EUR/USD 1.17372
-0.077%
Gold 4318.89
0.384%
Oil 55.780
1.344%
USD/JPY 154.931
0.143%
GBP/USD 1.34082
-0.082%
GBP/JPY 207.739
0.068%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
December 17th - According to data from China Tungsten Online, tungsten powder prices rose by 10,000 yuan/ton today, reaching a new high of 1 million yuan/ton, a 216.5% increase compared to the beginning of the year. In addition, the latest price for 65% black tungsten concentrate is 420,000 yuan/standard ton, a 193.7% increase compared to the beginning of the year; the latest price for ammonium paratungstate (APT) is 620,000 yuan/ton, a 193.8% increase compared to the beginning of the year.December 17th - ING Senior Economist Min Joo Kang wrote in a report that the Bank of Japan is more likely to raise interest rates on Friday due to strong Japanese exports. Exports rose for the third consecutive month in November, and core machinery orders surged for the second consecutive month in October. The data suggests the economy is recovering from the contraction of the previous quarter. The market will be watching comments from Bank of Japan Governor Kazuo Ueda. Given growing concerns about rising market interest rates, we expect Ueda to refrain from delivering any hawkish messages at the press conference.Yaojie Ankang-B (02617.HK) saw its gains widen to 20%, with the share price currently at HK$176.1.December 17th - Analyst Eamonn Sheridan stated that todays Japanese trade and investment data reinforced expectations that the Bank of Japan will raise interest rates by 25 basis points this week. After contracting last quarter, signs of economic recovery continue to strengthen. Japans exports rose for the third consecutive month in November, increasing by 6.1% year-on-year, easily exceeding market expectations. Strong demand in the US and Europe, along with a recovery in global semiconductor demand following the US trade agreement, drove this rebound. Exports to the US grew by 8.8%, and exports to the EU increased by nearly 20%, highlighting improved external momentum.According to futures market news on December 17th, as of the week ending December 13th, Japanese commercial crude oil inventories decreased by 464,387 kiloliters from the previous week to 10,223,572 kiloliters. Japanese gasoline inventories decreased by 14,171 kiloliters from the previous week to 1,714,382 kiloliters. Japanese kerosene inventories decreased by 98,423 kiloliters from the previous week to 2,272,809 kiloliters. The average operating rate of Japanese refineries was 90.8%, compared to 86.1% the previous week.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

118.png


Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

Suggestion