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Federal Reserves Barr: The Justice Departments investigation is an attack on the Feds independence.January 16th - Canadas auto sector contracted sharply in November, battered by a global chip shortage, weak demand, and increasing pressure from the U.S. trade war. The sector dragged down broader merchandise activity. Statistics Canada reported on Thursday that overall manufacturing sales fell 1.2% in the month, while wholesale revenue declined 1.8%. Both figures missed expectations; economists had forecast a 1.1% decline in factory sales and a 0.1% increase in wholesale trade. The motor vehicle sector led the decline, with manufacturing sales plunging 15.9% in November, marking the second consecutive monthly drop and reaching its lowest level since October 2022. Statistics Canada stated that auto production at a major assembly plant was severely disrupted in November due to the global semiconductor shortage. This exacerbated the effects of weak demand and trade headwinds. The data suggests that the Canadian economy is under pressure from U.S. President Donald Trumps tariff policies, and the weakening momentum foreshadows a slowdown in Canadian growth in the fourth quarter.On January 16th, soybean oil futures surged as much as 3.8% as the market anticipated the Trump administration would release long-awaited U.S. biofuel blending quotas in March. The U.S. Environmental Protection Agency (EPA) stated last year that it would raise targets for so-called biodiesel, which can be made from soybean oil and other crop feedstocks, but traders have been awaiting final details. According to sources familiar with the matter, the plan may be finalized in the coming months. However, these sources also indicated that the timeline could still change. Analyst Brett Gibbs stated that if the increased targets are adopted, biodiesel production will increase significantly. He noted, "This has always been our preferred way to support biofuels and domestic crops."Shopify (SHOP.N) shares fell further to 3%.The US Treasury auction for the four weeks ending January 15th yielded a winning bid of 3.595%, unchanged from the previous week.

News Lifts Oil The EU May Cut Off Russian Oil Imports

Charlie Brooks

Apr 15, 2022 09:50

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In April, both contracts posted their first weekly gain. Prices have been the most volatile in recent weeks since June 2020.


According to the New York Times, the European Union is considering a phased-in embargo on Russian oil to provide Germany and other nations time to secure alternative supply.


A phased-in prohibition would compel European purchasers "to seek alternate sources, some of which are being provided in the short term via Strategic Petroleum Reserve releases, but in the future, more supplies from the ground would be necessary," Lipow Oil Associates' Andrew Lipow said in Houston.


The International Energy Agency warned on Wednesday that around 3 million barrels per day of Russian oil might be shut down starting in May as a result of sanctions or importers intentionally avoiding Russian supplies.


According to Reuters, major global trading houses aim to reduce their imports of crude and gasoline from Russia's state-controlled oil corporations in May.


Russia's Energy Ministry said that access to its data on oil and gas production and exports will be restricted.


Trade will remain "a little anxious" while the conflict between Russia and Ukraine raged on and nations considered banning Russian imports, Price Futures Group analyst Phil Flynn said.


"The key issue will be how many individuals want to be oil short heading into the long weekend."


Traders also changed their positions on Thursday, when May crude oil options in the United States expire.


According to industry analysts, US oil production predictions are being revised upward despite labor and supply chain restrictions, as higher prices stimulate additional drilling and well completion activities.


US oil rigs increased by two to 548 this week, the highest level since April 2020, according to energy services company Baker Hughes.


The US Energy Information Administration said on Wednesday that the United States' oil reserves increased by more than 9 million barrels last week, owing in part to strategic reserve releases. According to a Reuters survey, analysts expected just an 863,000-barrel gain.


On the demand side, Chinese refiners are set to reduce crude throughput by about 6% this month, a level last seen in the early days of the COVID-19 pandemic two years ago, industry sources and analysts said. The move is intended to relieve pressure on bulging fuel inventories following recent lockdowns.

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