EUR/USD 1.15616
0.256%
Gold 4332.11
0.055%
Oil 87.644
-2.330%
USD/JPY 160.169
-0.001%
GBP/USD 1.33878
0.368%
GBP/JPY 214.436
0.372%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
TD Cowen: Raises its price target for Alphabet (GOOG.O) from $450 to $475.On June 9th, Tatha Ghose, an analyst at Commerzbank, noted in a report that rising energy prices due to the situation in Iran have significantly improved Russias oil and gas revenues recently, providing support for the ruble. However, he stated that energy prices may decline by the end of the year, and the damage to refineries caused by the Ukrainian airstrikes and the reimposition of US sanctions are expected to prevent Russia from utilizing its newly expanded OPEC+ production quotas in the medium term. "Once the benefits from high oil prices fade, we expect the ruble to resume its depreciation."June 9th - Comerica Bank Senior Vice President and Chief Economist Bill Adams predicts that the US May CPI will rise above 4% year-on-year, reaching a three-year high, mainly driven by last months gasoline price increases. Core CPI is expected to remain relatively moderate, close to 3%. The fact that Mays price increases exceeded the growth rate of average hourly wages indicates further erosion of consumers real purchasing power. Meanwhile, the PPI is also expected to record another significant increase, exceeding the CPI, reflecting the higher weighting of petroleum products, metals, and transportation costs in the producer price basket. Furthermore, the preliminary consumer confidence index released by the University of Michigan in early June is expected to rebound from Mays record low, mainly boosted by the decline in gasoline prices over the past two weeks and the rise in the stock market.On June 9th, European ride-hailing platform Bolt, Pony.ai-W (02026.HK), and automaker Stellantis announced the joint launch of an autonomous driving pilot project in Luxembourg. The pilot will verify the safety, performance, and regulatory compliance readiness of Pony.ais seventh-generation autonomous vehicles in real-world Luxembourg traffic conditions. Stellantis will provide engineering and manufacturing support for the mid-sized van based on its L4-ready platform, Bolt will handle the ride-hailing platform and marketing operations, and Pony.ai will provide autonomous driving technology and operational experience.June 9 – Christopher Hui, Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region Government, announced the “Action Plan for the Development of Hong Kong Corporate Treasury Centres” at the Corporate Treasury Centre Forum today (June 9). The Action Plan proposes targeted strategies to strengthen Hong Kong’s position as a major hub for multinational corporate treasury centers, elevating Hong Kong to a primary base for corporate treasury centers and reinforcing Hong Kong’s role as a platform for “bringing in” and “going out”. The Action Plan, jointly prepared by the Financial Services and the Treasury, the Inland Revenue Department, the Hong Kong Monetary Authority (HKMA), and InvestHK, has two main objectives: to attract more multinational companies to establish corporate treasury centers in Hong Kong, and to assist existing corporate treasury centers in Hong Kong to expand their scale and fully utilize Hong Kong’s comprehensive financial ecosystem.

U.S. inventories fell, OPEC increased production slowly, U.S. oil broke through the 84 mark and continued to hit a new high in nearly seven years

Oct 25, 2021 13:53

On Friday (October 22), U.S. oil rose 1.48 US dollars in late trading, or 1.79%, to close at 83.98 US dollars per barrel. This week, it has risen 1.8%, which is the longest consecutive week of rising since 2015. Bilbao oil rose 1.16 US dollars to close at 85.77 US dollars per barrel. The indicator crude oil hit a three-year high of US$86.10 on Thursday and rose 1% this week, marking the seventh consecutive week of closing high. As OPEC and its allies once again failed to meet their production targets, the global recovery from the coronavirus epidemic exacerbated supply shortages, and the low crude oil inventories at the Cushing Storage Center in Oklahoma, this week. Oil prices bring support.

U.S. President Biden said late Thursday that Americans should expect high gasoline prices to continue until next year, given OPEC and other oil-producing countries control production. John Kilduff, a partner at Again Capital LLC, said that although oil prices have fluctuated significantly over the past two trading days, structural tightness in supply has always been the biggest driver of the market. No one in the market really expects OPEC+ to increase production significantly in the near future.

Oil prices soared this week to their highest level since 2014, as the market is concerned that consumption is growing faster than supply. Concerns about shortages of natural gas and coal in India and Europe have boosted oil prices, and this shortage has caused some power plants to switch to fuel oil and diesel for power generation. Saudi Arabia pointed out that any additional crude oil from OPEC+, an organization of oil-producing countries, will not help to curb the soaring cost of natural gas, and predicts that if winters in the northern hemisphere are colder than usual, oil demand may increase by as much as 600,000 barrels per day.

US Energy Information Administration (EIA) data released on Wednesday showed that Cushing's crude oil inventories fell to 31.2 million barrels, the lowest since October 2018. David Martin, Head of Commodity Strategy at BNP Paribas, said that I think prices are a good indicator of tight market conditions, and the market will become tighter. Inventories will decline this quarter and the next.

Leaders of many countries around the world worry that the demand disruption caused by the new crown epidemic may not be over, which has weakened the bullish sentiment driven by tight supply. After German Chancellor Angela Merkel stated that the epidemic has not ended, oil prices fell briefly. Phil Flynn, senior analyst at Price Futures Group, said that the supply is still very, very tight, and the market is only cautious about the possibility of new cases in Russia and Germany rising.

At the same time, according to the forecast of the National Oceanic and Atmospheric Administration of the United States, winter weather in most parts of the United States is expected to be warmer than average, which may add resistance to the long-term rise of oil prices.

Earlier data released by the oil service Baker Hughes showed that as of the week of October 22, the total number of wells in the United States was 542, and the number of oil and gas rigs was reduced for the first time in seven weeks. The total number of oil rigs decreased by 2 from last week to 443, and the total number of natural gas rigs increased by 1 to 99.

(U.S. Oil Hour Chart)

Suggestion