Slipping ground for oil. The brutal collapse of the Silicon Valley Bank sparked a real shock wave. Starting from the Californian beaches of Santa Monica, it was felt until calm shore of Lake Zurich. Attention, wave-submersion for Credit Switzerland Group! The course of the Swiss banking establishment suddenly plunged on the stock market on Wednesday, March 15, on rumors of risk of bankruptcy.
Faced with the urgency of the situation, the Swiss National Bank did not play the watch to open the aid tap. During the night from Wednesday to Thursday, March 16, she granted him a loan of 50 billion Swiss francs (50.7 billion euros), in order to strengthen her liquidity. Sacred lifeline.
What somewhat calm the wave of pessimism of the markets, worried about a risk of spread, after the fall of the American bank. This dark mood has not spared the course of black gold. The most pessimistic anticipating a drop in demand. Wednesday, the price of the barrel of Brent de la Mer du Nord for delivery in May reflected at $ 71.67 (67.38 euros), its lowest level for fifteen months, compared to nearly 120 dollars, there is a year. Likewise, its American equivalent, the barrel of West Texas Intermediate, for delivery in April, was negotiated at $ 65.65. Pump on the crude…
Limited recovery in China
The Credit Switzerland bailiff brought up the level of the barrel of oil. Without euphoria, however. Friday, March 17, the price of the barrel of Brent was ironing the rating of the $ 75. A movement reinforced by the decision of eleven large American banks, taken Thursday, to fly to the rescue of First Republic, also weakened.
Philippe Chalmin, Professor at Paris-Dauphine University and co-owner of the Cyclops, the circle of reflection on raw materials, is delighted to see that his forecast of an oil prize at nearly 70 dollars per barrel at the End of the first half is currently rather credible. Beyond the episode of the chill banker, he justifies this course by “the discount of 25 dollars at $ 30 on Russian oil, which draws prices down”. He also believes that the resumption of Chinese imports, after the end of the zero covid strategy, remains limited.
Finally, he evokes the withdrawal of the price of gas. The European natural gas Title Transfer Facility was negotiated at 44 euros per megawatt hour, Friday, on the place of Amsterdam, to be compared to the 130 euros displayed a year ago. The rise in mercury, with the arrival of spring, refreshes the energy market.
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