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On August 29th, the U.S. Commodity Futures Trading Commission (CFTC) ordered former White House teleprompter operator Gabriel Perez to pay $172,539 for illegally trading on a prediction market platform using advance access to Trumps speeches. Under the settlement agreement with the CFTC, Perez must return $107,539.02 in illicit gains and pay a $65,000 civil penalty. He also agreed to a three-year trading ban and pledged to cease and not violate the Commodity Exchange Act and CFTC regulations. The CFTC stated that Perez traded Trump "mention market" contracts on the Kalshi platform between December 2025 and February 2026, while serving in the White House. These contracts are event-based contracts, with payouts determined by whether the president uses specific words or phrases in his speeches.Strait of Hormuz: 1. The US claims its continued maritime blockade of Iran has forced 82 merchant ships to change course. 2. Trump stated the Strait of Hormuz is open, while US officials say Irans leverage is eroding. 3. The US hopes to widen the main channel of the Strait of Hormuz by mid-September so that at least 50 ships can enter and exit the Gulf each night. 4. Iranian President Pezechiyan: Oman has agreed that the Strait of Hormuz should be managed according to the Islamabad Memorandum of Understanding. Iran will open the channel if the four commitments are fulfilled. 5. US Treasury Secretary Bessant: Blockade and economic isolation will destroy Irans collapsing economy. In the past 14 days, the US has diverted 130 million barrels of oil out of the Strait of Hormuz, while Irans crude oil exports have been zero. 6. Iranian Revolutionary Guard: Iranian fighters have complete and unquestionable control over the strategic waterway of the Strait of Hormuz. All ships attempting to pass through without Iranian coordination will be blocked from the Strait of Hormuz by full force and absolute authority. Other matters: 1. The US Treasury Department announced a new round of sanctions against Iran. 2. Hezbollah leaders in Lebanon called for the cancellation of the trilateral framework agreement between Lebanon, Israel, and the US. 3. Goldman Sachs: Persian Gulf oil exports have recovered to about two-thirds of pre-war levels. 4. Iranian Foreign Minister: Getting diplomacy back on track is not impossible, but "pressure will not work." 5. Iranian Foreign Ministry condemned the new economic threat from the US and called on all countries not to implement it. 6. British media: The US military is facing a "serious financial crisis" and has been forced to divert salaries to pay for the war against Iran. 7. US Treasury Department: We have identified the networks, intermediaries, and funding channels used by Iran for oil smuggling and sanctions circumvention. 8. US Treasury Secretary Bessenter: The Treasury Department pledged to cut off every remaining economic lifeline of Tehran and ultimately end the threat to the Iranian regime. 9. According to the Islamic Republic of Iran Broadcasting (IRIB): Sources say Yemeni drones attacked a Saudi-backed mercenary base in the port of Mocha.Market news: Gunfire and explosions have been heard in several areas of Niamey, the capital of Niger.August 29th - According to a report by NBC on the 28th, two sources familiar with the matter revealed that US Defense Secretary Hergsays recently discussed the possibility of running for president in 2028 with those close to him. However, the Pentagon denied this. In response to the NBC report, a Pentagon spokesperson denied the claims, stating, "Hergsays will not run for president; his primary responsibility is to lead the Department of Defense. All other speculation is absurd."August 29th - On August 28th local time, the U.S. Central Command stated that the United States continues its naval blockade of Iran. As of the 28th, U.S. Central Command forces had guided 82 merchant ships to change course, rendered 3 merchant ships incapable of navigation, and boarded and inspected 2 other merchant ships.

Oil Prices Jump $2 Due to Rising Demand in 2023

Haiden Holmes

Dec 15, 2022 11:18

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OPEC and the International Energy Agency (IEA) foresee a rebound in demand next year, and U.S. interest rate hikes are expected to moderate further in sync with decelerating inflation.


Brent crude futures closed at $82.70 a barrel, up $2.02, or 2.4%, while U.S. West Texas Intermediate (WTI) crude futures settled at $79.40, up $1.94.


Both contracts increased due to a jump in diesel futures in anticipation of cold weather at the end of the year.


The Brent contract has reverted to a backward market structure in which front-month loading barrels sell at a premium to later deliveries, signaling that oversupply concerns are decreasing.


Last week, the structure reverted to contango, with front-month deliveries becoming less expensive than later-loading months.


A leak and outage of TC Energy (NYSE:TRP) Corp's Keystone Pipeline, which transports Canadian petroleum to the U.S., have boosted oil prices.


According to officials, cleanup will take several weeks.


Last week, U.S. crude oil stockpiles increased by more than 10 million barrels, the highest since March 2021, due to releases from the Strategic Petroleum Reserve and a fall in refinery operations. 


OPEC projects that oil consumption will climb by 2.25 million barrels per day (bpd) to 101.80 million bpd in 2023, with significant upside from China, the world's largest importer.


The IEA raised its 2023 oil demand growth projection to 1.7 million bpd, for a total of 101,6 million bpd, in anticipation of a recovery in Chinese oil consumption in 2024, after a decline of 400,000 bpd in 2022.


According to the figures, road and aviation traffic in China have rebounded.


"The climate remains conducive for triple-digit prices... Recent volatility gives an excellent entry point. Next quarter, balances may be looser, but by 2Q, a new price rally will be upon us "Oswald Clint, a Bernstein analyst, noted.


The Federal Reserve lifted its benchmark overnight interest rate by 50 basis points on Wednesday, a drop from the 75-basis-point increases it adopted at its previous four policy meetings.