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May 5th - Markets widely expect the Reserve Bank of Australia (RBA) to raise interest rates again after its May 5th meeting. However, ANZ analysts believe that after the May rate hike, the RBA will shift to a more neutral stance, providing more room to wait and observe the full impact of the Middle East conflict on inflation. The wording in the banks post-meeting statement will be more skewed, opening the door to extending the pause in rate hikes. Even if the RBA raises rates as expected in May, it still believes the cash rate will remain at 4.35% (future). Although RBA Governor Bullock did not explicitly hint at further rate hikes, she maintained a generally hawkish tone regarding keeping policy restrained. Recent signs of continued tightness in the Australian labor market also provide the RBA with more room to raise rates.May 5th - According to a report by the Iranian Students News Agency on May 4th, in response to US President Trumps plan to "guide" ships stranded in the Strait of Hormuz to leave, Ibrahim Rezaei, spokesperson for the Iranian Parliaments National Security and Foreign Policy Committee, stated that if Iran wants to reopen the Strait of Hormuz, it must either accept defeat and reach an agreement recognizing Irans dominance over the strait, or return to the battlefield and bear further consequences.May 5th - According to China Railway Shanghai Bureau Group Co., Ltd., May 5th is the last day of the May Day holiday, and the Yangtze River Delta railway is experiencing its peak return passenger flow, with an estimated 4.28 million passengers transported that day. In addition to implementing the peak-hour train schedule, the railway department plans to add 469 passenger trains, double-unitize 289 high-speed trains, and add 89 carriages to regular passenger trains to fully meet the travel needs of passengers returning home.On its first day of trading, Hong Kong-listed Tianxing Medical (01609.HK) opened at HK$288, a surge of over 192%, compared to its offering price of HK$98.5.On Tuesday, May 5, the Hang Seng Index opened down 150.13 points, or 0.58%, at 25,945.75; the Hang Seng Tech Index opened down 27.58 points, or 0.55%, at 4,949.12; the H-share Index opened down 38.04 points, or 0.43%, at 8,736.35; and the Red Chip Index opened down 8.68 points, or 0.2%, at 4,402.56.

Oil Prices Rose 3% Despite An Unexpected Increase in U.S. Crude Inventories

Haiden Holmes

Jan 12, 2023 11:21

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On Wednesday, oil prices rose 3% to a one-week high as optimism for a stronger global economic outlook and worry over the impact of sanctions on Russian crude output overshadowed an unexpectedly significant increase in U.S. crude inventories.


The price of a barrel of Brent futures jumped by $2.57, or 3.2%, to $82.67. The price per barrel of West Texas Intermediate (WTI) crude jumped by $2.29, or 3.1%, to $77.41.


Both benchmarks closed at their highest level since December 30, with WTI rising for a fifth consecutive day for the first time since October and Brent rising for a third consecutive day for the first time since December.


Global markets rose on expectations that Thursday's U.S. inflation and earnings data will suggest a robust economy and result in a slower rate of interest rate hikes.


According to economists, if inflation falls short of predictions, the dollar will decline, which might stimulate oil demand by making crude less expensive for purchasers holding other currencies.


At its monetary policy meeting on January 31-February 1, the Federal Reserve will likely increase its target interest rate by 50 basis points (bps) to a range of 4.75 to 5.00 percent, according to a research note by HSBC.


Much of the market's optimism hinged on China's reopening of its economy after COVID-19 limitations were lifted.


"Oil price increases should become routine for energy traders. As the oil market rebounds, China's oil demand is projected to surge." According to senior market analyst at OANDA's data and analytics firm, Edward Moya.


Volkswagen AG (OTC:VWAGY) President of China Ralf Brandstaetter told Chinese media that he expects a 5% growth in passenger vehicle sales in China in 2023.


Despite production and logistical interruptions due by COVID-19 restrictions, the Ministry of Industry and Information Technology (MIIT) projects that China's industrial output will expand by 3.6% in 2022 compared to the previous year.


The U.S. Energy Information Administration (EIA) stated that oil stockpiles rose by 19.0 million barrels last week, the third-biggest weekly gain in history and the greatest increase since February 2021, when stocks rose by a record 21.6 million barrels. Refiners were sluggish to restore production after a hard snap halted operations in late 2022, which led to the spike last week.


Contrary to the predictions of Reuters analysts, the American Petroleum Institute (API) recorded a rise of 14.9 million barrels in oil stocks. [EIA/S] [API/S]


The EIA forecasts that U.S. crude oil production will hit all-time highs in 2023 and 2024.


In reaction to Russia's invasion of Ukraine, the European Union (EU) continues to develop new sanctions against Moscow. A price ceiling on overseas sales of Russian crude oil went into force on December 5, and more limits on product shipments are set to take effect the following month.


According to the EIA, the planned EU ban on seaborne imports of petroleum products from Russia on February 5 could be more disruptive than the suspension on seaborne imports of crude oil from Russia in December 2022.


According to Deputy Prime Minister Alexander Novak, Russia's oil producers have had no trouble arranging export deals despite Western sanctions and price limitations.

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