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The yield on Japans 30-year government bonds rose 4.0 basis points to 3.635%. The yield on Japans 20-year government bonds rose 4.5 basis points to 3.310%.Futures News, April 9th: Overnight oil prices fell sharply, and the news in the fuel oil market turned bearish. Traders adopted a cautious wait-and-see approach, resulting in sparse actual trading. The bearish news is unfavorable for supporting prices. It is expected that today, refineries will increase production and negotiate prices, with some remaining deadlocked and others lowering prices to encourage sales.Reserve Bank of New Zealand Governor Brehman: Previous rate cuts are still providing some stimulus to the economy.Bank of Japan Governor Kazuo Ueda will attend a meeting of the House of Councillors Finance Committee from 04:15 to 04:40 GMT (12:15 to 12:40 Beijing time).Futures News, April 9th: 1. Heavy rainfall and severe convective weather are expected in southern Jianghuai and northern Jiangnan regions. From April 9th to 10th, moderate to heavy rain is expected in parts of southern Jianghuai and northern Jiangnan, with localized torrential rain or extremely heavy rain, accompanied by short-term heavy rainfall, thunderstorms, strong winds, or hail. ② The Central Meteorological Observatory continued to issue a blue rainstorm warning and a yellow convective weather warning at 06:00 on April 9th. It is expected that from 08:00 on April 9th to 08:00 on April 10th, heavy rain is expected in parts of southern Anhui, southern Jiangsu, southeastern Hubei, northeastern Hunan, northern Jiangxi, and northern Zhejiang, with torrential rain in parts of southern Anhui, northern Jiangxi, and northern Zhejiang, and localized extremely heavy rain (100-110 mm). These areas will also experience short-term heavy rainfall (maximum hourly rainfall of 20-40 mm, locally exceeding 50 mm). 1. Thunderstorms with winds of level 8 or higher, or hail, are expected in parts of eastern Jianghan Plain and northern Jiangnan region. Parts of southeastern Hubei, northern Jiangxi, and northeastern Hunan will experience thunderstorms with winds of level 10 or higher, with maximum wind speeds reaching level 11 or higher. The possibility of tornadoes cannot be ruled out in some areas. 2. Heavy rainfall occurred in Argentina and Brazil. Yesterday, moderate to heavy rain occurred in eastern Argentina, southern Brazil, Uruguay, southern Paraguay, the southeastern coast of the United States, northern Palestine, Indonesia, and Malaysia, with some areas experiencing torrential rain or extremely heavy rain. In addition, moderate to heavy snow or sleet occurred in southern Canada, the Great Lakes region, the Labrador Peninsula, Iceland, Norway, Finland, central Russia, and northern Inner Mongolia, with some areas experiencing blizzards or extremely heavy snow. 3. Blizzards occurred in central and southern Russia and the Far East. Over the next three days, affected by a cold vortex, moderate to heavy snow or sleet is expected in parts of southern Central Siberia, the Far East, northern Mongolia, Kyrgyzstan, Tajikistan, and high-altitude areas of central Afghanistan, with some areas experiencing heavy to blizzard conditions and localized blizzards.

Oil Extends Gains After News of EU Proposal For Russian Oil Ban

Haiden Holmes

May 05, 2022 09:53

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Oil prices rose up at the start of Asian trade on Thursday, extending gains from the previous session, following the European Union's proposal of further sanctions against Russia, including a six-month crude oil embargo.


By 0:02 GMT, Brent crude futures were up 22 cents to $110.36 a barrel. The price of WTI crude futures increased by 15 cents to $107.96 a barrel.


On Wednesday, both benchmarks increased by more over $5 a barrel.


The plan, announced by European Commission President Ursula von der Leyen and requiring unanimous approval by the EU's 27 member states to become law, calls for the phase-out of Russian crude oil supplies in six months and refined products by the end of 2022. Additionally, it seeks to prohibit EU corporations from providing shipping, brokerage, insurance, and financing services for the shipment of Russian oil within a month.


However, the EU confronts the challenge of finding alternatives as it imports approximately 3.5 million barrels of Russian oil and petroleum products daily and is also reliant on Moscow's gas supplies.


A few eastern European countries are concerned that the stop will not provide them with the time to adapt.


Market traders expected the Organization of the Petroleum Exporting Countries and Associated Producers' meeting on Thursday, dubbed OPEC+.


The group is poised to agree to increase monthly output objectives by 432,000 barrels per day (bpd) in June, according to four OPEC+ delegates.


According to the US Energy Information Administration, oil stockpiles increased marginally last week. Stocks increased by 1.2 million barrels as the US increased the amount of crude released from its strategic reserves.