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Due to Movements in the International Market, Oil Prices Fell More Than 2% Last Monday (13), When News Came That Silicon Valley Bank Was Collapsing, Which Shook Shares and Fueled Fears of a New Financial Crisis in the US
However, even with the drop in oil prices, a recovery in Chinese demand provided support for the commodity and calmed the market a bit on Tuesday (14). In this scenario, Brent oil prices fell US$ 2.01, or 2.4%, to US$ 80.77. The global benchmark hit a low of US$ 78.34 earlier, the lowest since early January. US crude oil (WTI) fell US$ 1.88, or 2.5%, to US$ 74.80 per barrel. Earlier, WTI reached US$ 72.30 per barrel, its lowest price since December.
US Implements Measures to Tame Oil Prices Amid Banking Crisis
US authorities launched emergency measures on Sunday (12) to increase confidence in the banking system after fears of a growing bankruptcy at Silicon Valley Bank led to a sell-off of US assets late last week and regulators closed the Signature Bank, based in New York, on Sunday.
US stock indices were also trading unevenly, with investors assessing a possible pause in interest rate hikes by the Federal Reserve in March. The sudden closure of SVB Financial raised concerns about risks for other banks stemming from the sharp interest rate hikes by the Federal Reserve last year, as well as speculation about whether the central bank will slow the pace of monetary tightening.
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Oil and Gas Prices Lead to Lower Revenues in the Fourth Quarter of 2022
The 12% drop in the price of Brent oil in the international market and the 30% drop at the Henry Hub gas distribution center affected the reference price of oil and gas used to calculate the Special Participation (PE), resulting in a 19% reduction in PE collection in Brazil in the fourth quarter of 2022.
The price-to-earnings ratio reached R$ 10.5 billion in the fourth quarter of last year, compared to R$ 13.12 billion in the third quarter. The only fields that saw expansion compared to Q3 were Jubarte, with approximately R$ 213.28 million in PE revenue compared to R$ 200.35 million in the previous quarter; and Sururu, with R$ 178.09 million compared to Q3 at R$ 127.18. The increases were 6% and 40%, respectively.
