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Energy services company Baker Hughes said Thursday that U.S. energy companies added the number of oil and gas rigs this week for the first time in three weeks. As an early indicator of future production, the number of oil and gas rigs increased by five in the week ending April 2, reaching 548. Baker Hughes said that despite this weeks increase, the total number of rigs is still 42 fewer than the same period last year, a decrease of 7.1%. Baker Hughes said that two oil rigs were added this week, reaching 411; and three gas rigs were added, reaching 130. Due to falling U.S. oil prices, prompting energy companies to focus more on improving shareholder returns and paying off debt rather than increasing production, the number of oil and gas rigs is projected to decline by about 7% in 2025, 5% in 2024, and 20% in 2023.Amazon (AMZN.O) will begin charging sellers using its fulfillment services a 3.5% "fuel and logistics" surcharge later this month, joining a growing number of logistics companies raising shipping costs due to rising oil prices caused by the Iran war. For Fulfilled by Amazon (FBA) customers, the fee will take effect on April 17 in the United States and Canada. Starting May 2, Amazon will charge the surcharge on goods shipped by merchants selling on its own website or through other retailers. An Amazon spokesperson said in a statement Thursday, "Rising fuel and logistics costs have increased operating costs across the industry. We have absorbed these cost increases so far, but like other major logistics companies, we implement temporary surcharges to partially offset these costs when they remain high." More than 60% of the products on Amazons platform are sold by independent merchants who pay Amazon sales commissions as well as warehousing and fulfillment fees. This additional fee demonstrates that Amazon is using its marketplace model to pass on rising costs to merchants rather than consumers.The Federal Reserve accepted a total of $327 million from three counterparties in its fixed-rate reverse repurchase operations.Baker Hughes: U.S. drilling companies have increased the number of oil and gas drilling rigs for the first time in three weeks.According to CNN: US President Trump has dismissed Pam Bondi from her post as US Attorney General.

Gold Price Prediction: XAU/USD Volatility Decreasing Above $1,860 Prior to US Inflation

Alina Haynes

Feb 13, 2023 14:32

截屏2022-06-07 下午5.15.45.png 

 

Gold price (XAU/USD) volatility is decreasing ahead of U.S. inflation data that could provide fresh momentum. The price of the precious metal is fluctuating above $1,860.00. Nonetheless, the downside appears to be preferred as market players' risk appetite plummets.

 

During the Asian session, the US Dollar Index (DXY) is battling to break above the crucial resistance level of 103.35. S&P500 futures have suffered more losses as quarterly earnings have dampened expectations for risk-perceived assets. In addition, the repeated destruction of unexplained flying objects by the Pentagon's radar has impacted market sentiment. The alpha generated by 10-year US government bonds has fallen below 3.74 percent.

 

The Federal Reserve (Fed) has reignited concerns about future interest rate hikes, which has frightened market sentiment. Patrick Harker, president of the Federal Reserve Bank of Philadelphia, anticipates that interest rates will exceed 5% this year, as inflation remains elevated. He believes that higher interest rates should be maintained for a longer period of time to attain price stability.

 

The announcement of the US Consumer Price Index (CPI) will provide reassuring information for interest rates. According to a Reuters survey, both the headline and core CPI are anticipated to increase by 0.4% on a monthly basis.


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