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On May 17th, TsLombard stated that an aggressive tightening cycle is unlikely. Faced with the oil price shock, the extent of policy tightening by global central banks is likely to be quite limited. In Europe, the energy shock is already dragging down economic activity. The UK labor market has been volatile for some time, and hiring sentiment in Europe is becoming increasingly weak. In our view, the tightening力度 of the ECB and the Bank of England this year will be less than the market expects, and this possibility is currently underestimated. In the US, the likelihood of the Federal Reserve implementing policy tightening in the short term is small, and even if it does, it is almost certain to be before 2027.On May 17, the Hong Kong Special Administrative Region government announced the activation of the alert level under the "Ebola Virus Preparedness and Response Plan" to protect public health. The Centre for Health Protection of the Hong Kong Department of Health stated that it has proactively sought further information from the WHO, the Africa Centres for Disease Control and Prevention, the Democratic Republic of Congo, and the health authorities of Uganda.On May 17, the Israel Defense Forces (IDF) said that on May 16, the IDF killed a commander of the Hamas operations headquarters.May 17th - A recent Japanese public opinion poll shows that, faced with insufficient crude oil supply, 70% of Japanese citizens believe the government should call for energy conservation measures. Japans recent sharp decline in crude oil imports, necessitating two releases of oil reserves, has sparked widespread concern. Kyodo News conducted a telephone survey from May 16th to 17th, asking for public opinion on issues such as insufficient supply of crude oil and its derivatives. The survey results, released on the 17th, show that 70.5% of respondents believe the Japanese government should call for measures to conserve energy and resources. Regarding naphtha, a key raw material for plastics production, 70.6% of respondents expressed "unease" due to insufficient supply.On May 17th, in the second round of the WorldSSP class at the 2026 World Superbike Championship (WSBK) Czech Republic round, Valentin Debis, a French rider from Chinese motorcycle manufacturer Zhang Xue Motorcycles, won the championship again. This marks his second time this season achieving a perfect record in two rounds of a single race, following his victory in Portugal. This is also the fifth championship for the rider and Zhang Xue Motorcycles this season.

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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