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On December 3, Iranian Parliament Speaker Mohammad Ghalibaf stated at a press conference in Tehran on December 2 that Iran supports diplomatic contact and negotiations on an equal footing. However, in previous negotiations, the United States did not address the issues but instead imposed its own demands on Iran, forcing it to surrender. Ghalibaf pointed out that the United States demanded that Iran reduce its missile range, but Irans self-defense was "non-negotiable" and it was impossible for Iran to accept this demand. He said that Europe, under direct orders from the United States, activated the "snapback" sanctions mechanism, failing to demonstrate its independent will. Due to its obedience to the United States, Europe no longer plays any role in the Iranian nuclear issue. Irans suspension of cooperation with the International Atomic Energy Agency was the "most important and accurate" decision.December 3 - Crude oil prices fell in early Asian trading after a volatile day, with ANZ research analysts stating in a commentary that geopolitical tensions disrupted the market. The analysts pointed out that, on the one hand, US envoy Witkov arrived in Moscow to meet with Russian President Putin to begin discussions on a potential peace agreement. On the other hand, tensions escalated again after Putin threatened retaliatory measures against ships aiding Ukraine.According to futures news on December 3rd, as of the week ending November 29th, Japans commercial crude oil inventories increased by 1,019,992 kiloliters from the previous week to 11,021,410 kiloliters. Japans gasoline inventories decreased by 79,425 kiloliters from the previous week to 1,674,675 kiloliters. Japans kerosene inventories decreased by 48,655 kiloliters from the previous week to 2,349,553 kiloliters. The average operating rate of Japanese refineries was 84.6%, compared to 86.5% the previous week.On December 3rd, the overnight SHIBOR was 1.3010%, down 0.10 basis points; the 7-day SHIBOR was 1.4260%, down 0.80 basis points; and the 14-day SHIBOR was 1.4650%, unchanged from the previous trading day. The 1-month SHIBOR was 1.5200%, up 0.10 basis points; and the 3-month SHIBOR was 1.5800%, unchanged from the previous trading day.Fitch: Local government debt in Australia and New Zealand is rising, but fiscal stability remains.

Oil Prices Are Low As Markets Assess Iran Tensions And China's Reopening

Haiden Holmes

Jan 30, 2023 11:30

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Oil prices remained in a tight range on Monday due to uncertainty around a drone strike on an Iranian plant and a Russia-led supply glut, despite optimism on a demand revival in China.


A U.S. official linked an Israeli drone strike on an Iranian defense site over the weekend, which might lead to an increase of political tensions in the Middle East and a disruption of global crude supply.


After the Lunar New Year vacation, Chinese markets resumed with a bang, with high expectations that the country's economic revival will be a main driver of oil demand this year. According to reports released over the weekend, travel in the country rebounded significantly during the weeklong holiday, and the government pledged to assist local economic growth.


By 21:33 ET, Brent oil prices increased 0.3% to $86.65 per barrel, while West Texas Intermediate crude futures increased 0.3% to $79.94 per barrel (02:33 GMT). However, both contracts suffered their first weekly loss in three weeks as data indicated a rise in January crude exports from Russia's Baltic ports.


Oil prices are expected to end the month of January roughly unchanged, as traders weigh a potential resurgence in Chinese demand against fears of a worldwide recession in 2019.


While a Chinese rebound is anticipated to finally help crude demand this year, the country is still battling its largest COVID-19 outbreak to date, which has created doubt regarding the timing of any recovery.


The Organization of Petroleum Exporting Countries and its allies (OPEC+) are scheduled to meet on February 1 to determine the cartel's monthly output goals.


In spite of considerable uncertainty regarding the near-term course of oil demand, it is anticipated that the company will essentially sustain current production levels.


Since the beginning of the year, oil prices have fluctuated wildly, with fears of a global recession also playing a role. Despite the fact that the U.S. economy fared better than anticipated in the fourth quarter of 2022, investors are concerned that this momentum may wane as the consequences of tighter monetary policy and relatively high inflation persist.


The markets await this week's Federal Reserve meeting for additional guidance on the world's largest economy. This week also brings key economic statistics from China and the Eurozone.

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