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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".

Biden Reversing Trump's Decision to Expand Oil Drilling in The Arctic

Haiden Holmes

Apr 26, 2022 10:01

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On Monday, the Biden administration rescinded a Trump administration proposal that would have permitted the government to lease more than two-thirds of the country's greatest tract of public property to oil and gas drilling.


The decision by the Bureau of Land Management reduces the amount of land available for lease in Alaska's National Petroleum Reserve, a nearly 23 million-acre zone home to species such as caribou and polar bears.


The decision reverts to an Obama-era plan that authorizes fossil fuel exploitation in up to 52% of the reserve, vs the Trump administration's desire to open up 82 percent of the land to drilling. Additionally, it will reinstall some environmental safeguards for designated portions of the reserve, including Teshekpuk Lake, a wildlife-rich wetland complex.


The action comes after the Bureau of Land Management awarded the fewest oil and gas permits for drilling on public lands under the Biden administration earlier this year.

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