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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.
The US software and hardware manufacturer Oracle Corporation (NYSE: ORCL) announced its latest financial results after the market close in the US on Monday. The company posted solid results for the Fiscal 2023 Q2, beating analyst estimates for revenue and earnings per share (EPS). Revenue reported at $12.275 billion vs. $11.959 billion expected.
EPS at $1.21 per share for the quarter vs. the $1.17 per share estimate. "In Q2, Oracle's total revenue grew 25% in constant currency—exceeding the high end of our guidance by more than $200 million," CEO of the company, Safra Catz commented on the performance in the quarter. "That strong overall revenue growth was powered by our infrastructure and applications cloud businesses that grew 59% and 45% respectively, in constant currency. Fusion Cloud ERP grew 28% in constant currency, NetSuite Cloud ERP grew 29% in constant currency—each and every one of our strategic businesses delivered solid revenue growth in the quarter," Catz concluded. "Since the acquisition, Cerner has contributed to Oracle's growth—and Oracle has helped Cerner improve its technology," Chairman and CTO of Oracle, Larry Ellison said in a press release. "But we are just beginning our mission to modernize healthcare information systems. In the wake of the COVID pandemic, there is a worldwide sense of urgency to transform and improve national healthcare systems.
Our goals are ambitious: fully automate clinical trials to shorten the time it takes to deliver lifesaving new drugs to patients, enable doctors to easily access better information leading to better patient outcomes, and provide public health professionals with an early warning system that locates and identifies new pathogens in time to prevent the next pandemic. The scale of this opportunity is unprecedented—and so is the responsibility that goes along with it," Ellison added. The stock was down by around 1% at the market open on Tuesday at $80.27 a share.
Stock performance 1 month: +2.39% 3 months: +6.61% Year-to-date: -7.04% 1 year: -18.84% Oracle price targets B of A Securities: $95 Cowen & Co.: $96 Stifel: $75 Piper Sandler: $85 Keybanc: $94 Barclays: $81 Deutsche Bank: $120 Jefferies: $75 Berenberg: $72 BMO Capital: $90 Oracle is the 39 th largest company in the world with a market cap of $218.09 billion. You can trade Oracle Corporation (NYSE: ORCL) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD. Sources: Oracle Corporation, TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap
Brent oil has been dumping over the last few weeks as country’s have put pressure on Russian oil by imposing a price cap. This has sent the spot price down to its lowest level in 12 months. With important economic data to come in the next few days in including updated Cash rates from Central banks in Europe, the UK, and the USA.
Furthermore, the CI figures from the USA will be released which as well will provide an update as to the extent at which inflation has become controlled or is still yet to peak. Any result that encourages growth whether it be lower interest rates in the future, or some other stimulus may be seen as a positive for the price of oil. Similarly, as China awakens from its Covid 19 slumber the demand for brent may increase lifting the price again.
From a technical perspective over the last few days the price has finally found some support, at least in the short term. On the daily chart, the price is near a long-term support zone and is almost due for e a bounce. The price is sitting on a ledge between $77 and $79 as it consolidates and determines what it will do next.
This is also supported by the RSI which is showing an oversold signal that has shown in the past to be a decent predictor of a bounce in some form. Looking closer at the hourly chart, the price is in a short-term consolidation. This is supported by contracting volume after the initial rise in price.
This may indicate that a breakout is imminent. It would be ideal to wait for a rush of volume and a price increase above the $78.21 before entering and then the initial target is $80.71. The price of oil is still very much influenced by geopolitical and macroeconomic factors and there can be highly volatile.
The primary reason for the drop in price is the economic slowdown that has become prevalent in the global market. As fears of a recession continue to grow, the price of Oil has continued to drop. To make matters worse, the G7 have set a $60 per barrel price cap.
This price cap was created to restrict Russia’s ability generate revenue from its oil exports by making the G7 Oil more competitive. From a fundamental perspective this may push the price lower towards the price cap. On the contrary, Russia has threatened to reduce its supply which would force the price to rise.
The situation remains volatile and subject to geopolitical shifts. From a technical perspective the price of Brent Oil is now at its lowest level for the year and below the levels prior to the Russia and Ukraine war. The price is also now well below the 200 day and 50 day moving averages and is dropping at a fast rate.
The price is currently resting on the $76 support levels with the next point of support at $70. If this level fails, as stated above the logical support is $60 based on the price cap. It is also interesting to note that the price of Brent is at its lowest RSI level since December 2021.
In recent times every time since 2022, it has been this low the price has bounced in the short term. On the weekly chart, the price is very similar although the RSI has more room to go before it hits the oversold level. This indicates that there may be more of a sell off before a bounce occurs.
With global volatility still high and fears of a recession continuing to grow, the price of oil may continue to fall.
AutoZone Inc. (NYSE: AZO) reported the latest financial results for its first quarter of fiscal 2022 (12 weeks) that ended on November 19, 2022. The largest US retailer of aftermarket automotive parts reported revenue of $3.985 billion (up by 8.6% year-over-year) vs. $3.865 billion expected. The company reported EPS of $27.45 per share for the quarter (an increase of 6.9% year-over-year) vs. $25.258 per share expected.
AutoZone opened 35 new stores during the quarter. ''I would again like to thank and congratulate our AutoZoners across the Company for their ongoing commitment to deliver great results and exceptional customer service. Their efforts allowed us to deliver solid same store sales results on top of last year’s very strong 13.6%. While our Commercial sales growth accelerated 15%, our retail sales also grew impressively from a year ago.
We continue to believe our initiatives to grow our business position us well for the remainder of our fiscal year,'' Bill Rhodes, Chairman, President and CEO of AutoZone said in a press release after the announcement of the latest results. As of November 19, 2022, the company had 6,978 stores within the United States (6,196), Mexico (706) and Brazil (76). The stock was down by around 5% on Tuesday at $2383.48 a share.
Stock performance 1 month: -3.77% 3 months: +12.70% Year-to-date: +14.56% 1 year: +18.68% AutoZone price targets Wells Fargo: $2850 Truist Securities: $2533 Raymond James: $2500 Argus Research: $2330 Jefferies: $2450 JP Morgan: $2660 Wedbush: $2350 Citigroup: $2520 UBS: $2260 Goldman Sachs: $2296 AutoZone is the 358 th largest company in the world with a market cap of $45.54 billion. You can trade AutoZone Inc. (NYSE: AZO) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD. Sources: AutoZone Inc., TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap
The major American Indices have begun the last month of the year with in an extremely bearish state as recessionary fears rise to the surface again. With the positive sentiment relating to a potential pivot from the federal reserve seemingly disappearing, thoughts of a hard landing have become increasingly prominent. Even with an expected slowdown in interest rate hikes many analysts fear that it won’t be enough to pull the economy out of a recession or even a soft landing.
Technical Analysis The S&P500 has seen a major pivot off its long term down trend. The index has fallen by nearly 4.5% too begin the month and is showing a very similar price action to the three last downward moves. In addition, the 200-day moving average has once again acted as significant resistance for the index as it tried to reverse out of the down trend.
The RSI has also seen a break of its upward trend adding to the confirmation of the overall breakdown as buying has become exhausted. Moving forward, there is likely to be some potential support in the short term near 3900. However, if this support fails then the secondary target or support levels is a 3800 and then 3504 after that.
Therefore, there is potentially a large swing to the downside if the sentiment becomes worse and selling continues. The NASDAQ in particular has been following a similar trend to the S&P500 whilst the Dow Jones Index has been the more resilient of the US Indices. However, both of them have also felt the selling pressure from the S&P500 and the negative sentiment trickle down.
The NASDAQ in particular has faced a difficult time as the growth and technology sectors are smashed with the recessionary talk and inflationary pressures. With the end of the year fast approaching, the prospect of a Santa rally looks less promising with the sentiment in the market at the moment.
The world’s leading customer relationship management company Salesforce Inc. (NYSE: CRM) announced its latest financial results after the market close in the US on Wednesday. The company beat both revenue and earnings per share (EPS) estimates. Revenue reported at $7.84 billion (up by 14% year-over-year) vs. $7.827 billion expected.
EPS reported at $1.40 per share vs. $1.217 per share estimate. ''We had a solid quarter with revenue of $7.84 billion, up 14% year-over-year or 19% growth in constant currency, and record operating margin,'' Marc Benioff, Chair & Co-CEO of the company said in a press release. ''We’re grateful to our customers for their commitment, especially as we help them succeed in this challenging environment. There’s never been a more important time for our customers to connect with their customers in a whole new way,'' Benioff added. Salesforce also announced a departure of company Co-CEO, Bret Taylor. ''I am grateful for six fantastic years at Salesforce,'' Taylor said in a statement on the company's website. ''Marc was my mentor well before I joined Salesforce and the opportunity to partner with him to lead the most important software company in the world is career-defining.
After a lot of reflection, I've decided to return to my entrepreneurial roots. Salesforce has never been more relevant to customers, and with its best-in-class management team and the company executing on all cylinders, now is the right time for me to step away,'' Taylor concluded. Taylor is set to leave his position on January 31, 2023.
The stock was down by around 9% on Thursday, trading at $144.33. Stock performance 1 Month: -1.86% 3 Month: -6.46% Year-to-date: -43.49% 1 Year: -45.02% Salesforce price targets Jefferies: $230 B of A Securities: $200 Canaccord Genuity: $180 Truist Securities: $210 Cowen & Co.: $195 Wedbush: $200 Deutsche Bank: $200 Barclays: $180 Morgan Stanley: $250 BMO Capital: $172 JP Morgan: $200 Salesforce Inc. is the 78 th largest company in the world with a market cap of $143.57 billion. You can trade Salesforce Inc. (NYSE: CRM) and many other stocks from the NYSE, NASDAQ, HKEX and the ASX with GO Markets as a Share CFD.
Sources: Salesforce Inc., TradingView, MarketWatch, Benzinga, CompaniesMarketCap