US natural gas jumps 9% ๐
After dropping to a little below $1.96, the lowest level since late 2020, the price of US natural gas jumped 9% above $2.3. Since January, natural gas prices have fallen over 45% and are currently 80% below their August peak of $10. This is due to the milder winter, which reduced heating demand and increased stocks.
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Saudi Aramco is working with China to build a $12.2 billion oil refinery. The refinery will be in northeast China, and it is expected to be fully operational in 2026. About 300,000 barrels of oil a day will be housed at the refinery.
Gold rose above $2,000 for the first time in one year. This is because of the ongoing fears about the crash of the banking system. Gold is up 10% so far in 2023.
WTI crude fell by more than 5% to $67.5. This is the lowest level since December 2021, marking the end of the commodity rally for now.
WTI crude drops amid high volatility
WTI crude fell by more than 5% to below $73, close to a level not seen since early December. The decline is likely caused by financial contagion fears following the Sillicon Valley Bank and Signature Bank collapses.
Commodities fall after Fed’s press
Silver tumbled from $21 to $20 in the midst of a global selloff. The commodity fell by almost 5% in a single day. Platinum also dropped by 4.7%, and gold declined by 1.8%.
US natural gas tumbled 10% when the market opened. This is after the commodity bottomed out and rose almost 50% in less than two weeks.
More market movers
Saudi Aramco is working with China to build a $12.2 billion oil refinery. The refinery will be in northeast China, and it is expected to be fully operational in 2026. About 300,000 barrels of oil a day will be housed at the refinery.
Alibaba soars 13% after announcement
The announcement of Alibaba’s plan to divide itself into six distinct businesses boosted the stock by 13%. This reorganization may result in many IPOs down the road. The segments would be cloud, e-commerce, global e-commerce, digital mapping, logistics, and a media arm.
5 banks investigated over $100b fraud
Five large banks in France were reportedly targeted by investigators as part of a โฌ100 billion fraud probe. French and Germanย governments were involved because of a possible money laundering allegation. The banks under investigation are HSBC, Societe Generale, BNP Paribas, Exane, and Natixis.
Charles Schwab is facing risks due to unrealized losses of over $29 billion on its balance sheet from 2022. As a result, Schwab shares have lost over a quarter of their value since March 8, with some analysts expecting earnings to suffer. The company’s CEO, Walt Bettinger, said the company is healthy and prepared to withstand the turmoil.
Hong Kong as a digital asset hub
Hong Kong still wants to become an international center for digital assets. The special administrative region’s regulators plan onย gettingย crypto companies and bankers together. A recent Bloomberg report says that the meeting will take place at the Hong Kong Monetary Authority on April 28th.
Disney starts layoffs to save $5.5 billion
Disney CEO Bob Iger announced on Monday the start of the company’s mass layoffs. This follows the company’s plans last month to cut 7,000 workers this year in an effort to reduce costs by $5.5 billion.