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November 8th - According to the latest report from the World Platinum Investment Council, the global platinum market is entering a period of sustained shortage. From the supply side, global platinum supply is highly dependent on South Africa, and mine expansion cycles can take up to three years. Faced with strong market demand, the supply side is struggling to respond quickly, meaning that the industrys structural deficit will persist for years to come, further exacerbating the tight supply situation.A U.S. judge ruled that Trumps order for the National Guard to go to Portland, Oregon, was illegal.US President Trump: Now is the time for Republican senators to stop playing tricks on the radical left Democrats, immediately stop obstructing the proceedings, immediately open the government, and pass some great legislation based on common sense!On November 8th, following shareholder approval of Elon Musks $1 trillion compensation package, his rival, U.S. electric vehicle maker Rivian, announced on Friday a compensation package worth up to $4.6 billion for CEO and founder RJ Scaringe, linking the award to the companys earnings and stock performance over the next decade. Rivian stated that Scaringe will receive options to purchase up to 36.5 million Class A common shares at an exercise price of $15.22 per share, approximately 16 million more than his previous award. The options will vest in stages over the next ten years, subject to conditions including the companys stock price reaching different target levels between $40 and $140 per share, and achieving new revenue and cash flow targets over the next seven years.On November 8th, local time, the U.S. Senate failed to pass a motion to advance the Certain Federal Employees Appropriations Act (S.3012) by a vote of 53 to 43, falling short of the 60 votes required for passage. This bill aims to provide funding for some federal employees who are required to perform their duties during the forced shutdown to mitigate the impact of the government shutdown. Although some lawmakers called for a swift restoration of funding for key sectors, the final vote showed that partisan divisions remain, and the government shutdown is unlikely to be resolved in the near future.

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. 

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