(The opinions expressed here are those of the authors.)
By Anna Szymanski
June 5 (Reuters) - One week, six charts. Every Friday,
Market Map will provide you with a wrap-up of the financial week
with six key charts selected by Reuters Open Interest (ROI)
columnists. We'll highlight major trends - but also surprising
and sometimes overlooked moves.
We've said a lot this week, so now we'll let the data do the
talking.
(1) DARK OIL
RON BOUSSO, ROI Energy Columnist: The trickle of tankers exiting
the Strait of Hormuz has gathered pace in recent weeks, as
traders adopt stealth measures to make the crossing. Traffic
through the strait remains a fraction of pre-war levels, but a
closer look at oil stocks inside the Gulf tells a more nuanced
story.
(2) SURPRISE, SURPRISE
MIKE DOLAN, ROI Finance & Markets Columnist: The U.S.
economic surprise index compiled by Citi, which measures the
extent to which incoming economic data is beating forecasts, has
climbed to its highest level since 2023 as the Iran war and
energy shock unfold and the AI investment boom continues apace.
(3) BUYERS' STRIKE
CLYDE RUSSELL, ROI Asia Energy and Commodities Analyst: China's
seaborne imports of crude oil dropped to the lowest level in
nearly a decade as refiners balked at paying higher prices
sparked by the war in Iran and the resulting effective closure
of the Strait of Hormuz. The drop of almost 5 million bpd from
pre-war levels is helping to cushion the loss of volumes through
the strait. But there are questions as to how long China will be
willing to use up inventories and avoid imports.
(4) TALK IS NOT CHEAP
JAMIE MCGEEVER, ROI Markets Columnist: If you want evidence that
we are in an AI bubble, I present you exhibit A. On June 2,
shares in Marvell Technology surged 32.5%. What triggered this
record rise? It wasn't a sales or profit upgrade, news of
incoming investment, or takeover speculation, but five words
from Nvidia CEO Jensen Huang, who called the firm "the next
trillion-dollar company." Marvell's market cap three months ago
was $75 billion. It's now over $250 billion. Whether it gets to
the $1 trillion mark is an open question, but it's on the right
path.
(5) WILL HE, OR WON'T HE?
ANDY HOME, ROI Metals Columnist: All eyes in the copper world
are on this chart right now as the market assesses the
probability of U.S. President Donald Trump imposing import
duties on refined copper. The U.S. price traded on the CME is
commanding a rising premium over the international price traded
on the London Metal Exchange ahead of the decision expected at
the end of June.
(6) HELPING HAND
GAVIN MAGUIRE, ROI Global Energy Transition Columnist: South
American crude oil supplies have been overlooked so far this
year, but they have grown faster than in any other region and
are playing a meaningful role in helping to keep global energy
markets relatively well balanced despite the Middle East
turmoil.
Opinions expressed are those of the authors. They do not reflect
the views of Reuters News, which, under the Trust Principles, is
committed to integrity, independence, and freedom from bias.
(Writing by Anna Szymanski; Editing by Kirsten Donovan)