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Russian Defense Ministry: Russia shot down 301 drones overnight.On June 22nd, Citigroup released a research report stating that Pop Mart (09992.HK) launched its "THE MONSTERS Retro Barbershop Series" on June 19th, generating considerable market buzz over the weekend. The new series utilizes new velvet materials and technology, emphasizing DIY hairstyle design, and is priced at RMB 159. However, reactions to the designs on social media platforms have been mixed, suggesting the new product may not be a short-term catalyst. Citigroup pointed out that the MOKOKO "Velvet Afternoon" style is currently the most sought-after in the secondary market and commands a premium, followed by "Lazy West Coast" and "Rebellious Diary." The other three standard styles have lower demand, with secondary prices all below the original price. Citigroup maintains its "Buy" rating on Pop Mart with an unchanged target price of HKD 263.Berenberg: Raises target price for Merck (MRK.N) from $115 to $125.June 22 – Shenzhen Customs released statistics on June 22 showing that in the first five months of this year, Shenzhens total import and export volume reached 2.32 trillion yuan, a 31.1% increase compared to the same period last year, maintaining its leading position among mainland cities in terms of import and export volume. Specifically, exports reached 1.22 trillion yuan, a 15.9% increase; imports reached 1.1 trillion yuan, a 53.4% increase. Since the beginning of this year, Shenzhens foreign trade has maintained a steady and positive trend.June 22 – As traffic in the Strait of Hormuz continues to increase, the regions oil giants are attempting to boost production. Kuwait is asking customers to take refined petroleum products from its ports deep in the Persian Gulf. According to a document, the Kuwait National Oil Company has issued a tender to sell naphtha used in the production of gasoline and plastics, with buyers required to take delivery from Kuwaiti ports via sea transport. Traders say this move by Kuwait is the first such offer in recent years, but no further details were provided. Unlike previous sales models, this one requires buyers to charter vessels themselves. Kuwaits move further underscores a series of signs in the region that oil-producing nations are taking steps to restore critical energy supplies following the interim peace agreement between the US and Iran.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

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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.

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