5 hours ago
Commodity producing and trading giant Glencore expects to post a profit of $3.3 billion in its marketing division for the first half of the year, as extreme market volatility during the Iran war generated windfall earnings for the energy commodity traders.
Glencore expects to report next week a strong half-year marketing adjusted earnings before interest and tax (EBIT) of about $3.3 billion in its Marketing segment, which includes oil trading, the company said on Wednesday in its half-year production report.
The trading giant didn't specify how much energy trading contributed to the profit, but it's expected to do so in the detailed half-year earnings due out next week.
At any rate, the market volatility of the past five months is putting Glencore's trading profit on track for its best year ever if energy markets continue to whipsaw in the coming months.
Glencore book its highest ever full-year EBIT in marketing for 2022, the year in which the Russian invasion of Ukraine upended energy flows and markets and sent oil prices soaring to $120 per barrel.
#Marketing #energy #profit
Glencore expects to report next week a strong half-year marketing adjusted earnings before interest and tax (EBIT) of about $3.3 billion in its Marketing segment, which includes oil trading, the company said on Wednesday in its half-year production report.
The trading giant didn't specify how much energy trading contributed to the profit, but it's expected to do so in the detailed half-year earnings due out next week.
At any rate, the market volatility of the past five months is putting Glencore's trading profit on track for its best year ever if energy markets continue to whipsaw in the coming months.
Glencore book its highest ever full-year EBIT in marketing for 2022, the year in which the Russian invasion of Ukraine upended energy flows and markets and sent oil prices soaring to $120 per barrel.
#Marketing #energy #profit
1 day ago
Crude oil prices dropped sharply on Monday as investors unwound geopolitical risk premiums following indications that tensions between the United States and Iran may be easing. The selloff erased much of the rally seen last week, when fears of a wider conflict briefly pushed Brent crude close to the $100-per-barrel level.
By 06:11 GMT, Brent crude futures were down 6% at $90.93 per barrel after briefly falling below $90 earlier in the session. U.S. West Texas Intermediate (WTI) crude futures declined 6.1% to $83.83 per barrel.
Last week, Brent climbed to around $100 a barrel after the conflict expanded beyond the Strait of Hormuz into the Red Sea, raising concerns over Middle Eastern oil exports.
However, market sentiment shifted after Washington paused its military campaign following 13 consecutive nights of strikes, allowing additional time for diplomatic negotiations after weeks of escalating hostilities.
Iran quickly responded to the move. According to Reuters, an Iranian official said Tehran would halt retaliatory attacks provided the United States maintained its suspension of military operations. Both governments have nevertheless indicated they are prepared to resume military action if negotiations fail.
#united #Iran
By 06:11 GMT, Brent crude futures were down 6% at $90.93 per barrel after briefly falling below $90 earlier in the session. U.S. West Texas Intermediate (WTI) crude futures declined 6.1% to $83.83 per barrel.
Last week, Brent climbed to around $100 a barrel after the conflict expanded beyond the Strait of Hormuz into the Red Sea, raising concerns over Middle Eastern oil exports.
However, market sentiment shifted after Washington paused its military campaign following 13 consecutive nights of strikes, allowing additional time for diplomatic negotiations after weeks of escalating hostilities.
Iran quickly responded to the move. According to Reuters, an Iranian official said Tehran would halt retaliatory attacks provided the United States maintained its suspension of military operations. Both governments have nevertheless indicated they are prepared to resume military action if negotiations fail.
#united #Iran
4 days ago
Ether (ETH), the native token of the Ethereum protocol, has jumped roughly 25% in the past month, but a classic technical setup shows potential price correction ahead.
ETH was trading near $1,890 on July 24, having recovered from its June low near $1,510. However, the rebound has developed between two ascending, converging trendlines, creating the rising wedge structure.
A rising wedge typically reflects weakening bullish momentum because price continues to form higher highs and higher lows within an increasingly narrow range.
The pattern confirms when the price closes below its lower trendline with stronger trading volume and falls by as much as the maximum distance between the lower and the upper trendline.
For Ether, the wedge support appears near $1,830–$1,850, overlapping with its 50-day exponential moving average (50-day EMA, red) at approximately $1,832. Losing this support could accelerate the sell-off toward $1,600–$1,605, representing a decline of around 15% from current prices.
#ether #lower
ETH was trading near $1,890 on July 24, having recovered from its June low near $1,510. However, the rebound has developed between two ascending, converging trendlines, creating the rising wedge structure.
A rising wedge typically reflects weakening bullish momentum because price continues to form higher highs and higher lows within an increasingly narrow range.
The pattern confirms when the price closes below its lower trendline with stronger trading volume and falls by as much as the maximum distance between the lower and the upper trendline.
For Ether, the wedge support appears near $1,830–$1,850, overlapping with its 50-day exponential moving average (50-day EMA, red) at approximately $1,832. Losing this support could accelerate the sell-off toward $1,600–$1,605, representing a decline of around 15% from current prices.
#ether #lower
6 days ago
Intellistake Technologies Corp. (CSE: $ISTK) has taken full ownership of Gravity, giving the company control of a prediction-market technology it now believes can serve a wider set of liquidity and execution needs.
The company and Prospect Prediction Markets agreed to terminate their March development and platform agreement. Intellistake will retain Gravity's software, algorithms, AI and machine-learning models, interfaces, specifications and related development work, while Prospect's two-year exclusivity period and revenue-sharing rights have been removed.
Gravity was initially being developed around Prospect's platform. Intellistake now plans to explore applications across additional prediction markets, contract categories and other fragmented markets where thin liquidity can create pricing gaps, one-sided trading and unreliable execution.
More From Cryptoprowl:
MEXC Reports 7.1 Billion USDT in ******* eX Futures Volume as Q2 Closes the Gap to Wall Street
#company #execution
The company and Prospect Prediction Markets agreed to terminate their March development and platform agreement. Intellistake will retain Gravity's software, algorithms, AI and machine-learning models, interfaces, specifications and related development work, while Prospect's two-year exclusivity period and revenue-sharing rights have been removed.
Gravity was initially being developed around Prospect's platform. Intellistake now plans to explore applications across additional prediction markets, contract categories and other fragmented markets where thin liquidity can create pricing gaps, one-sided trading and unreliable execution.
More From Cryptoprowl:
MEXC Reports 7.1 Billion USDT in ******* eX Futures Volume as Q2 Closes the Gap to Wall Street
#company #execution
6 days ago
Tutor Perini (NYSE: TPC) has been tapped for inclusion on an index run by a high-profile financial information and ****** ysis company, and investors were there for it on Tuesday. Following the news, they eagerly snapped up shares of the construction company, leaving it with a nearly 8% gain that trading session.
Just after market close on Monday, S&P Global's S&P Dow Jones Indices announced modifications to its S&P MidCap 400 and S&P SmallCap 600 indexes.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
The one that affected Tutor Perini was the looming departure of a fellow construction stock, Taylor Morrison Home, from the S&P MidCap 400. Taylor Morrison is being acquired by the once Warren Buffett-led Berkshire Hathaway and will no longer be an independent company.
Taylor Morrison's place in that index will be taken by current S&P SmallCap 600 constituent Krystal Biotech (NASDAQ: KRYS). In turn, Tutor Perini will supplant Krystal Biotech in that lineup.
#perini #taylor #signal
Just after market close on Monday, S&P Global's S&P Dow Jones Indices announced modifications to its S&P MidCap 400 and S&P SmallCap 600 indexes.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
The one that affected Tutor Perini was the looming departure of a fellow construction stock, Taylor Morrison Home, from the S&P MidCap 400. Taylor Morrison is being acquired by the once Warren Buffett-led Berkshire Hathaway and will no longer be an independent company.
Taylor Morrison's place in that index will be taken by current S&P SmallCap 600 constituent Krystal Biotech (NASDAQ: KRYS). In turn, Tutor Perini will supplant Krystal Biotech in that lineup.
#perini #taylor #signal
10 days ago
Is ADP a good stock to buy? We came across a bullish thesis on Automatic Data Processing, Inc. on Contrarian Indicator's Substack by Cameron Fen. In this article, we will summarize the bulls' thesis on ADP. Automatic Data Processing, Inc.'s share was trading at $253.31 as of July 16th. ADP's trailing and forward P/E were 23.93 and 21.10 respectively according to Yahoo Finance.
Copyright: welcomia / 123RF Stock Photo
Automatic Data Processing, Inc. provides cloud-based human capital management (HCM) solutions worldwide. ADP's latest quarter delivered a 14% increase in client-funds interest and 80 basis points of adjusted margin expansion, but with the shares already above the original $250 bull target, investors must decide whether they are buying a durable improvement in the payroll franchise or capitalizing a temporary lift from interest rates and a labor market that has not yet cracked.
Read More: 15 AI Stocks That Are Quietly Making Investors Rich
Read More: Undervalued AI Stock Poised For Massive Gains: 10000% Upside Potential
Copyright: welcomia / 123RF Stock Photo
Automatic Data Processing, Inc. provides cloud-based human capital management (HCM) solutions worldwide. ADP's latest quarter delivered a 14% increase in client-funds interest and 80 basis points of adjusted margin expansion, but with the shares already above the original $250 bull target, investors must decide whether they are buying a durable improvement in the payroll franchise or capitalizing a temporary lift from interest rates and a labor market that has not yet cracked.
Read More: 15 AI Stocks That Are Quietly Making Investors Rich
Read More: Undervalued AI Stock Poised For Massive Gains: 10000% Upside Potential
