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Oil prices dropped significantly, with Brent futures down 2.63% to $72.98 a barrel and West Texas Intermediate down 2.80% to $69.70, following President Trump's unexpected announcement of new tariffs that could hinder economic growth and fuel demand. Market analysts predict increased volatility as the tariffs may lead to negotiations and retaliatory measures, while OPEC+ is set to discuss production adjustments amid rising US crude inventories, which increased by 6.2 million barrels last week.
U.S. natural gas prices have risen 1.3% to $4.002 per million British thermal units, recovering from a 3.5% loss in March, driven by improved weather conditions and bargain buying. However, the global LNG market remains tight, with UBS projecting elevated prices due to limited supply and delays in new capacity until 2026. Europe is expected to continue as a major LNG buyer, while Asian demand, particularly from China, is anticipated to remain subdued amid high prices and increased renewable energy growth.
UBS has revised its oil price forecasts for 2025-2027, lowering projections by $3 per barrel to $72 for 2025 and 2026, and by $2 to $73 for 2027, following OPEC+'s decision to increase production. The long-term outlook remains at $75 per barrel from 2028, with market volatility expected due to uncertainties in demand and potential supply disruptions. Analysts note that while OPEC+ adapts its output to market conditions, significant spare capacity may limit upward price risks.
UBS has revised its oil price forecasts for 2025-2027, lowering projections by $3 per barrel for 2025 and 2026 to $72, and by $2 for 2027 to $73, following OPEC+'s decision to increase production. The long-term forecast remains at $75 per barrel from 2028, anticipating a slowdown in non-OPEC+ supply growth. Analysts expect market volatility due to uncertainties, including weaker demand and potential supply disruptions from geopolitical factors.
Gold prices have surged over 18% year-to-date, hitting record highs for four consecutive days, driven by global safe haven demand, expectations of interest rate cuts, and strong central bank buying. Key labor market indicators are being monitored for insights into the Federal Reserve's interest rate decisions, while geopolitical tensions and a weaker US dollar continue to support gold's upward momentum. Technical targets suggest potential price levels of $2,995.85 and $3,755.00 per troy ounce, with an extended bull market possibly reaching $4,000.00.
Higher natural gas prices are expected to boost European energy sector earnings in the first quarter, with analysts projecting a nearly 30% increase in net income quarter-on-quarter. This uptick is attributed to strong gas prices and increased trading contributions amid market volatility. Upstream unit earnings are also forecasted to rise by 12%, marking the first sequential increase in five quarters, as companies focus on shareholder returns while managing capital expenditures.
Oil prices steadied as the market anticipates new US tariffs, set to be announced at 11:00 p.m. Saudi time, which could exacerbate a global trade war and impact crude demand. Brent futures held at $74.49 a barrel, while US West Texas Intermediate rose slightly to $71.23.Despite a nearly 2 percent increase in March, prices remain stable amid concerns over the tariffs, with analysts suggesting that the announcement could lead to price fluctuations. US crude inventories rose by 6 million barrels, contrasting with declines in gasoline and distillate stocks, as the market awaits official data from the Energy Information Administration.
Investing $10,000 in gold two decades ago has yielded significant returns, showcasing the precious metal's enduring value as a hedge against economic uncertainty. As market dynamics shift, gold continues to attract investors seeking stability and growth in their portfolios.
Silver prices have returned to test the 2024 high of $35/ounce, benefiting from its safe-haven appeal amid geopolitical tensions and a decline in the dollar's global reserve share. However, its industrial use makes it sensitive to economic cycles, with recent U.S. economic data showing weakness. A breach above $35 could signal a bullish trend towards $40, while a drop below $31 would indicate a bearish outlook.
BNP Paribas warns of a potential collapse in copper prices, predicting a drop to $8,500 per tonne by the end of Q2 due to slowing US demand and rising global supply. The anticipated 25% tariff on copper imports could exacerbate the situation, leading to an oversupply of 460,000 tonnes. While some analysts remain optimistic about long-term demand driven by electrification and China's economic policies, the immediate outlook is uncertain as traders prepare for significant market shifts.
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