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AP, March 16 (Editor Zhao Hao) Shortly after the opening of the U.S. stock market on Wednesday (March 15), the international energy price fell sharply because Credit Suisse The resulting unease has disrupted the global financial markets, offsetting the original expectation of rising demand for oil and natural gas.
The specific market shows that as of press release, the price of light crude oil futures for April delivery on the New York Mercantile Exchange fell 6% to US $67.05 per barrel, the lowest level since December 2021.
London Brent crude oil futures for May delivery fell 5.6% to US $73.09 per barrel. In addition, RBOB gasoline and heating oil also declined to varying degrees.
In terms of natural gas, the price of Henry Hub natural gas futures for April delivery on the New York Mercantile Exchange fell by 5.6%, and now it is reported as 2.42USD/million British hot.
On Monday, Robert Kiyosaki, the author of the best-selling investment and wealth management book Rich Dad Poor Dad, said in an interview that in view of the collapse of the US bond market, he predicted that the next bank to fail would be Credit Suisse.
Yesterday, Credit Suisse said in its 2022 report that it had found "major weaknesses" in its internal control over financial reporting. The bank is trying to recover from a series of scandals that have seriously damaged the confidence of investors and customers. Its customer capital outflow exceeded 110 billion francs in the fourth quarter of last year.
The Saudi National Bank, one of the largest and most important shareholders of the second largest Swiss bank, announced that it would exclude the possibility of further capital injection to Credit Suisse, according to media reports within the day.
British media quoted three insiders who did not want to be named as saying that Credit Suisse had called on the Swiss Central Bank and the Swiss Financial Supervisory Authority (Finma) to publicly express their support for it. But so far no response has been received.
Shortly before the press release, the credit default swap (CDS) price of Credit Suisse reached the crisis level, which revived the market's panic over the collapse of banks in Silicon Valley. Some people are worried. If Credit Suisse goes bankrupt like a Silicon Valley bank, it may cause a major financial crisis, which will hit the demand for fuel.
Phil Flynn, an analyst at Price Futures Group, said, "We see that the oil market is separating from the oil inventory, and the oil price is obviously more concerned about the potential collapse of the global economy." At the same time, the dollar index has significantly strengthened, rising more than 1.3% within the day, making the bulk commodities denominated in dollars generally fall.
Yesterday, OPEC also said in its monthly oil report that due to the seasonal downturn in demand, the global oil market may experience a slight oversupply in the next quarter, and lowered the global crude oil demand forecast by 200000 barrels per day in 2023.
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