Tidbits
Crude oil futures gapped a dollar lower and traded as much as $4.00 lower last evening on the relatively “peaceful” Saturday attack by Israel on Iran. Last evening was the lowest trade in December crude futures since 1 October.
India’s crude oil demand will increase 4% during the final quarter of 2024 amid their festival season that also coincides with increased agricultural activity after the monsoon season, according to S&P Global Commodity Insights, as gasoline and diesel consumption increases 50,000 to 55,000 gallons a day in November and December.
Japan’s Prime Minister Shigeru Ishiba lost his parliamentary majority in the country's general election over the weekend. His Liberal Democratic Party has ruled Japan for most of the past 80 years, so the market reaction to such a political earthquake of this magnitude could trigger a selloff in the yen, Japanese stocks, and bleed over to other economies given the prominence of Japan’s international companies. Ten years ago, Honda said that one yen change per US dollar exchange rate meant a $200 million difference in their annual profit and loss statement.