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The API crude oil inventory data for the week ending July 17 will be released in ten minutes.On July 22, Iranian President Pezechzian emphasized on the 21st that Iran must maintain internal unity and cohesion and should not unjustly belittle the results of the negotiations. Speaking at the National Industry and Mining Day celebrations, Pezechzian said that Iran has made steady progress on important issues such as the reopening of the Strait of Hormuz and the resumption of oil exports during the negotiations. Despite the US breach of contract, Irans achievements in these processes have "far exceeded expectations." Pezechzian said that discussions about the methods and results of the negotiations are welcome within Iran, but the results should not be belittled with unfounded statements. He stressed that maintaining unity and internal cohesion is crucial to Irans current situation.Market sources indicate that U.S. Chairman of the Joint Chiefs of Staff General Dan Kane has not explicitly stated whether a U.S.-Iran conflict would include ground troop operations.The Dow Jones Industrial Average rose 385.56 points, or 0.74%, to close at 52,224.82 on Tuesday, July 21; the S&P 500 rose 65.91 points, or 0.89%, to close at 7,509.19; and the Nasdaq Composite rose 329.13 points, or 1.29%, to close at 25,837.21.July 22nd - U.S. stocks closed Tuesday with the Dow Jones Industrial Average up 0.74%, the S&P 500 up 0.89%, and the Nasdaq Composite up 1.29%. SK Hynix (SKHY.O) rose 13.7%, Micron Technology (MU.O) rose 12%, SanDisk (SNDK.O) rose 14%, Nvidia (NVDA.O) rose nearly 2%, and SpaceX (SPCX.O) rose 3%. The Nasdaq China Golden Dragon Index closed down 0.69%, and NetEase (NTES.O) fell more than 3%.

Crude Oil Tests $95 as Recession Fears and a Surging Dollar Shake the Oil Rally's Foundation

Charlie Brooks

Jul 08, 2022 11:23


On Wednesday, U.S. crude futures slid $4 to test the $95 per barrel support as recession concerns and a strengthening dollar in expectation of further rate hikes by the Federal Reserve shook the roots of this year's oil boom. After topping $97 a barrel in the previous session, the benchmark for U.S. crude oil, West Texas Intermediate, fell by more than $9.


Brent, the benchmark for international crude oil, dropped below $100 for the first time since April 25. Tuesday, Brent lost nearly $11 after a $101 examination.


Overnight, the Dollar Index, which measures the U.S. dollar to six major international currencies, surpassed 107 for the first time since December 2002. The dollar has climbed significantly since November of last year in anticipation of aggressive rate hikes by the Federal Reserve, which have just now begun to materialize.


In June, a carefully watched barometer of the U.S. services sector fell to its lowest level in twenty months, but despite rising labor and other input costs, it held up better than expected.


Separately, the U.S. Department of Labor said that the labor market may be slowing. According to its monthly study, the number of job openings declined in May to 11.254 million, which is still an all-time high. The sum was around a quarter of a million more than projected, and the government revised its estimate from May to 11,681 million.


The data on job openings was issued before the more critical nonfarm payrolls report on Friday, which is anticipated to suggest a slower rate of employment growth in June compared to May. Economists anticipate that around 268,000 payrolls were added in June, compared to 390,000 in May, keeping the unemployment rate at 3.6% for the third straight month. The Federal Reserve considers a rate of unemployment of 4 percent or less to signify full employment.


In an assessment of the energy sector, Goldman Sachs analysts wrote, "While we believe that higher consumer prices are required to stabilize the oil market this summer, we recognize that significant and huge shocks continue to distort fundamentals."



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