Global Equities Markets Selling Off
- Global equities markets are selling off this morning, taking energy prices with them. The S&P, Germany’s DAX, and Hong Kong’s Hang Seng are posting losses of 1.5-3% so far today.
- RBOB, HO, WTI, and Brent futures contracts are down ~2% this morning and falling. Momentum will likely carry the complex downward the rest of the day unless some drastic news breaks to incite some buying.
- Saudi Arabia announced it could supply more crude quickly if needed, easing tensions felt in overseas markets due to speculation on US sanctions after the suspected murder of journalist Jamal Khashoggi.
- Hurricane but not the kind we are used to: Major Hurricane Willa is expected to make landfall on the western coast of Mexico later this afternoon as a Category 5 storm. While it is expected to be locally devastating, minimum impact is projected for the United States.
- Gasoline and American crude oil futures both opened below some significant support levels this morning. WTI has another ~$2 to fall before being tested around the $66 mark, RBOB can shave another 7 cents before testing the support at $1.80.