The iShares Aerospace & Defense ETF (ITA) is down 41% so far in March, on track for its worst month since the ITA's inception in 2006. Spirit Aerosystems, Boeing, and TransDigm are all down more than 57% this month.
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"The oil market is about to flood with surplus barrels," Bank of America said in a note to clients Wednesday.As demand grinds to a halt, the OPEC+ production cuts currently in place expire at the end of the month, meaning nations will soon be allowed to pump as much as they please. "This is the most dismal oil demand picture we have witnessed in a long time with a simultaneous collapse in jet fuel, gasoline, shipping fuel, petrochemicals, and oil used for power generation."On Tuesday, Goldman Sachs slashed its oil forecast for the second quarter, now seeing WTI and Brent averaging $20 per barrel. The firm believes oil use has fallen by 8 million barrels per day.
"Looking ahead, the path of least resistance is decidedly lower right now and the lower-for-longer dynamic appears to be one that is here to stay for a while, given the clearly bearish fundamentals pointing to a likely longstanding surplus in the global oil markets," said Tom Essaye, co-founder of The Sevens Report.After talks between OPEC and its allies, known as OPEC+, broke down earlier this month, Saudi Arabia announced plans to increase its daily production to a record 12.
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