Middle East Tensions Ease, Bitcoin Breaks $71,000, Nasdaq Futures Extend Gain to 2%, WTI Crude Oil Plunges 11%
BlockBeats News, April 8th: Following Trump's announcement of a two-week ceasefire, the tense situation in the Middle East has now eased, allowing the financial markets to breathe a sigh of relief.
Bitcoin broke through $71,000, Nasdaq futures expanded their gains to 2%, WTI crude oil plummeted by 11%, breaking below the $100 mark, and gold rose by 2.13%.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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Crude oil is "coming back", but refined oil is "not coming back"; the global refining gap is widening.
According to Goldman Sachs, global refined oil exports have declined by about 6 million barrels per day year-on-year, with the Gulf region and Russia contributing three-quarters of the decrease. Unlike crude oil, which can be rerouted, damaged refineries cannot be relocated, and the Gulf region's refined oil exports have only recovered to 40% of pre-war levels. Goldman Sachs expects global refinery utilization rates to recover only by the second half of 2027; based on this, it has more than doubled its forecast for diesel profit margins in 2027.
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