Much of the drop in oil prices is due to the May futures contract expiring on Tuesday.
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Carlos Gustavo Rodríguez Salcedo
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At 9:45 a.m., the dollar registered an average trading price of $ 3,973.25, which represented a drop of $ 5.91 compared to the Representative Market Rate (TRM), which stands today at $ 3,973.06.
The currency opened the day with a price of $ 3,984, while the minimum price reached $ 3,951 and the maximum was $ 3,994. The amount negotiated was US $ 143 million in 346 transactions.
At 9:45 a.m., the WTI barrel lost 41% and was at US $ 10.78. In the case of Brent, the benchmark for the Colombian market, it reached US $ 26.56, after falling 5.41%.
The collapse of the WTI took this reference to levels not seen since 1999. The price not only reflected the impact on the filling of the storage capacity of the oil companies and the start of the season with quarterly results, but It also weighed the next expiration of the current contract in May. According to Reuters, the contract for June was trading at $ 22.83 a barrel.
“As production remains relatively intact, storage is increasing day by day. The world is using less and less oil and producers feel how this translates into prices,” Bjornar Tonhaugen of Rystad told the news agency.
In the case of the stock markets, around 7:18 in the morning, the Ftse 100 in London fell 1.33%; the German DAX contracted 1.55%; the CAC 40 in France had a variation of -1.55%, and the Eurostoxx 50, which represents the performance of the 50 largest companies in 19 sectors in Europe, lost 1.62%.
In the case of gold, its prices touched their lowest level in more than a week, amid a strengthening of the dollar before the reports of results of companies and macro data that are expected to expose the economic damage caused by the crisis generated by the pandemic. Spot gold was down 0.2% to $ 1,680.46 per ounce after declining to $ 1,670.55, the lowest since April 9.
“The dollar has remained strong, which may be leading to those movements in gold,” Craig Erlam, an analyst at Oanda, told Reuters, although he added that the stimuli from governments and central banks, added to the uncertainty inherent in the crisis will help sustain prices.
At the local level, this week the National Government is expected to announce what the opening of the economy will be like starting next week. President Iván Duque has already announced that there will be some sectors that can exit in a controlled manner. Colcap, the main indicator of the Colombian Stock Exchange, closed with a fall of 0.87%. The best shares were those of El Cóndor (7.35%) and Grupo Bolívar (3.17%), while the stocks that fell the most were those of Enka (-15%) and Ecopetrol (-6.70%) .
Next Thursday, April 30, the Board of Directors of Banco de la República will meet again in a discussion in which there will be a decision on the intervention rate.
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