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On April 29th, Japanese Prime Minister Sanae Takaichi posted on social media: "We have confirmed that a Japanese-affiliated vessel that was previously stranded in the Persian Gulf safely passed through the Strait of Hormuz on April 29th and has now withdrawn from the Persian Gulf, heading towards Japan. There were three Japanese crew members on board. Japan has consistently maintained that it is imperative to ensure the freedom and safety of all vessels, including Japanese ships, in the Strait of Hormuz as soon as possible. Japan will seize every opportunity to engage with Iran. I have personally conveyed this position of our country to Iranian President Pezechzian."The main contract for the container shipping index (European route) rose by 3.00% during the day, currently trading at 2295.0 points.April 29 - Kazakhstans Energy Ministry said on Wednesday that it has no plans to withdraw from OPEC+, a day after the United Arab Emirates announced its withdrawal from the oil-producing organization amid the energy crisis triggered by the war with Iran.April 29th - The World Gold Council estimates that global central banks increased their gold reserves at the fastest pace in over a year in the first quarter, driven by a buying spree triggered by falling gold prices. Data shows that official institutions made net purchases of 244 tons of gold in the first quarter, up from 208 tons in the previous quarter. Poland, Uzbekistan, and China were the largest disclosed buyers, with some purchases remaining undisclosed. Gold prices have fluctuated significantly this year, hitting a record high at the end of January before falling in March following the outbreak of the Iraq War. John Reade, chief strategist at the World Gold Council, stated, "This is the first significant pullback in gold prices in some time, allowing central banks that may have been waiting on the sidelines to enter the market and buy heavily." Several other central banks also reduced their holdings in the first quarter. Turkey, Russia, and Azerbaijan, along with other smaller central banks and sovereign wealth funds, reduced their holdings by approximately 115 tons. These moves initially raised concerns about continued institutional buying, a trend that has been a key driver of gold price increases for many years.Mercedes CFO: Increased electric vehicle production is expected to boost sales in the second half of the year, but this is also expected to dilute profits to some extent.

Labor Strike, Political Unrest Fanning Tight Supply Concerns

Skylar Shaw

Jul 05, 2022 15:16

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Norwegian offshore workers started a walkout on Tuesday that would lower the amount of oil and gas produced, the union in charge of the industrial action told Reuters.


America West Texas Tuesday's little increase in intermediate crude oil futures is being attributed to growing supply shortage concerns. A strike by Norwegian workers and political upheaval in Libya are fueling these worries.


Norwegian offshore workers started a walkout on Tuesday that would lower the amount of oil and gas produced, the union in charge of the industrial action told Reuters.


ANZ Research analysts said in a note that Libya risks more supply interruptions as a result of rising political upheaval, making it even less likely that OPEC would reach its recently enhanced output limit.

August Comex gold futures are now trading at $110.36, up $1.93 or +1.78 percent, at 05:29 GMT. The United States Oil Fund ETF (USO) closed at $81.70 on Friday, an increase of $1.35 or 1.68 percent.


Another encouraging development is that OPEC is struggling to fulfill the agreed-upon oil production goals. According to a Reuters poll, OPEC's ten members produced 100,000 less barrels per day (bpd) in June than they had promised to boost production by approximately 275,000 bpd.

The near future

The early Tuesday direction of the August WTI crude oil market will probably be determined by trader response to the short-term 50% level at $111.21.

Positive Scenario

A consistent increase over $111.21 will signal the presence of buyers. Looking for a surge through the short-term Fibonacci level at $113.49, then the major top at $114.05. If this move provides enough upward momentum.


The uptrend will be confirmed if $114.05 is taken out, with a minor top at $116.58 being the next probable destination.

Grizzly Situation

When prices move consistently below $111.21, sellers are present. Due to a string of minor retracement levels around $109.06, $107.79, and $106.31, this might result in a laborious break. The latter is the last possible support before the bottom at $104.56.

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