Notícias de mercado & insights
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O anúncio do cessar-fogo de 8 de abril e as discussões paralelas em torno de uma trégua de 45 dias não resolveram a interrupção do Estreito de Ormuz. Por enquanto, eles limitaram o pior cenário possível, mas o tráfego de petroleiros permanece em uma fração dos níveis normais e a demanda do Irã por taxas de trânsito sinaliza uma mudança estrutural, não temporária.
O que começou como um conflito regional se tornou um choque energético global, e a questão para os mercados não é mais se Ormuz foi interrompida, mas como a interrupção muda permanentemente o piso de preços do petróleo.
Principais conclusões
- Cerca de 20 milhões de barris por dia (bpd) de petróleo e produtos petrolíferos normalmente passam pelo Estreito de Ormuz, entre o Irã e Omã, o equivalente a cerca de um quinto do consumo global de petróleo e cerca de 30% do comércio marítimo global de petróleo.
- Isso é um choque de fluxo, não um problema de estoque. Os mercados de petróleo dependem do rendimento contínuo, não do armazenamento estático.
- Se a interrupção persistir além de algumas semanas, o Brent poderá passar de um pico de curto prazo para um choque de preços mais amplo, com risco de estagflação.
- O tráfego de petroleiros pelo estreito caiu de cerca de 135 navios por dia para menos de 15 no pico da interrupção, uma redução de aproximadamente 85%, com mais de 150 embarcações ancoradas, desviadas ou atrasadas.
- Um cessar-fogo de duas semanas foi anunciado em 8 de abril, com negociações de trégua de 45 dias em andamento. O Irã sinalizou separadamente uma demanda por taxas de trânsito em embarcações que usam o estreito, o que, se formalizado, representaria um piso geopolítico permanente nos custos de energia.
- Os mercados começaram a se afastar do crescimento e da exposição à tecnologia para nomes de energia e defesa, refletindo a visão de que o petróleo elevado está se tornando um custo estrutural em vez de um prêmio de risco temporário.
O ponto de estrangulamento de petróleo mais crítico do mundo
O Estreito de Ormuz movimenta cerca de 20 milhões de barris por dia de petróleo e produtos petrolíferos, o equivalente a cerca de 20% do consumo global de petróleo e cerca de 30% do comércio marítimo global de petróleo. Com a demanda global de petróleo em torno de 104 milhões de bpd e a capacidade não utilizada limitada, o mercado já estava fortemente equilibrado antes da última escalada.
O estreito também é um corredor crítico para o gás natural liquefeito. Cerca de 290 milhões de metros cúbicos de GNL transitaram pela rota todos os dias, em média, em 2024, representando cerca de 20% do comércio global de GNL, com os mercados asiáticos como principal destino.
A Agência Internacional de Energia (IEA) descreveu Ormuz como o ponto de estrangulamento do trânsito de petróleo mais importante do mundo, observando que mesmo interrupções parciais podem desencadear grandes movimentos de preços. O petróleo Brent subiu acima de USD 100 o barril, refletindo tanto a rigidez física quanto o aumento do prêmio de risco geopolítico.
Tanques ociosos enquanto os fluxos diminuem
Os dados de frete e seguro agora apontam para problemas em tempo real. Relata-se que mais de 85 grandes transportadores de petróleo bruto estão presos no Golfo Pérsico, enquanto mais de 150 navios foram ancorados, desviados ou atrasados à medida que os operadores reavaliam a segurança e a cobertura do seguro. Isso deixaria cerca de 120 milhões a 150 milhões de barris de petróleo bruto parados no mar.
Esses volumes representam apenas seis a sete dias de produção normal de Ormuz, ou pouco mais de um dia de consumo global de petróleo.
Os dados atualizados de transporte e seguro agora confirmam que mais de 150 embarcações foram ancoradas, desviadas ou atrasadas, acima das 85 relatadas inicialmente. Os 1,3 dias de cobertura do consumo global de petróleo bruto ocioso continuam sendo a restrição vinculativa: isso é um choque de fluxo, não um problema de armazenamento, e o cessar-fogo ainda não se traduziu em uma produtividade significativamente restaurada.
Um mercado baseado no fluxo, não no armazenamento
Os mercados de petróleo funcionam em movimento contínuo. Refinarias, plantas petroquímicas e cadeias de suprimentos globais são calibradas para entregas estáveis ao longo de rotas marítimas previsíveis. Quando os fluxos passam por um ponto de estrangulamento que carrega cerca de um quinto do consumo global de petróleo e cerca de 30% do comércio marítimo global de petróleo são interrompidos, o sistema pode passar do equilíbrio ao déficit em poucos dias.
A capacidade de produção não utilizada, amplamente concentrada na OPEP, é estimada em apenas 3 milhões a 5 milhões de bpd. Isso fica bem aquém dos volumes em risco se os fluxos de Ormuz forem severamente interrompidos.
Oil market analysis
How long do idle tankers last?
135M idle barrels — days of cover against each demand benchmark
vs. Strait of Hormuz daily flow (20M bbl/day)
vs. Global oil consumption (104M bbl/day)
vs. US Strategic Petroleum Reserve release (1M bbl/day)
135M
idle barrels on tankers (midpoint of 120–150M range)
~33%
of daily Hormuz flow that is idle storage, not transit
<31 hrs
is all idle storage against global daily consumption
Riscos de inflação e repercussões macro
O impacto inflacionário de um choque de petróleo normalmente chega em ondas. Preços mais altos de combustível e energia podem elevar a inflação global rapidamente, à medida que os custos de gasolina, diesel e energia aumentam.
Com o tempo, custos mais altos de energia podem passar por frete, alimentos, manufatura e serviços. Se a interrupção persistir, a combinação de inflação elevada e crescimento mais lento pode aumentar o risco de um ambiente estagflacionário e deixar os bancos centrais enfrentando uma difícil troca.
Sem compensação fácil, um sistema com pouca folga
O que torna o episódio atual particularmente agudo é a falta de folga no sistema global.
A oferta e a demanda globais de cerca de 103 milhões a 104 milhões de bpd deixam pouca reserva quando um ponto de estrangulamento que movimenta quase 20 milhões de bpd, ou cerca de um quinto do consumo global de petróleo, é comprometido. A capacidade não utilizada estimada de 3 milhões a 5 milhões de bpd, principalmente dentro da OPEP, cobriria apenas uma fração dos volumes em risco.
Rotas alternativas, incluindo oleodutos que contornam Ormuz e reencaminhamentos marítimos, só podem compensar parcialmente os fluxos perdidos e, geralmente, com custos mais altos e prazos de entrega mais longos.
Conclusão
Até que o trânsito pelo Estreito de Ormuz seja restaurado e visto como confiavelmente seguro, é provável que os fluxos globais de petróleo permaneçam prejudicados e os prêmios de risco elevados. Para investidores, formuladores de políticas e tomadores de decisão corporativos, a questão central é se o petróleo pode se mover para onde precisa ir, todos os dias, sem interrupção.
American Semiconductor manufacturing company Analog Devices Inc. (NASDAQ: ADI) released fiscal first quarter 2024 financial results before the US market open on Wednesday. The company topped analyst estimates for both revenue and earnings per share (EPS) for the second quarter in a row. Analog achieved revenue of $2.513 billion for the quarter ending 3/2/24 vs. $2.497 billion expected.
Revenue decreased by 23% vs. the same period last year. EPS reported at $1.73 vs. $1.705 per share estimate. EPS was down by 37% year-over-year.
Analog also raised its quarterly dividend by 7% to $0.92 a share to be paid on 15/3/24 to all shareholders as of 5/3/24. Company overview Founded: 1965 Headquarters: Wilmington, Massachusetts, United States Number of employees: 24,450 (2022) Industry: Semiconductors Key people: Vincent Roche (Chairman and CEO) CEO commentary Company CEO, Vincent Roche said this in a letter to investors: "ADI delivered first quarter revenue and profitability above the midpoint of our outlook, despite the continued difficult macroeconomic environment" "Consistent with our prior view, we expect customer inventory rationalization to largely subside in our second quarter, and thus enter the second half in a more favorable business backdrop. Importantly, we are well positioned to capitalize on the inevitable upswing given our replenished die banks, short lead times, and agile hybrid manufacturing model," Roche concluded his statement.
Stock reaction The latest results had a postive impact on the stock on Wednesday. Shares were up by nearly 2%, trading at $193.03 a share. Stock performance 5 day: +3.39% 1 month: -2.86% 3 months: +5.45% Year-to-date: -2.99% 1 year: +4.83% Analog Devices stock price targets Cantor Fitzgerald: $205 Wolfe Research: $225 Barclays: $185 Sandford C.
Bernstein: $200 TD Cowen: $210 Truist Financial: $206 Susquehanna: $210 UBS Group: $210 Piper Sandler: $175 Oppenheimer: $215 Morgan Stanley: $225 Evercore ISI: $210 Analog Devices Inc. is the 163 rd largest company in the world with a market cap of $95.76 billion, according to CompaniesMarketCap. You can trade Analog Devices Inc. (NASDAQ: ADI) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD on the MetaTrader 5 platform. To find out more, go to "Trading" then select "Share CFDs".
GO Markets offers pre-market and after-market trading on popular US Share CFDs. Why trade during extended hours? Volatility never sleeps.
Trade over earnings releases as they happen outside of main trading hours Reduce your risk and hedge your existing positions ahead of a new trading day Extended trading hours on popular US stocks means extended opportunities Sources: Analog Devices, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
Walmart Inc. (NYSE: WMT) announced the latest financial results before the US market open on Tuesday. World’s largest supermarket chain achieved revenue of $173.388 billion in the fourth quarter vs. $170.854 billion expected. Revenue grew by 5.7% year-over-year.
Earnings per share (EPS) reported at $1.80 (up from $1.71 the year prior) vs. $1.643 per share expected. Full-year revenue grew by 6% from the year before $648.1 billion. EPS grew by 5.7% to $6.65 per share.
Walmart also announced that it will acquire electronics company VIZIO HOLDING CORP. in a deal worth $2.3 billion. Company overview Founded: July 2, 1962 Headquarters: Bentonville, Arkansas, United Kingdom Number of employees: 2.1 million (2023) Industry: Retail Key people: Greg Penner (Chairman), Doug McMillon (President and CEO) CEO commentary Doug McMillon, CEO of Walmart had this to say to investors: ''Our team delivered a great quarter, finishing off a strong year. We crossed $100 billion in eCommerce sales and drove share gains as our customer experience metrics improved, even during our highest volume days leading up to the holidays.
We’re proud of the team and excited about building on our momentum as we work to bring prices down for our customers and members.'' Stock reaction Shares rose by over 3% during Tuesday's trading session, trading at $175.75 a share. Stock performance 5 day: +3.33% 1 month: +8.36% 3 months: +13.31% Year-to-date: +11.62% 1 year: +20.16% Walmart stock price targets JPMorgan Chase & Co.: $176 Stifel Nicolaus: $175 Deutsche Bank: $190 Telsey Advisory Group: $185 Oppenheimer: $185 Morgan Stanley: $168 BMO Capital Markets: $175 Truist Financial: $170 Royal Bank of Canada: $168 Evercore ISI: $177 Jefferies Financial Group: $195 Stephens: $190 Tigress Financial: $196 Piper Sandler: $210 Walmart Inc. is the 17 th largest company in the world with a market cap of $473.78 billion, according to CompaniesMarketCap. You can trade Walmart Inc. (NYSE: WMT) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD on the MetaTrader 5 platform.
To find out more, go to "Trading" then select "Share CFDs". GO Markets offers pre-market and after-market trading on popular US Share CFDs. Why trade during extended hours?
Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours Reduce your risk and hedge your existing positions ahead of a new trading day Extended trading hours on popular US stocks means extended opportunities Sources: Walmart Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
US manufacturer of building materials Vulcan Materials Company (NYSE: VMC) announced its latest financial results on Friday. Vulcan Materials reported revenue that fell short of analyst estimates. Revenue reached $1.834 billion for Q4 2023 (up by 5.88% year-over-year) vs. $1.837 billion expected.
Earnings per share (EPS) topped expectations at $1.46 vs. $1.398 per share expected. EPS was up by 35.18% year-over-year. Full year revenue was up by 6.38% from 2022 at $7.782 billion.
EPS reached $7 per share, up from $5.11 the year before. Company overview Founded: 1909 Headquarters: Birmingham, Alabama United States Number of employees: 12,000 (2023) Industry: Construction materials Key people: Tom Hill (Chief Executive Officer) Suzanne H. Wood (Chief Financial Officer) Denson N.
Franklin III (General Counsel) CEO commentary "2023 was an exceptional year for Vulcan Materials. We generated over $2 billion in Adjusted EBITDA, a 24 percent increase over the prior year, expanded EBITDA margin by 360 basis points and generated $1.5 billion of operating cash flow that can be deployed to grow our business. Our industry leading aggregates cash gross profit per ton increased each quarter on a year-over-year basis and was $9.46 per ton for the full year, a 21 percent improvement over the prior year.
Six consecutive years of unit profitability improvement during a continuously shifting macro backdrop demonstrates the durability of our uniquely positioned aggregates-led business. We carry momentum into 2024, and our focus is the same - compounding unit margins through all parts of the cycle and creating value for our shareholders through improving returns on capital," Tom Hill, CEO of Vulcan Materials said in a statement to shareholders. Stock reaction The stock was up by over 5% at the end of the trading session on Friday at $255.15 a share – a new all-time closing price.
Stock performance 5 day: +6.31% 1 month: +12.86% 3 months: +20.16% Year-to-date: +12.40% 1 year: +37.44% Vulcan Materials stock price targets Raymond James: $240 Royal Bank of Canada: $236 Morgan Stanley: $208 Stifle Nicolaus: $279 JP Morgan Chase & Co.: $245 DA Davidson: $260 Barclays: $250 Citigroup: $260 Stephens: $260 Loop Capital: $260 Truist Financial: $260 Jefferies Financial Group: $265 The Goldman Sachs Group: $212 Vulcan Materials Company is the 555 th largest company in the world with a market cap of $33.90 billion, according to CompaniesMarketCap. You can trade Vulcan Materials Company (NYSE: VMC) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD on the MetaTrader 5 platform. To find out more, go to "Trading" then select "Share CFDs".
GO Markets offers pre-market and after-market trading on popular US Share CFDs. Why trade during extended hours? Volatility never sleeps.
Trade over earnings releases as they happen outside of main trading hours Reduce your risk and hedge your existing positions ahead of a new trading day Extended trading hours on popular US stocks means extended opportunities Sources: Vulcan Materials Company, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
The most anticipated US earnings announcement is coming up with NVDA due to report fiscal Quarter ending Jan 2024 earnings after the Wednesday US market close. NVDA has seen a meteoric rise, quintupling in 2023 and up more than 40% so far in 2024, being the number one stock riding AI mania, making this earnings report one that all investors will be paying attention to. Options markets are pricing in a +/- 11% move to this earnings report, which is exceptional considering the 1.8T size of the company, with Call/Put pricing showing a bias to the upside, which is not surprising with NVDA beating analyst estimates seven of the last eight earnings reports.
There has also been a number of upward revisions in the last four weeks which can be taken as a bullish sign. Source:Nasdaq.com Saying that, NVDA did have the biggest fall of the year on Tuesday, dropping over 4% as some longs booked profits ahead of earnings, so a beat on these figures is certainly not unanimous. This selling action selling could also be an ominous sign of the reaction after earnings if results don’t meet the lofty expectations of Wall St.
Either way traders will likely be rushing to enter or exit the stock depending on the result, so a big move in either direction is probable. NVDA is scheduled to report earnings after Wednesdays US market close.
US home improvement chain Home Depot Inc. (NYSE: HD) reported Q4 financial results before the opening bell on Wall Street on Tuesday. The company reported revenue of $34.786 billion for the quarter (down by 2.9% year-over-year) vs. $34.643 billion expected. Earnings per share also topped analyst estimates at $2.82 (down by 14.54% year-over-year) vs. $2.768 per share expected.
Full-year 2023 revenue reached $152.7 billion, down by 3% vs. 2022. EPS was down by 9.5% year-over-year at $15.11 per share. Company overview Founded: February 6, 1978 Headquarters: Atlanta, Georgia, United States Number of employees: 471,600 (2023) Industry: Retail Key people: Ted Decker (President & CEO), Craig Menear (Chairman) CEO commentary "After three years of exceptional growth for our business, 2023 was a year of moderation," Ted Decker, CEO of Home Depot said in a letter to investors. "During fiscal 2023, we focused on several initiatives to strengthen the business while also staying true to our strategic investments of creating the best interconnected experience, growing our pro wallet share through our unique ecosystem of capabilities, and building new stores.
We remain excited about the future for home improvement and our ability to grow share in our large and fragmented market, which we estimate to be over $950 billion. I also want to thank our associates for their hard work and dedication to serving our customers and communities," Decker concluded. Stock reaction The stock was flat at the end of the trading session on Tuesday at $363.50 a share.
Stock performance 5 day: -1.34% 1 month: +1.08% 3 months: +16.99% Year-to-date: +4.04% 1 year: +13.40% Home Depot stock price targets Stifel Nicolaus: $366 Telsey Advisory Group: $335 Robert W. Baird: $370 The Goldman Sachs Group: $393 Wells Fargo & Company: $400 TD Cowen: $415 Piper Sandler: $400 Wedbush: $380 Barclays: $372 Truist Financial: $387 Morgan Stanley: $335 Guggenheim: $340 Royal Bank of Canada: $299 HSBC: $365 Home Depot Inc. is the 25 th largest company in the world with a market cap of $358.38 billion, according to CompaniesMarketCap. You can trade Home Depot Inc. (NYSE: HD) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD on the MetaTrader 5 platform.
To find out more, go to "Trading" then select "Share CFDs". GO Markets offers pre-market and after-market trading on popular US Share CFDs. Why trade during extended hours?
Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours Reduce your risk and hedge your existing positions ahead of a new trading day Extended trading hours on popular US stocks means extended opportunities Sources: Home Depot Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
With the US closed for a holiday FX markets on Monday struggled to find much direction though China re-opening in the green after an extended leave did lend some support to the Aussie dollar ahead of todays RBA minutes. The February 6th RBA meeting saw a statement that had a bit of both ways, acknowledging broad progress on the inflation front but also pointing to the concerning level of inflation despite recent progress. This was seen as a hawkish leaning hold, seeing AUDUSD rally modestly on the day, today’s minutes will fill in the gaps as to the discussion between RBA members leading to the official decision.
AUDUSD Technical analysis AUDUSD has bounced in the last week after setting new 2024 lows at 0.6442 on the 13 th of February. The steady advance retaking the 0.65 handle and breaching the February resistance level of 0.6525, which has so far held as support. AUDUSD has hit some technical resistance levels here, firstly the 100 Day SMA, which has so far capped further price increase, and further to the upside is the 200 Day SMA and 50% Fib level at around 0.6580 which could also provide technical resistance to any further Aussie upside.
Technical support to the downside could be found firstly at the 61.8 fib level at 0.6513, failing that the 2024 lows at 0.6450. For Aussie traders, along with the RBA minutes today, the main data point will be Wednesdays Wage Price Index, a gauge the RBA has referenced in regards to their rate decisions and could be a big Aussie mover if outside of expected range.