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On April 7th, analysts at First Abu Dhabi Bank stated in a report that the strength of oil prices has been and will continue to be (at least in the short term) a more structural driver of inflationary pressures. The analysts pointed out that inflationary pressures have led to a sell-off in interest rates as expectations of central bank rate cuts have faded. Previously, the market had anticipated two to three rate cuts by the Federal Reserve this year, but these expectations have been ruled out. LSEG data shows that the money market currently expects US policy rates to remain largely unchanged in 2026, with a very slight tightening bias. The market has even priced in a more hawkish rate hike scenario by the European Central Bank and the Bank of England by the end of this year, with increases of 74 basis points and 56 basis points respectively, "largely a result of imported energy inflation in Europe."Air India has announced an increase in its fuel surcharge due to a sharp rise in global jet fuel prices.Market news: Hungarian Prime Minister Viktor Orbán and US Vice President Vance will agree to purchase oil from the US during their meeting.April 7th - According to data monitored by Centaline Property Agency (Hong Kong), Hong Kong recorded 4,621 second-hand private residential property transactions in March, totaling HK$35.84 billion, representing increases of 18.1% and 20.7% respectively compared to 3,913 transactions and HK$29.69 billion in February. Data shows that in the first quarter of this year, Hong Kong recorded 12,449 second-hand private residential property transactions, totaling HK$94.91 billion, representing quarter-on-quarter increases of 13.6% and 12.4%. The number of transactions reached a new high in nearly 18 quarters since the third quarter of 2021 (13,084 transactions), while the transaction amount reached a new high in nearly 15 quarters since the second quarter of 2022 (HK$96.54 billion).Hungarian Foreign Minister Szijjártó: US Vice President Vances visit indicates that US-Hungarian relations have entered a new "golden era".

Oil Prices Decline As U.S. Stocks Rise And China Anxiety Rises

Haiden Holmes

Dec 30, 2022 11:24

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On Thursday, U.S. crude oil prices closed down as a result of an unexpected increase in U.S. weekly crude inventories and continued concerns about the demand outlook in the wake of intensifying cases in China.


On the New York Mercantile Exchange, oil futures settled at $78.40 per barrel, down $0.56, while Brent futures settled at $84.66 per barrel, down $0.53.


Contrary to expectations of a decrease of 1.5 million barrels, U.S. oil inventories grew by 718,000 barrels for the week ending December 23, as reported by the Energy Information Administration (EIA).


Inventories of gasoline unexpectedly declined by 3.1 million barrels, the highest decrease since September, above forecasts for a rise of 520,000 barrels, while distillate supplies grew by 282,000 barrels, below estimates for a decrease of 2.05 million barrels.


The EIA's mixed petroleum data comes at a time when numerous nations are poised to impose new travel restrictions on Chinese tourists, dimming some of the euphoria that had followed the month-long removal of COVID restrictions. Multiple nations, including the United States, Italy, and Japan, imposed testing requirements on Chinese tourists.


It is anticipated that the efforts of the Biden administration to replenish the Strategic Petroleum Reserve by acquiring crude oil in the first quarter of 2016 will increase demand.


According to Craig Erlam, a senior market analyst at OANDA, efforts to replenish strategic petroleum stocks "should be positive for the market and should have provided some support."


Goldman Sachs decreased its price forecast for Brent crude in 2023 to $90/bbl from $110/bbl before, citing the recent decline in commodity prices, but highlighted that it remained bullish on oil prices in the medium term.


Goldman Sachs commented, "For oil prices, we remain bullish on oil prices in the immediate future due to the prospect of rising China demand, decreased supply growth from US shale due to discipline/tight service markets, and OPEC+ quota reduction."

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