VCG/VCG via Getty Images Trafigura thinks the oil market could see a "super glut" of crude next year. The commodities firm pointed to new supply hitting the market while demand remains lackluster. Oil prices have already stumbled in 2025 amid waning global demand and increased output. The long-predicted "super glut" of oil is expected to hit energy markets in 2026. Trafigura, one of the world's biggest commodities trading firms, said it believes the oil market will see a flood of new supply at a t ...

Market Overview - The market is currently experiencing a consolidation phase with a rotation towards defensive sectors, following a recent pullback and resistance around the 6750 level [2][5][6] - The 10-year yield has recently broken below 4%, but there are concerns about potential upward movement which could impact equity markets [3][4] Tesla Earnings Report - Tesla reported mixed results, missing earnings expectations with adjusted earnings per share at $0.50 compared to the expected $0.54, while revenue exceeded expectations at $28.1 billion, a 12% year-over-year increase [9][10] - Automotive revenue increased by 6% year-over-year, but net income fell by 37% year-over-year, indicating cost pressures and competition in China [10][12] - Energy generation and storage revenue rose significantly by 44% year-over-year, now accounting for approximately 25% of total revenue [11] - Future growth is anticipated in areas such as robo-taxis and humanoid robots, with analysts raising price targets for Tesla post-earnings [13][14] IBM Earnings Report - IBM's earnings report showed better-than-expected results, with adjusted earnings per share at $2.65 against an expectation of $2.45, and revenue at $16.33 billion, surpassing the $16 billion forecast [16][17] - The company experienced a 9% year-over-year revenue growth, driven by demand for artificial intelligence products and services [17][18] - However, there are concerns regarding deceleration in the Red Hat Enterprise segment, which has been a significant expense for IBM [18] Crude Oil Market - Crude oil prices have risen by 5%, with West Texas Intermediate above $61 per barrel, influenced by U.S. sanctions on major Russian oil companies [19][21] - Factors contributing to the price increase include a short covering squeeze and potential tightening of global supplies [20][21] - The market is cautious as OPEC may respond to price increases by adjusting production quotas, which could have bearish implications [22]