Notícias de mercado & insights
Mantenha-se à frente dos mercados com insights de especialistas, notícias e análise técnica para orientar suas decisões de negociação.
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.
The long-awaited July FOMC meeting is finally upon us where rates markets are pricing in a sure thing for a 25bp hike (even a small chance of a 50bp), the question that traders will be looking for to be answered is “is this it?”. With a growing number of economists calling this the top in rates, butting up against the FOMC June statement and unwavering Fed speak since, giving guidance that there will be two more this year (including July if it happens). This sets traders up with an intriguing FOMC meeting, with the accompanying statement and Powell Presser sure to see some volatility as traders look for clues as to what’s to come.
With the background of recently cooling inflation, any language around the previously released June dot plots and whether they are still a reasonable estimate of future rate movements will likely be key. Fed Futures odds: Source: CME Fedwatch tool Tis seta traders up with some unique opportunities as the battle between the Market and the Fed should see some real volatility in both direction as market participants digest the statement and then Powell’s presser, which in the past, has contradicted somewhat traders perception of the statement. Charts to watch: DXY – The US Dollar Index It’s been straight up since mid-July after DXY bounced from extreme oversold levels, breaking through and holding the key S/R (and psychological) 101 level, which has held as support in the last couple of sessions.
Despite this recent rally DXY is still in the oversold half of it’s daily RSI, a hawkish Fed pushing back against the market today would likely see DXY push to test the next major S/R level at 102. A dovish Fed could see the recently established support at 101 seriously tested. In my opinion there is more chance of an upside surprise, given the market seems to be leaning towards pricing in a Powell capitulation.
US 10-year government bonds Government bonds are an asset. I think a lot of CFD traders are missing great opportunities in, in the current climate of rates and inflation taking center stage they are one of my favourite markets to trade with some great range trading opportunities. Looking at the chart of the US 10-year with the yields superimposed to see the negative correlation between the two (when you trade bonds, you trade the price, not yield) Over the last twelve months the yield on the 10-year has tested and subsequently struggled to stay above 4%, this turn lower in yields at this level gives a bond trader an opportunity by buying the bond price.
Todays FOMC should see some volatility in yields, I recommend keeping an eye on these over the coming days for some good trading opportunities as yields hit pivotal levels. Today’s FOMC decision is due out at 18:30 GMT
After surging close to 4% since early July off the back of a weakening USD, the EURUSD pair has stabilised around $1.123. With very little volatility seen this week in the pair, eyes now turn to the euro, as the European inflation data is set to be released today. Analysts are predicting a continued downward trend in inflation, with a Year-on-Year forecast of 5.50%, which is below May’s figure of 6.1%.
If the inflation data comes in above forecasts, we may see a further increase in the EUR as investors move towards the potentially higher yields. On the technical front, the tightening of Bollinger Bands on the 4-hour chart is something to watch. The lack of movement in the EURUSD pair throughout this week has led to exceptionally tight Bollinger Bands, with levels not observed on this timeframe since 2021.
When Bollinger Bands contract significantly, it typically signifies a period of low volatility and suggests that a breakout or significant price movement may be on the horizon. The Relative Strength Index (RSI) is also in overbought territory on multiple timeframes, including the daily. This might suggest there is room for a cool-off before a further continuation higher.
However, with the European inflation data due today, the fundamental data might cancel out any technical signals.
After reaching the high of 1.1250, last tested in 2022, the EURUSD has been trading steadily lower and currently sits along the 1.0850 support level, formed by the 61.8% Fibonacci retracement level and the previous swing low from early July. Looking at the technical aspects, the Ichimoku cloud indicates continued bearish pressures, with the top of the channel providing dynamic resistance, highlighting further downside potential for the EURUSD. The current downtrend on the EURUSD has been driven by the European Central Bank’s (ECB) comments in July that there was no clear bias in favour of hiking or holding rates for the upcoming meeting in September.
Coupled with the increasing likelihood of another rate hike to come from the US FOMC in September, as the Fed continues to fight inflation, strength in the DXY has led to the EURUSD trading lower. While a brief retracement could be likely to retest the upper bound of the channel, look for the EURUSD to maintain within the bearish channel. If the price breaks below the support level of 1.0850, this could signal a confirmation of further downside, with the next key support level at the previous swing low, along the 1.0650 price level.
The EURUSD pair has been navigating challenging waters in recent weeks, experiencing a decline of more than 5% since mid-July. This decline has primarily been due to the USD's strength, as the Federal Reserve remains firm in its commitment to maintaining higher interest rates for longer to bring down inflation. Last week marked a critical turning point for EURUSD as it breached a crucial trend level.
The ascending channel that had been in place since early 2023 was broken, resulting in a swift price decline to around 1.07. Presently, the pair is sitting precariously on an important horizontal support level. The significance of this support level cannot be overstated.
Failure to hold at this level could lead to further downward movement, with the next support zone around the 1.05 mark. This impending test of support comes at a pivotal moment as the market eagerly await the release of the US Consumer Price Index (CPI) data later this week. The upcoming CPI data will be the main event for USD traders this week.
A decline in inflation could potentially soften the USD, suggesting that the Fed might consider an earlier-than-expected rate cut. On the other hand, if inflation exceeds analyst estimates, it may bolster the USD's strength, potentially causing the EURUSD pair to breach its current support level and head towards lower levels. As we approach the release of the CPI data, all eyes are on this key economic indicator.
Its outcome will undoubtedly serve as a pivotal driver of direction for the EURUSD pair this week.
EU and UK indices are looking to open slightly stronger despite a weak lead from the Asian session. Aussie and Asian indices finish in the red after US-China tech-related frictions and disappointing Japanese GDP revisions weighed on risk sentiment. Asian session wrap - FX Markets The USD was softer with DXY retreating from extreme RSI overbought levels to push below the key 105.00 level.
Dovish commentary from the Fed’s Logan ahead of the Fed blackout window and strength in the Dollars major counterparts outweighing the sour risk sentiment which would normally see the Dollar benefit from haven flows. EUR bounced back after a sell-off on Yesterday’s dismal German data. EURUSD pushing back above the 1.0700 level after finding support at the June lows.
USDJPY was choppy with early drop due to the risk-off mood and MoF jawboning saw the pair test the S/R level at 146.63 before bouncing back as the Asian session progressed. Japanese Finance Minister Suzuki stating in comments that rapid FX moves are undesirable and warned the Japanese MoF won't rule out any options (intervention?) AUDUSD rallied to test the key 0.6400 S/R level, despite the risk-off tone and recent commodity pressure. A weaker USD and some technical support from the daily trendline seeming to be the key drivers.
Looking ahead, the main risk events data wise will be Canadian jobs figures later today and Chinese CPI released on Saturday.
The DAX cooled off in yesterday’s session off the back of higher-than-expected German inflation data. With analysis expecting the Year-on-Year rate to fall to 6%, the actual number was higher at 6.2%. This has raised some concerns over the fight against inflation in Germany, putting an end to the three-day green streak for the DAX.
Technically, price bounced nicely off the support zone around 15,500-15,600. This level has acted as both a key area of resistance and support in the past 6 months. Since the first breakout above that zone in March, price has been ranging sideways ever since.
Multiple attempts to break and hold above the January 2022 high have failed, and the recent sell-off coincided nicely at the mid-range level. From a purely support and resistance technical view, there are two scenarios that could occur. The first would be a fall back down to the key support level around 15,600.
The second could be a positive catalyst news even that kicks price through the mid-range resistance level and back up towards the January 2022 high for a 4th attempt at breaking through. Since the recent low 2 weeks ago, the price action formed a more bullish market structure on the lower timeframes. We’ve seen a clean higher high and higher low.
While this bullish structure holds, bulls could remain in control.