Titles:
Markets:
- Brent crude fell 3% to $96.40
- WTI (May contract) fell 3.5% to $91.30 and WTI (June contract) fell 3.5% to $88.00.
- The June WTI contract has more interest and volume, and provides a better read on the “front month” price.
- S&P 500 futures rose 0.2%, and major indexes in Europe rose 0.1% to 0.5%.
- The US dollar was mixed but little changed across the board
- The yield on US 10-year bonds fell by one basis point to 4.30%.
- Gold settled at $4,790, and silver rose 1.1% to $79.30.
It’s another slow session in Europe, with markets waiting for more headlines between the US and Iran before wanting to move forward.
But despite the fear, unwavering optimism continues to flow this time ahead of the weekend. Traders and investors are looking forward to good news, as peace talks are expected to show progress before the April 22 ceasefire deadline.
Oil prices stabilize lower amid improving market sentiment, although the situation in the Strait of Hormuz remains unchanged. The strait appears to be poised to enter its eighth consecutive week in virtual lockdown, but market players remain confident that the situation will be resolved sooner rather than later.
Brent crude fell about 3% to $96.40, while front-month WTI fell 3.5% to $88.00 on the day. The June contract is arguably the best indicator of front-month pricing, as volume and open interest exceed the May contract. The latter is still a work in progress, with the April 20 deadline coming next week.
In other markets, stocks continue to fuel optimism as investors push stocks higher after Wall Street gains. The DAX rose 0.5% and the CAC 40 rose 0.3%, while S&P 500 futures rose 0.2% on the day as well.
As for the major currencies, there was not much movement with the dollar remaining restricted and little changed. EUR/USD rose 0.1% to 1.1795 while USD/JPY was flat at 159.15 on the day, not offering much.
Elsewhere, gold settled at $4,790 while silver rose 1.1% to $79.30, with precious metals also waiting to take a cue from the broader market mood.
As the weekend approaches, it is all about whether there will be any positive/negative murmurs before the markets catch a break from the chaos.
