The International Energy Agency (IEA) just released its Oil Market Report for February which indicated a worsening scenario for the oil market. The report sees supply exceed demand by 2 million barrels per day in Q1, 2016 followed by 1.5 million barrels per day (mb/d) in Q2, 2016. As stated earlier, I think the oil glut is about worsen and that crude oil prices may fall another 20% from the current levels to sub-$25 per barrel.
A drop in bank shares kept European shares under pressure on Tuesday, after losses in Asian markets sent investors scurrying for safe havens.
European stocks fell for a seventh day, headed for the longest losing streak since October 2014, and U.S. equity-index futures pointed to further declines as measures of financial-market volatility rose. The yen reached its strongest level in more than a year and the Swiss franc rallied as investors sought haven currencies.
- USDJPY: 114.43
- EURUSD: 1.1286
- S&P 500: 1,853.44
- NASDAQ : 4,283.8