4%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.03<\/span><\/p>\n<\/td>\n

\n

+0.9%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,018.50<\/span><\/p>\n<\/td>\n

\n

-0.4%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 28,383<\/span><\/p>\n<\/td>\n

\n

+1.4% (YTD: +71.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 fell 0.2% at yesterday\u2019s close<\/span> on turnover of EGP 1.1 bn. Foreign investors were <\/span>net sellers. The index is up 14.2% YTD.<\/span><\/p>\n

In the green: <\/span>Egypt Kuwait Holding (+6.2%), Qalaa Holding (+4.3%) and Elsewedy Electric (+1.9%).<\/span><\/p>\n

In the red: <\/span>Credit Agricole (-3.2%), GB Auto (-3.0%) and Abu Qir Fertilizers (-2.5%).<\/span><\/p>\n

Asian markets are in the green this morning, <\/span>with Japan\u2019s Nikkei, South Korea\u2019s Kospi, and <\/span>Hong Kong\u2019s Hang Seng index all trading higher. The Australian and Shanghai markets are closed today for the Easter holiday. Futures suggest US and European indices will also largely open in the green later on today. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Could weakening demand outweigh OPEC\u2019s supply cuts?<\/p>\n","protected":false},"author":1,"featured_media":585055,"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":[2082,115,72,119,91,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-585054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-carry-trade","tag-emerging-markets","tag-enterpriseam","tag-financial-markets","tag-oil-and-gas","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"ef76020f-0f0e-465b-9b22-fb802d50396a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/402.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Economic uncertainty has oil traders split on the outlook for crude oil. 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