CNBC's "Fast Money" The Red Sea Risk Factor, and the Obesity Winners Cement Their Position 12/18/23
Dec 18, 2023
Red Sea turmoil threatens energy supply; Structure Therapeutics shares drop; investing in energy companies; US Steel acquisition by Nippon Steel; Apple watches paused due to patent dispute; wearables and services importance; Fed's communication challenges
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Oil Market's Muted Reaction
- Oil prices rose, but only slightly, due to Red Sea tensions.
- This muted reaction suggests the market isn't overly concerned about supply disruptions.
Market Downplays Red Sea Risks
- Several shipping companies, including BP, halted Red Sea shipments due to security concerns.
- Yet, the oil market's minimal reaction implies a perception of manageable risk.
Oil's Message: Oversupply Fears
- Oil isn't rallying on supply issues because Saudi Arabia and UAE have spare capacity.
- The market fears oversupply in 2024 due to higher-than-expected US production.