Home Business News Walmart nosedives while commodities remain volatile

Walmart nosedives while commodities remain volatile

6th Mar 24 10:02 am

Last week, natural gas witnessed a substantial increase in value due to a reduced output following unusually warm weather conditions from late February through the start of March.

Ultimately, recent demand has outpaced the accessible supply.

What’s more, multiple OPEC countries announced that they were extending production cuts, specifically cuts of 2.2 million barrels per day for the second quarter of 2024.

This not only applied upward pressure to oil prices but gas prices. As such, as spring draws nearer and warmer weather is forecasted, driving activity is expected to increase, which has led to high demand and a surge in gasoline prices.

Elsewhere, corn prices rose on bargain buying and short covering following three-year lows. Moreover, anticipated lower global corn production in major producing countries such as the USA, Argentina, Brazil, and Ukraine has also contributed to this hike in value as, once again, demand outweighs supply.

After a strong financial performance for the final quarter in 2023 and a considerable growth in both revenue and EBITDA, Saipem rallied in the market. The energy services giant also announced its optimistic outlook for the future with its focus on Engineering & Constructing (E&C) offshore projects in addition to sustainable infrastructure projects, making it an enticing buy for investors.

On our most falling table* last week, Walmart’s share price plunged significantly following poor sales figures in the most recent quarter. As a result, the giant retail chain has closed 23 stores across 15 US states. Furthermore, shoppers are aware of high levels of inflation as well as raised interest rates and are consciously spending on essential items rather than on larger purchases.

Additionally, sugar saw its value plummet. This is attributed to the weakness in the Brazilian real igniting long liquidation in sugar futures. The real plummeted to a three-week low against the US dollar, resulting in export selling by sugar producers. What’s more, Brazil, the largest producer of sugar in the world, has witnessed a rise in production, weakening prices.

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