"Oil demand is expected to contract by 80 kb/d this year, as the Iran war upends our global outlook. This is 730 kb/d less than in last month's report, and a forecast 1.5 mb/d 2Q26 decline would be the sharpest since Covid-19 slashed fuel consumption."
"Meta Platforms posted a better-than-expected first-quarter report. EPS of $10.44 beat by $3.78. Revenue of $56.3 billion, up 33.1% year over year, beat by $760 million."
"According to Axios.com, CENTCOM has prepared a plan for a 'short and powerful' wave of strikes on Iran - likely including infrastructure targets - in hopes of breaking the negotiating deadlock."
Markets are showing strong gains with the S&P 500 up 0.46%, the Dow up 0.65%, and the Nasdaq also up 0.65%. Oil prices are declining due to demand destruction, with the International Energy Agency forecasting a contraction in oil demand. The situation is influenced by geopolitical tensions, particularly the Iran war. Earnings reports from companies like Meta Platforms and Alphabet show mixed results, with Meta's stock dropping despite strong earnings due to increased capital expenditure plans.
Read at 24/7 Wall St.
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