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Futures July 2, as of June 28, Japans commercial crude oil inventories increased by 43,529 kiloliters from the previous week to 12,287,738 kiloliters. Japans gasoline inventories fell by 108,464 kiloliters from the previous week to 1,673,044 kiloliters. Japans kerosene inventories increased by 102,849 kiloliters from the previous week to 2,099,122 kiloliters. The average operating rate of Japans refineries was 88.2%, compared with 84.4% in the previous week.July 2, Phillip Nova senior market analyst Priyanka Sachdeva wrote in a report that oil futures may trade in a narrower range this week as OPEC+ is widely expected to agree to increase production by another 411,000 barrels per day in August. OPEC+ supply is under the control of investors; however, prices seem to have digested the increase in production and are unlikely to catch the market off guard again in the short term. However, a weaker dollar could prolong any upward momentum.July 2, Goldman Sachs said that if OPEC+ decides to increase production on Sunday, the market is not expected to react much, because the general market expectations have shifted to this result. Goldman Sachs expects the August production increase to be the last, as the large influx of shale oil from non-OPEC countries affects the supply and demand balance, but the risk tends to be a further increase in OPEC+ quotas after August.Canada remains committed to removing all Trump tariffs in its trade deal with the United States, the country’s ambassador to Washington said.Goldman Sachs: If OPEC+ decides to increase production on Sunday, the market is not expected to react much as the general market expectations have shifted to this outcome.

The Bogged-down Crypto Market

Cory Russell

Oct 08, 2022 14:09

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The market remained inside the range that has been in place since the second half of September once again as a result of the 50-day moving average in BTCUSD acting as local resistance.


At the time of writing, Bitcoin was trading slightly under $20K, down 1.9% over the previous day.


Investors in the cryptocurrency market have been deterred from purchasing as a result of a rapid rise in stock markets that has slowed down in recent days due to uncertainty. The market's capitalization dropped 1.6% over night to $956.

News context

We've lately seen some stability in the bitcoin market, according to Sam Bankman-Fried, CEO of the cryptocurrency exchange FTX. But when the Fed's monetary policy becomes more restrictive, it has an impact on all assets, leading cryptocurrencies as well as fiat money and stock indices to change.


Hoarders have amassed a record 13.7 million coins, or 71.5% of the whole BTC supply, according to Ark Invest, purchasing the cryptocurrency that has been falling since the spring. Additionally, vendors have almost reached the limits of their ability to sell.


Due to a higher dollar last week, the connection between bitcoin and gold hit its highest point in more than a year, according to Kaiko. Despite a Fed rate rise, gold and bitcoin failed to exert their role as haven assets.


The huge centralized and regulated Binance and Coinbase will be the main targets of the EU's ban on Russian cryptocurrency wallets, which may increase demand in smaller exchanges with laxer KYC but generally increase the danger of more active cryptocurrency sales.

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