WTI oil rises after touching 1-year low

WTI crude oil jumped by 4% to $75.5, bouncing back from a one-year low of $71.8 from yesterday. Optimism about the Chinese economy reopening drives the commodity higher after it has been trending downward for several months.

More market movers from category

Coal plunges 25% ๐Ÿ“‰

Newcastle coal prices tumbled 25% in a single day, falling to their lowest level since April 2022. Investors have been unloading long holdings due to falling demand and rising supply. Coal is now at $266, approximately 40% below its September peak of $458.

EU natural gas falls 20% in one week ๐Ÿ“‰

The price of natural gas in Europe tumbled for the fifth day in a row, dropping below 54โ‚ฌ on Friday. Prices have dropped 20% in just one week and are now close to levels not seen since September 2021.

EU gas prices continue to tumble ๐Ÿ“‰

EU natural gas futures dropped over 12.5% to 56โ‚ฌ, the lowest since September 2021. The price is now down approximately 84% from its peak in August 2022.

Copper rises 2% ๐Ÿ“ˆ

Copper futures rose by 2%, closing at the $4 mark in early January, the highest price since June. The price surge is supported by expectations of stronger demand and looming supply concerns.

Natural gas prices tumble

US natural gas dropped 10% to $4 on the first trading day of 2023, a level not seen in almost a year. Prospects of lower demand and falling inflation drive the commodity down. EU natural gas and oil prices followed.

EU gas down 80% from its peak

European natural gas fell 4% below 77โ‚ฌ, which is the lowest level since February. The price dropped to levels before the Russian-Ukrainian war began, amid mild weather and strong supplies. Gas prices are almost 80% below record levels of nearly 350โ‚ฌ hit in August.

More market movers

Binance donates $5 million to Turkey

Binance pledged to donate $100 in BNB tokens to every user affected by the 7.8 magnitude earthquake that happened in Turkey. This would be roughly $5 million in total, according to CZ, the CEO of Binance.

Adani’s stock up after massive turmoil

After falling approximately 75% in just a few weeks, Adani Group’s stock surged 15.28% on Tuesday. The positivity around the company was influenced by the founders prepaying nearly $1.1 billion in loans.

RBA lifts interest rates by 25 bps

The Reserve Bank of Australia increased interest rates by 25 bps from 3.1% to 3.35%. The interest rates were raised for the ninth time in a row, bringing borrowing costs to a level not seen more than a decade.

Genesis reaches a bankruptcy deal

Genesis Global Capital (GGC), Digital Currency Group, Gemini, and other creditors have come to a bankruptcy agreement to recover assets. There are over $2 billion in claims against GGC.

Janet Yellen doesn’t see a recession

“I envision a scenario in which inflation is dropping significantly and the economy is continuing to be strong,” Treasury Secretary Janet Yellen has remarked. “Having the lowest unemployment rate in more than 50 years and creating 500,000 new jobs doesn’t seem like a recession to me,” she added.

DXY jumps above 103

After almost falling to 100, the dollar index (DXY) surged above 103. This is for the first time since early January on rising hopes that the Fed will continue to hike interest rates. It was affected by the better-than-expected US jobs report.


Stablecoins are being adopted on a global scale

Stablecoins are gaining a lot of popularity due to their notable benefits compared to traditional payment systems.
GBP/USD falls below psychological 1.20 amid USD strength

GBP/USD falls below psychological 1.20 amid USD strength

Traders bought the USD broadly today, sending the GBP/USD pair lower.

Norwegian Cruise: Stock dilution possible due to ruined balance sheet

Norwegian Cruise Line Holdings (NCLH) was a great company until COVID-19 changed the business model dramatically. Now it poses a threat to investors.
EUR/USD touches 2-week lows ahead of Powellโ€™s speech

EUR/USD touches 2-week lows ahead of Powellโ€™s speech

Volatility could be highly elevated today as investors will react to Jay Powell's speech.