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On the 22nd local time, South Koreas Joint Chiefs of Staff said that North Korea launched missiles into the waters east of the peninsula.Precious metals prices plummeted from all-time highs on Tuesday, before gold stabilized and silver edged lower in early Asian trading. Meanwhile, the US stock markets rally faltered, showing signs of buyer fatigue. A combination of factors contributed to the decline in precious metals prices, including positive trade negotiations, a stronger dollar, overbought technicals, uncertainty surrounding investor positioning due to the government shutdown, and the end of Indias seasonal buying spree. Fawad Razaqzada, an analyst at City Index and Forex.com, believes that golds recent gains have been extraordinary, driven by falling yields, continued central bank buying, and expectations of further monetary easing. "Markets rarely move in a straight line," he said. "But its premature to call the broader bull trend over. While a pullback is natural, its worth noting that many investors missed out on the previous surge. Soon, they may step in to buy the dip, which will help contain the sell-off."On October 22, Laopu Gold (06181.HK) announced on the Hong Kong Stock Exchange that on October 21, 2025 (after the trading hours of the Hong Kong Stock Exchange), the company entered into a placing agreement with the placing agent, pursuant to which the placing agent has conditionally and separately agreed to act as the agent of the Company to use its best efforts to induce a total of not less than six placees to purchase 3,711,800 new H shares in accordance with the terms and subject to the conditions contained in the placing agreement. The placing price is HK$732.49 per H share (a discount of 4.5% to the latest closing price).On October 22, bond traders were preparing for further declines in U.S. Treasury yields, even though the 30-year bond yield fell to a six-month low on Tuesday. Data showed that the cost of option bets to protect against a sharp drop in yields was rising rapidly. With the U.S. government shutdown about to become the second longest in history, coupled with renewed concerns about the credit market and escalating trade tensions, traders are pouring into high-quality safe-haven assets. The rise in the U.S. Treasury market is pushing the entire yield curve lower. Citi strategist David Bieber wrote: "In terms of positioning, the tactical deployment is clear - go long on everything, and the market is quickly chasing the appreciation of U.S. bonds."Kyiv Mayor: Russia launched an airstrike on Kyiv and Ukrainian air defense forces are operating.

Big Oil Tells Congress: Markets, Not businesses, Dictate Gasoline Pricing

Charlie Brooks

Apr 06, 2022 09:21

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The meeting, scheduled for 10:30 ET (14:30 GMT), is being held by members of the United States House Energy and Commerce Subcommittee on Oversight and Investigations to grill firms about why gasoline prices continue to rise despite falling crude oil prices, the feedstock for fuels.


US gasoline prices, pushed higher by Russia's invasion of Ukraine and Western sanctions on Moscow's energy exports, reached a record high of $4.33 a gallon on March 11 before falling to $4.17 a gallon on Wednesday, according to the AAA motorist association, a decrease of almost 4%.


Meanwhile, international oil prices have fallen even more precipitously, from a high of more than $139 per barrel in early March to about $107 per barrel on Tuesday, a decline of 23%.


"We will not sit back and allow the fossil fuel industry to exploit the American people and gouge them at the pump," Democratic subcommittee chair Diana DeGette said of the hearing, which will feature testimony from executives from Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), BP (NYSE:BP) America, Shell (LON:RDSa) America, Devon Energy Corp (NYSE:DVN), and Pioneer.


"We want to understand what is generating these record-high costs and what must be done promptly to bring them down," she added. Numerous Democrats have claimed that oil firms have earned unprecedented profits at the expense of consumers.


The oil companies will argue that labor and supply shortages are impeding a rapid return of oil production to pre-pandemic levels and that prices are determined on the international market.


Mike Wirth, CEO of Chevron, will assert that gasoline prices are determined by market forces over which firms have little influence.


"Adjustments in crude oil prices do not necessarily translate into quick changes at the pump," Wirth will explain. "And, although crude oil prices may fall more rapidly, it typically takes longer for competition among retail stations to drive down pump prices."


President Joe Biden, a Democrat, pushed oil corporations last week to increase production and prioritize serving American people above investors, as he announced a record-breaking release of oil from strategic reserves.


Chevron intends to increase capital expenditures by 50% this year, with about half going toward expanding oil and gas production and the other half toward renewable fuels and lower-carbon energy, Wirth would remark, referring to previously declared intentions.


Exxon, the largest oil firm in the United States, announced Monday that its first-quarter earnings might exceed a seven-year high. The preview provided insight into what lies ahead for other companies' oil revenues in the aftermath of Russia's incursion, which drove energy prices higher.


"No one firm determines the price of oil or gasoline," Exxon Chairman and CEO Darren Woods will testify. "The market determines the price based on the quantity of available goods and the demand for those goods."


Gretchen Watkins, president of Shell USA, will state that her business does not own or control the 13,000 petrol stations that use the Shell name. "Each of these independently owned companies is accountable for fixing the retail price of gasoline in their own communities."


Scott Sheffield, chief executive of Pioneer, the Permian Basin's largest producer, will explain that oil firms are unable to swiftly turn on the taps due to labor and supply chain bottlenecks, as well as the retirement of many rigs and hydraulic fracturing fleets in 2020 when prices were low.

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