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On April 7th, analysts at First Abu Dhabi Bank stated in a report that the strength of oil prices has been and will continue to be (at least in the short term) a more structural driver of inflationary pressures. The analysts pointed out that inflationary pressures have led to a sell-off in interest rates as expectations of central bank rate cuts have faded. Previously, the market had anticipated two to three rate cuts by the Federal Reserve this year, but these expectations have been ruled out. LSEG data shows that the money market currently expects US policy rates to remain largely unchanged in 2026, with a very slight tightening bias. The market has even priced in a more hawkish rate hike scenario by the European Central Bank and the Bank of England by the end of this year, with increases of 74 basis points and 56 basis points respectively, "largely a result of imported energy inflation in Europe."Air India has announced an increase in its fuel surcharge due to a sharp rise in global jet fuel prices.Market news: Hungarian Prime Minister Viktor Orbán and US Vice President Vance will agree to purchase oil from the US during their meeting.April 7th - According to data monitored by Centaline Property Agency (Hong Kong), Hong Kong recorded 4,621 second-hand private residential property transactions in March, totaling HK$35.84 billion, representing increases of 18.1% and 20.7% respectively compared to 3,913 transactions and HK$29.69 billion in February. Data shows that in the first quarter of this year, Hong Kong recorded 12,449 second-hand private residential property transactions, totaling HK$94.91 billion, representing quarter-on-quarter increases of 13.6% and 12.4%. The number of transactions reached a new high in nearly 18 quarters since the third quarter of 2021 (13,084 transactions), while the transaction amount reached a new high in nearly 15 quarters since the second quarter of 2022 (HK$96.54 billion).Hungarian Foreign Minister Szijjártó: US Vice President Vances visit indicates that US-Hungarian relations have entered a new "golden era".

A fire at an Australian power station won't make the energy crisis worse, says a market operator

Charlie Brooks

Jun 20, 2022 11:04

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The fire that blasted through a New South Wales power plant over the weekend would not impact electricity supply, the Australian Energy Market Operator (AEMO) said on Sunday, ruling out a worsening of the energy crisis gripping the east of the nation.


A quarter of 23,000 megawatts (MW) of coal-fired capacity has been brought down for maintenance or unscheduled outages in the densely populated east since mid-May. Coal supply interruptions and rising worldwide coal and gas costs have aggravated the problem.


The AEMO, which runs the nation's power and gas networks and markets, said on Friday that there was sufficient electrical supply to meet the weekend's anticipated demand, relieving immediate concerns about probable east coast blackouts.


The agency announced on Twitter (NYSE:TWTR) late Saturday night that it was aware of a "substation fire" at the Tallawarra power station in Yallah, a suburb of Wollongong, a city located approximately 80 kilometers (50 miles) south of Sydney, but that the blaze was not expected to further strain power supply.


AEMO said, "We want to reassure consumers in (New South Wales) that this will not affect the electrical supply."


The fire was caused by a mechanical breakdown in a redundant transformer, according to fire officials, and more than sixty firemen are attempting to contain it.


More than 10,000 litres (2,600 gallons) of oil caught fire, and putting it out is expected to take many days, according to the news website Nine.


Matt Kean, the treasurer of New South Wales, said that the outlook for the energy market was positive after another power producer resumed operations on Saturday night.


"The recommendation of the AEMO is that there is more than adequate supply to fulfill demand for the foreseeable future," Kean told reporters in Sydney on Sunday.


The Australian Energy Market Operator (AEMO) stopped the national energy market on Wednesday, seizing control of supply and price in an unprecedented move supported by Australian Prime Minister Anthony Albanese, who claimed it was necessary to prevent "gaming" of the system.


Since then, coal-fired generators have restored 1,900 MW of power, lessening the likelihood of blackouts, according to the Australian Energy Council.

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