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Futures market data from September 15th indicated that OPEC+ continued to increase production, but with complex policies and renewed geopolitical uncertainty, crude oil prices consolidated in the previous week, but the extent of the increase was limited. This week, the market will continue to monitor geopolitical developments. Supply concerns stemming from sanctions against Russia will continue to support the oil market, but seasonal shifts in US oil demand and the prospect of an oil glut will continue to exert pressure. Furthermore, with the Federal Reserve meeting approaching, the market is cautious, and crude oil prices are expected to remain consolidated and volatile.On September 15th, with the popularity of Googles NanoBanana image generation model, Google Geminis downloads in the US AppStore have surpassed ChatGPT, becoming the number one application on the free list.Berenberg: Raised Oracle (ORCL.N) target price to $306 from $202.September 15th news: In the early morning of September 15th local time, Yemeni Houthi armed spokesman Yahya Saraya issued a video statement on the social platform saying that the Houthi armed forces launched a total of 4 drones to attack 2 Israeli targets, of which 3 drones attacked Israel’s second largest airport-Ramon Airport, and another drone attacked Israeli military targets in the Negev region.On September 15th, if the Bank of England halts its active sales of gilts at a key decision this week, British Chancellor of the Exchequer Reeves will need to raise an additional £4 billion (US$5.4 billion) to keep his budget on track. In addition to Thursdays interest rate decision, the Bank of England will also announce the pace of reduction in its crisis-era quantitative easing bond portfolio over the next 12 months—a potentially daunting challenge for Reeves as he prepares to deliver the budget on November 26th. Since the Bank of Englands gilt holdings are currently losing money, a decision to slow the pace of reduction would increase the burden on British taxpayers. This would be a significant blow to Reeves, who already needs to raise £35 billion after rising borrowing costs, a weak growth outlook, and a series of sharp policy shifts that have depleted fiscal buffers. The Bank of England faces a dilemma: balancing the fiscal costs of slowing gilt sales with the risk of exacerbating financial market instability by continuing to ask investors for large-scale bond purchases. This month, the yield on 30-year gilts hit its highest level since 1998.

Oil Maintains Stability as Traders Assess Ukraine's Fallout and China's Outbreak

Charlie Brooks

Apr 27, 2022 09:33

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West Texas Intermediate futures rose 3.2 percent Tuesday, snapping a two-day losing streak. Russia has announced the suspension of natural gas supplies to Poland and Bulgaria, as the European Union considers measures to restrict oil imports from the OPEC+ producer. Meanwhile, China is pursuing its Covid Zero policy and virus testing the majority of Beijing as an unprecedented lockdown approaches.


Since Russia's invasion of Ukraine in late February, the market has been gripped by a volatile period of trading, with the viral outbreak in China providing another source of instability. The European conflict has fueled inflation and increased the cost of virtually everything, from food to petrol.


Moscow is enforcing a threat to cut off natural gas supplies to countries who resist President Vladimir Putin's new demand for payment in rubles for the fuel. Although the EU has rejected the move in principle, payment deadlines are approaching. Meanwhile, Germany's economy minister stated that the country had already reduced its dependence on Russian oil to the point where a complete ban would be "manageable."


Brent is narrowly in backwardation following Tuesday's close to a bearish contango structure. The worldwide benchmark's prompt timespread was 38 cents in backwardation – a bullish trend – compared to a high of $4.64 in early March, immediately following Russia's invasion of Ukraine.

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