Serendipitous Drones & Surreal Ethereal

Hi Everyone,


Two drone attacks in Saudi Arabia yesterday have sent the media and the markets into a virtual tailspin.

Apparently, the Abqaiq oil field that was hit is responsible for about 5% of the world’s crude oil, so we’re now looking at the largest disruption of oil output the world has ever seen.

The only problem is, nobody knows who’s responsible for the attack. In a region with so many competing interests and geopolitical tension, this is critical information that we may never have.



Trump is quite eager to blame Iran, while others have pointed at Yemen but the truth is it could’ve been anyone.

The price of Crude Oil has seen it’s largest single-day spike in over a decade. So hats off to the new Saudi Oil Minister Prince Abdulaziz who’s overseen a larger price appreciation in a week than his predecessor did in two years.


eToro, Senior Market Analyst


Tomorrow there will be no daily market update due to local elections in Israel (again).


Today’s Highlights

  • Markets React
  • Fed Week
  • My Ethereal Experience
Please note: All data, figures & graphs are valid as of September 16th. All trading carries risk. Only risk capital you can afford to lose.


Traditional Markets

As the attacks happened on the weekend, needless to say, the market opening last night was quite hectic. Price feeds from various brokers were all over the place and liquidity was simply a mess across the entire global markets.



What I thought was even more interesting was the way gold opened or didn’t. Almost a full hour after it was scheduled to come online, it was still closed for trading in several venues.

Though the weekend gap wasn’t quite as drastic as crude oil it did completely reverse the dangerous deterioration that occurred late Friday.


Currency Wars Continue

The Saudi drone attacks are also quite serendipitous for the US Federal Reserve who will meet on Wednesday to announce their interest rate decision.

As we’ve been discussing lately, the Fed is currently in a bit of a pickle trying to justify the reason for cutting interest rates at a time that the job market is super hot and inflation is optimal.

Now Chairman Powel can easily cut the interest rate for the second time in a row and claim with confidence that global geopolitical tensions are causing a headwind that they want to be in front of.

After the ECB’s actions last week the race to the bottom continues.


Surreal Ethereal

Blockchain week in Tel Aviv has been such a blast so far and by far the greatest part was the Ethereal summit yesterday. I got to meet so many cool and interesting people and learned about dozens of projects that are building projects on Ethereum.

The best one, of course, was the announcement from eToro’s Firmo, who’ve just built a new programming language for Ethereum smart contracts for the sake of simplicity and security. Check it out the details here.

Towards the end of the day, I was sitting in the press room, which had already become quiet when in walked Vitalik Buterin larger, larger than life, and sat down next to me. I do apologize to my poor aunt who I was talking to on the phone and had to abruptly hang up on.

I only got in a few words with the legend before he was recruited by BlockTV for a candid interview, in which he spilled his feelings about competing projects like Tron, Telegram, and Libra. Must Watch!!

After that, we were treated to the most amazing panel I’ve ever witnessed with Vitalik, his co-founder Joe Lubin, and our very own Yoni Assia. Unfortunately, I don’t have a recording of that one but I did manage to live-tweet the entire thing for you.


Let’s have an amazing day ahead!


Best regards,

Mati Greenspan
Senior Market Analyst

Connect with me on….





Your Social Investment Network –

eToro (UK) Ltd is authorized and regulated by the Financial Conduct Authority. eToro (Europe) Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission. eToro AUS Capital Limited is regulated by the Australian Securities and Investments Commission, ABN 66 612 791 803, AFSL 491139.

This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without having regard to any particular investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared utilizing publicly-available information.

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.