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February 23rd, Futures News: Economies.com analysts latest view: Brent crude oil futures prices have retreated, attempting to find a higher retracement low as a base to help them gain the necessary bullish momentum for a rebound and further gains. In the short term, the main bullish trend remains dominant, and prices continue to trade above the 50-day EMA, further enhancing the likelihood of a short-term rebound. Meanwhile, the Relative Strength Index (RSI), after digesting overbought conditions, has shown positive converging signals, providing strong support for Brent crude oil futures to achieve new gains.Despite the ban on European Central Bank staff receiving compensation, ECB President Christine Lagarde still received €140,000 from the Bank for International Settlements.Even as the US and Iran signaled their intention to negotiate, the risk of a US military strike against Iran remains. Russias Sputnik news agency reported on February 22 that, citing a former CIA operative, US media outlets stated that the US might launch a military strike against Iran on February 23 or 24.The China Earthquake Networks Center officially reported that a magnitude 3.3 earthquake occurred at 12:34 on February 23 in Yuli County, Bayingolin Mongol Autonomous Prefecture, Xinjiang (40.97 degrees north latitude, 84.31 degrees east longitude), with a focal depth of 18 kilometers.Former Bank of Japan board member Makoto Sakurai stated that if the yen weakens again before the expected Japan-US summit in March, the Bank of Japan could raise interest rates as early as March. Sakurai said, "Intervention in the exchange rate will only have a temporary effect on curbing yen selling pressure. The best way to deal with a weak yen is for the Bank of Japan to raise interest rates." Sakurai added that further yen depreciation would push up inflation by increasing import costs and offset some of the downward pressure from government fuel subsidies. He further added that if a significant yen depreciation is needed, the Bank of Japan could raise interest rates as early as March, citing the expectation of strong wage growth from companies and unions in the spring annual wage negotiations.

International oil prices hit a new high in the past seven years, a major dilemma in the northern hemisphere is getting worse

Oct 26, 2021 11:01

On Monday (October 11), international oil prices soared again, continuing the previous seven-week streak, because the energy crisis that plagued the major economies showed no signs of alleviation due to the recovery of economic activities and the limited supply of major producing countries .

GMT+8 15:21, NYMEX crude oil futures rose 1.94% to US$80.89/barrel; ICE Brent crude oil futures rose 1.58% to US$83.69/barrel. The two cities respectively refreshed their highs since October 31, 2014 to US$81.10/barrel and their highs since October 10, 2018 to US$83.88/barrel.


As more people who have been vaccinated get rid of the lockdown, economic recovery is gaining momentum, and coal and natural gas prices have soared, making oil more attractive as a fuel for power generation, driving the oil market higher. The two major crude oil markets have been rising for seven consecutive weeks.

Due to coal shortages, major Asian economies are experiencing power shortages. The Central Bank of India kept its policy interest rate unchanged last week, lowering its retail inflation forecast for the current fiscal year ending in March 2022 from 5.7% to 5.3%, but at the same time warned of the risks posed by rising fuel prices.

With the increase in heating demand, the energy crisis sweeping the world is exacerbating the predicament of wintering in the northern hemisphere. ING Economics said in a report: “Considering the expected demand boost due to the conversion of natural gas to oil, the market has shown interest in related demand adjustments.”

Kelvin Wong, a commodity analyst at CMC Markets in Singapore, said: "There is no new fundamental news that directly affects price trends in the day. Inter-market factors suggest that inflation expectations are further rising, which is supporting the bullish trend of oil prices."

The US Commodity Futures Trading Commission (CFTC) said on Friday (October 8) that as of the week of October 5, fund managers increased their net long positions in crude oil futures and options by 8,902 to 325,578.

The latest data from Baker Hughes of the United States shows that, taking advantage of rising prices, US oil and gas drillers added 5 new wells last week. This is the fifth consecutive week of increase in oil and gas drilling platforms.

The Organization of Petroleum Exporting Countries and its allies (OPEC+) decided last week to maintain the current policy of increasing production by 400,000 barrels per day per month. OPEC will release its monthly report later this week.

A person familiar with the matter said on Monday that Saudi Aramco has agreed to supply at least two North Asian buyers with additional crude oil in November, while meeting the full contract volume of the other three buyers. One of the sources said that the supply is expected to be fully sufficient this month.

Saudi Aramco will also reduce the price of crude oil sold to Asia for the second consecutive month in November, which shows that as OPEC+ gradually increases production before the end of the year, Saudi Arabia is eager to remain competitive.

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