Vast demand destruction is helping keep a lid on oil. Big SaaS test today.

Today, a look at a key factor keeping oil in check - namely demand destruction, as shipping flows through the Hormuz Strait remain at a trickle or less. Also, the factors supporting a still positive outlook for copper even at these levels. Elsewhere, a run through incoming earnings reports, including the first Software-as-a-Service (Saas) name of note reporting today after the close, which could prove an interesting test for the whole space. Macro, FX and more also on today's pod, which features Saxo Head of Commodity Strategy Ole Hansen and is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

About twice per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro music by AShamaluevMusic

DISCLAIMER
This content is marketing material.
Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.