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The Iranian Revolutionary Guard: New rules for the management of the Persian Gulf have been established and will be implemented in accordance with the Supreme Leaders historic directives.On May 2nd, Iran submitted a new proposal to Washington aimed at ending the war, showing signs of compromise and a desire to restart negotiations to resolve the deadlock that is taking a heavy toll on its economy. Sources revealed that Irans new proposal moves closer to the US: it proposes discussing Tehrans conditions for opening the Strait of Hormuz alongside a US commitment to cease attacks and lift the blockade on Iranian ports. Previously, Iran had demanded the US lift the blockade as a prerequisite for negotiations and required the US to reach an agreement on the terms of ending the war before discussing the future management of the Strait and its nuclear program. Sources also indicated that the new proposal subsequently suggested discussing issues related to Irans nuclear program in exchange for US sanctions relief. Iran has indicated to mediators that if Washington is open to the new proposal, Iran is prepared to travel to Pakistan early next week for talks.On May 2nd, US President Trump stated that the US and Iran are still negotiating, and the talks are being conducted by telephone. Last weekend, Trump withdrew his delegation from a planned trip to Islamabad, citing that the trip would take too long to reach an agreement he could not accept.May 2nd - According to the U.S. Central Command, the U.S. military continued patrols in international waters and maintained a maritime blockade against Iran on May 1st local time. The U.S. stated that 45 commercial vessels have been ordered to turn back or return to port to ensure compliance with relevant restrictions. The blockade operation is ongoing.The Director General of the European Automobile Manufacturers Association stated that the reinstatement of the 27.5% tariff and the indefinite trade dispute would severely damage European car manufacturers, their employees, and the entire EU economy.

Natural Gas, WTI Oil, Brent Oil – Oil Markets Move Higher After CPI Data

Cory Russell

Jan 13, 2023 16:05

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natural gas

The EIA Weekly Natural Gas Storage Report was the main topic of discussion today among gas dealers. In contrast to the analyst estimate of -13 Bcf, the data showed that working gas in storage grew by 11 Bcf from the previous week. Following the publication of the EIA data, natural gas prices rose further as traders concentrated on projections that suggest the weather may get colder starting on January 23.

WTI Oil

WTI oil prices are increasing as traders anticipate more demand from China. Data on US inflation gave oil prices even more support. A less hawkish Fed will benefit oil markets because lower interest rates would ease economic pressure.

Brent Oil

As traders continue to concentrate on the reopening of China's economy, Brent oil is now attempting to settle above the 50 EMA at $84.55. If Brent oil is able to hold above this point, it will continue to rise and move in the direction of the next resistance level at $86.00.

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