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March 3 – The UK government is cutting bond issuance to its lowest level in three years, reflecting an improved fiscal situation. The UK Debt Management Agency announced on Tuesday that it will sell £252.1 billion in bonds in the fiscal year beginning in April. While this figure is slightly higher than the £245 billion expected by banks in a survey, it is significantly lower than the £303.7 billion expected for the current fiscal year. Although the reduced supply is good news for bond investors, UK government bonds were still sold off this week due to inflation concerns fueled by the Middle East conflict, which could prevent the Bank of England from further cutting interest rates. Following the announcement, 10-year government bonds maintained their earlier decline, with the yield rising 15 basis points to 4.52%. This bond sale plan follows Chancellor Reeves economic statement. Although recent fiscal statements have triggered market turmoil, benchmark UK government bond yields fell to their lowest level since 2024 last week due to stronger fiscal conditions and expectations of interest rate cuts.Federal Reserve Governor Bowman: The Federal Reserve should review the effectiveness of its liquidity regulatory rules.Federal Reserve Governor Bowman: The liquidity framework does not adequately address bank stress.Federal Reserve Governor Bowman did not comment on monetary policy or the economic outlook in her prepared remarks for an event related to bank liquidity rules.March 3 - According to sources, Iraq has halted crude oil exports from its semi-autonomous Kurdish region to the Turkish port of Cheyhan. The sources indicated that producers took precautionary measures to reduce production due to the escalating conflict in the Middle East, resulting in the disruption of approximately 200,000 barrels of oil shipments per day. They noted that currently only 50,000 barrels of crude oil are being produced daily for local consumption. In previous periods of instability, energy infrastructure in Iraqs northern Kurdish region has been repeatedly targeted by attacks.

Oil Prices Rise on Expectations of A Tighter Supply As Demand Increases

Aria Thomas

May 25, 2022 09:21

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Oil prices surged in early trade on Wednesday, bolstered by limited supplies and the expectation of increased demand as the U.S. summer driving season begins.


At 00:20 GMT, Brent crude futures for July increased 46 cents, or 0.4%, to $114.02 a barrel. Futures for U.S. West Texas Intermediate (WTI) crude for delivery in July rose 58 cents, or 0.5 percent, to $110.35 per barrel.


Brent increased by 0.1% on Tuesday, while WTI declined by 52 cents.


France's new foreign minister expressed optimism on Tuesday that those remaining opposed to a new EU sanctions package that would phase out Russian oil shipments to the bloc might be persuaded and that the bloc would reach an agreement that would have the impact of constraining global supply.


Meanwhile, a Biden administration official departed for India on Tuesday to discuss U.S. sanctions on Russia over its invasion of Ukraine with Indian officials and private industry executives, according to the Treasury Department, as Washington seeks to prevent an increase in India's purchases of Russian oil. Moscow refers to its efforts in Ukraine as an "extraordinary military operation."


Supply might tighten just as Memorial Day weekend travel in the United States is anticipated to be the busiest in two years, as more Americans hit the road despite coronavirus pandemic restrictions and high fuel prices.


While oil stocks increased by 567,000 barrels last week, gasoline inventories decreased by 4.2 million barrels, according to market sources citing the American Petroleum Institute. Additionally, distillate stockpiles decreased by 949,000 barrels. 


On Wednesday, the U.S. government was due to release stockpile data. In a Reuters survey, analysts predicted that U.S. crude oil and gasoline inventories would fall last week, but distillate inventories would rise. 


In China, Beijing intensified quarantine efforts to stop its month-long COVID outbreak, while in Shanghai, officials aim to maintain the majority of restrictions in place this month, prior to a more comprehensive easing of the two-month-long lockdown on June 1.

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