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UBS: Raises gold price target from $3,000/oz to $3,200/oz amid rising risks.On March 17, Indian Prime Minister Narendra Modi said that US President Trump is "better prepared" for his second term and has provided a clear roadmap. In a few weeks, Washington plans to impose reciprocal tariffs. India will be one of the trading partners facing tariffs starting in April, which may cause difficulties for Indian exporters in industries ranging from automobiles to agriculture. After Modi and Trump met last month, the two countries agreed to resolve the tariff dispute by the fall of 2025. "This time, he seems to be more prepared than before," Modi said. "He has a clear roadmap in his mind with clear steps, each designed to lead him to his goals." Modi also praised Trumps "kindness and humility", emphasizing the close ties between the leaders of the two countries. "His (Trumps) expression reflects his America First spirit, just as I believe in country first. I represent India first, and thats why we are so well connected," Modi said.Japans 40-year government bond yield rose to 3%, the highest level since it was issued in 2007.Japans 30-year government bond yield rose to 2.63%, the highest level since April 2006.On March 17, Morgan Stanley published a report, indicating that according to the full-year performance of 2024, the earnings forecast of Haifeng International (01308.HK) was adjusted, and the earnings per share forecast for 2025 was raised by 2%, the earnings per share forecast for 2026 was raised by 6%, and the earnings per share forecast for 2027 was introduced to 19 US cents. The bank believes that further earnings revisions in the downward cycle of container shipping from 2025 to 2026 will put pressure on Haifeng Internationals valuation. Therefore, the bull market-benchmark-bear market target price-earnings ratios were adjusted from 14 times, 11 times and 7 times to 12 times, 9.5 times and 6.0 times, respectively. The baseline scenario valuation multiples are basically in line with the historical average since 2011, taking into account the potential special dividends from 2025 to 2026, while the bull market scenario valuation falls within a standard deviation range. Based on this, the bank lowered the weighted target price of Haifeng International from the previous HK$21.3 to HK$18.8, and the rating was "in line with the market".

As WTI prices fall below $100, the number of U.S. oil rigs does not change

Skylar Williams

Jul 25, 2022 11:44

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According to numbers issued by Baker Hughes on Friday, the total number of active drilling rigs in the United States rose by two this week.


This week, there were 758 operational drilling rigs, 267 more than at the same time in 2021.


This week, there were 599 active oil rigs in the United States. To 155, the number of gas wells increased by 2. At 4, the number of diverse rigs remained steady.


This week, there were 349 rigs in the Permian Basin, one less than last week. The number of rigs in Eagle Ford increased by one to seventy. There are 107 more oil and gas rigs in the Permian than there were at this time last year.


Frac Spread Count, a measure of the number of crews completing unfinished wells — a more efficient use of resources than drilling new wells — declined to 279 for the week ending July 15 from 244 during the same week one year prior.


During the week ending July 15, the United States produced 11.9 million barrels per day (bpd) of crude oil, down 100,000 barrels per day (bpd) from the previous week.


As of 10:00 a.m. EDT, oil prices were trending up on the day, but somewhat lower for the week, as recession fears continued to outweigh the Russia factor. WTI was trading at $96.53, which was an increase of $0.18 per barrel (+0.19 percent) on the day but a decrease of little more than $1 per barrel week-over-week. The Brent benchmark traded at $104.50 a barrel, a daily increase of $0.65 (+0.63 percent) and a weekly increase of approximately $3.


At 1:06 p.m. ET, WTI was trading at $96.70 per barrel and Brent was trading at $104.80 per barrel; both were up on the day.