Spreadex Market Update
Price of crude oil continues to slide
The price of crude oil continued to slide this afternoon. Middle Eastern supplies are seen to be on the rise with Iraq, the 2nd largest OPEC member, saying March exports to total 3 million BPD if the Kurds deliver. US Inventories also showed an increase of 4.5 million barrels held in inventory, the by-product of these being the price of Light Crude falling to early February levels.
Bonds remain rampant as we trade through the third day of ECB QE with Spanish and Italian 30 year borrowing cost dipping below 2% for the first time in history. With bond yields at these levels the weaker euro and oil price has been of greatest benefit to Germany as the Dax trades up 200 points whilst other major markets remain stagnant after yesterday’s losses. Away from Europe China’s bond yield drops to 3.43%, maybe they will be the next state to utilise QE.
Metals trade lower as Venezuela potentially begins liquidating its gold. The plummet in oil prices has caused much unrest with President Maduro’s grip on the military starts to fade. In an attempt to secure some stability there are reports that Venezuela’s central bank are looking to create a gold swap that would allow it to monetize around $1.5 billion of gold held in international reserves. Gold trades lower by $10.
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