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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

Oil Prices Recoup Weekly Losses on The Prospect of Reduced Supply

Haiden Holmes

Feb 24, 2023 11:49

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Oil prices rose on Friday and were close to trading in the black for the week, as the prospect of deeper-than-anticipated cuts in Russian supplies outweighed worries that rising interest rates will dampen demand this year.


Crude prices marked a strong recovery from recent losses on Thursday as a Reuters report indicated that Russia plans to cut up to 25 percent of oil exports from its western ports in March, which is more than the 500 thousand barrels per day supply cut announced earlier.


By 21:06 ET, Brent oil futures increased 0.3% to $82.75 per barrel, whereas West Texas Intermediate crude futures increased 0.8% to $75.97 per barrel (02:06 GMT). Both contracts were trading down less than 0.5% for the week, having reduced their initial losses substantially.


The possibility of deeper Russian supply cuts helped markets overlook a larger-than-anticipated increase in U.S. petroleum inventories, which rose for the ninth consecutive week despite a slowdown in domestic consumption.


Fears of a further decline in petroleum demand weighed on oil prices this week, as hawkish signals and economic data flooded the market. The Fed's hawkish posture was strengthened by signs of resilience in the U.S. labor market and by high inflation readings for January and the fourth quarter.


The dollar's strength also weighed on crude markets, as a stronger currency makes oil more expensive for international buyers.


Focus is now on the Fed's preferred inflation gauge, the Personal Consumption Expenditures price index, for additional monetary policy indicators. It is anticipated that the reading will confirm that inflation remained elevated through January.


Thursday's downward revision of U.S. GDP data for the fourth quarter suggests that rising interest rates may have had a greater impact than anticipated on the U.S. economy thus far. While slowing growth portends unfavorably for crude demand, it could also reduce the Fed's room to continue raising interest rates.


This week's high inflation rates in Singapore, the Eurozone, and Japan have also raised concerns about tightening global monetary conditions. Oil prices are trading lower for the year amid persistent concerns of a global recession this year.


Despite this, oil investors continue to anticipate a rebound in Chinese demand after the world's largest oil importer relaxed the majority of anti-COVID measures this year.


However, early economic indicators from the country indicate that portions of the economy continue to struggle in the wake of the pandemic.