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Supermicro (SMCI.O) shares fell more than 25% after the company announced plans to raise $7 billion through equity financing.On June 11, following Trumps remarks about possible further attacks on Iran, Ibrahim Aziz, head of the Iranian Parliaments National Security Committee, posted a strong statement on social media. He stated, "We are not afraid to fight the losers. American casualties are already far higher than Trump has admitted, and will continue to rise. This time, the war will not be confined to this region. We will wait and see!"On June 11, the U.S. Department of Energy announced on Wednesday that the United States is seeking to lend up to 40 million barrels of its Strategic Petroleum Reserve (SPR) to energy companies to help lower fuel prices. This plan is part of a previous agreement to release 172 million barrels of SPR. To date, the U.S. has lent approximately 133 million barrels of crude oil under that agreement. In March of this year, following the U.S. and Israels war against Iran on February 28, the U.S. reached an agreement with approximately 30 member countries of the International Energy Agency to release approximately 400 million barrels of strategic reserves to help stabilize the international oil market. Currently, U.S. SPR inventories stand at 349.2 million barrels, the lowest level since August 2023. Companies that borrow crude oil must return an equivalent amount of crude oil and pay a premium of up to 24% in the form of additional crude oil.The Nasdaq fell as much as 2% in late trading, the Dow Jones Industrial Average dropped 1.6%, and the S&P 500 fell 1.5%.According to the Financial Times, the EU plans to continue providing free carbon emission allowances to businesses into the 2040s, eliminating the current 2039 deadline.

Oil Prices Near 2-Month Lows as Supply Concerns Ease

Haiden Holmes

Nov 21, 2022 11:27

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Oil prices remained at two-month lows Monday as supply fears abated and China's gasoline consumption and rising interest rates weighed on the market.


Brent oil futures for January slipped 28 cents, or 0.3%, to $87.34 a barrel, their lowest level since September 27.


U.S. West Texas Intermediate (WTI) oil futures for December were trading at $80 a barrel, down 8 cents. January contract fell 21 cents to $79.90 per barrel.


Brent and WTI fell 9% and 10%, respectively, to their lowest prices since September 27.


Last week, the front-month Brent and WTI crude futures spreads narrowed sharply, reflecting diminishing supply anxieties.


As refiners stockpiled ahead of the December 5 EU oil embargo, tight crude supplies in Europe loosened, putting pressure on crude markets in Europe, Africa, and the U.S.


EU's energy policy chief told Reuters that the EU plans to finish its laws by December 5, when a G7 pact to regulate Russian oil prices takes effect.


RBC Capital analyst Mike Tran said the dismal December WTI contract expiry was due to paper market selling, not physical market weakness.


"Tight global inventories don't sustain barrel excess contango," he added.


Although North Sea and West African spot market indicators are weak, they don't imply alarm.


Europe and the U.S. fought for restricted diesel barrel markets. China's diesel exports nearly doubled year-over-year to 1.06 million tonnes in October, but were lower than September's 1.75 million tonnes.


COVID-19 restrictions continue to stifle demand in the world's leading crude importer, while expected interest rate hikes elsewhere have boosted the dollar, making dollar-denominated commodities more expensive for investors.

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