12% of global trade blocked in Suez: oil at risk?

12% of global trade blocked in Suez: oil at risk?

What happened?

The Suez canal is pretty shallow and narrow. Exactly the width of one huge ship. Currently, a container carrier is stuck in the canal transversely. Oil tankers are waiting for the situation to get resolved as the oil they're carrying needs to come to the destination. However, it was underlined that it may take days for the Suez canal to get cleared. 

What was the market reaction?

Initially, the WTI oil spiked from depths around $57 above $60. However, it was quick to reverse the gain. Currently, it goes sideways at $60, although, with somewhat increased volatility. In general, it appears that the effect of the Suez canal incident on the WTI price was as minimal as short-lived. Therefore, unless the clearing of the canal takes much longer than expected, we may safely assume that no bullish sentiment is about to appear on the chart in the short-term unless fundamental indicate that. 

WTI_OilH12.png

                                                                                              LOG IN

Similar

Soon Bullish Rally for Gold
Soon Bullish Rally for Gold

The winter is coming, and risky markets expect a rally to come with it. Will this December be bullish for stocks, crypto, and gold? A pack of news will surely help you out.

China Worries the Markets
China Worries the Markets

The results of the Chinese Communis Party's Congress shook the markets, while the JPY weakened even after the interventions were conducted

Latest news

Market Crash Incoming?
Market Crash Incoming?

This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.

What Currency Will Overperform?
What Currency Will Overperform?

S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera