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The U.S. State Department advises U.S. citizens worldwide to be more vigilant about security.US-Israel-Iran Conflict: ① Iran 1. Iran claims its domestically produced air defense system hit a US F-35 fighter jet. 2. Iran claims to have intercepted an F-15 fighter jet off its southern coast. 3. Iran attacks two locations in southern Israel, injuring 175 people. 4. Iranian drones attack Jewish military infrastructure at Ben Gurion International Airport in Israel. 5. Iran launches its 74th wave of strikes. The Iranian armed forces claim they have switched from defense to offense. 6. The Iranian parliament speaker warns of cracking down on financial institutions that fund US military operations. ② US 1. Bessenter: Sometimes, to de-escalate tensions, it is necessary to escalate actions. 2. US Treasury Secretary Bessenter stated that "50 days of rising prices could buy 50 years of Iranian denuclearization." 3. A poll by the US research group ARG shows Trumps approval rating at a record low, with a disapproval rating of 63% and a approval rating of only 34%. ③ Israel 1. An explosion is reported in central Israel, suspected to be an Iranian missile attack. 2. The Israeli military admits it failed to intercept an Iranian missile, resulting in over 100 injuries. 3. A fire broke out near Galilee in northern Israel, killing one person. 4. Netanyahu said he would directly strike the leader of Irans Islamic Revolutionary Guard Corps. 5. Netanyahu claimed that "all countries should join the military action against Iran." 6. Israel said Tel Aviv was attacked by Iran, injuring at least seven people. 7. The Israeli military confirmed that a rocket from Lebanon was fired at a community along its northern border, reporting injuries and property damage. ④ Other 1. Explosions were heard in Baghdad, the capital of Iraq. 2. British officials said they had not found any plans or capabilities by Iran to attack Europe. 3. Saudi Ministry of Defense: Detected three ballistic missiles launched towards the Riyadh area; one was intercepted, and the other two landed in uninhabited areas. 4. The Turkish Foreign Minister reportedly discussed measures to end the war with the foreign ministers of Iran and Egypt, US officials, and EU foreign policy chiefs in a phone call. 5. US media: Saudi Arabia is trying to prevent the Houthi rebels in Yemen from joining the war against Iran. ⑤ Strait of Hormuz 1. Iran: Allows non-enemy vessels to pass through the Strait of Hormuz. 2. Irans Revolutionary Guard proposed four measures in response to Trumps threats: complete closure of the Strait of Hormuz; attacks on all power plants, energy and information technology facilities; complete destruction of all US-owned companies in the Middle East; and attacks on power plants in Middle Eastern countries with US military bases. 3. Sources: Iran hopes to "monetize" control of the Strait of Hormuz, apparently referring to reports that each oil tanker would have to pay around $2 million to pass through the strait. Gaza Situation: 1. Israel launched airstrikes on several bridges in southern Lebanon. 2. Israeli military: Continues ground operations against key targets in southern Lebanon. 3. Hezbollah claims to have fired rockets into northern Israel, hitting military bases. Roscosmos stated that astronauts aboard the International Space Station will remotely control the Progress MS-33 cargo spacecraft to dock with the station, and they are ready to do so.March 23 - U.S. Treasury Secretary Bessant claimed that Russia will receive an additional $2 billion in budget revenue due to Washington easing sanctions on Russian energy operators amid the Middle East situation.March 23 - According to foreign media reports, Fannie Mae and Freddie Mac, the two major mortgage lenders controlled by the U.S. government, have reportedly begun purchasing large amounts of mortgage-backed securities (MBS) from the market to cope with widening bond spreads and increased market volatility. Sources indicate that these two semi-official institutions are attempting to take advantage of the market sell-off to further expand their already substantial bond and loan portfolios. Recently, U.S. President Trump instructed these two institutions to purchase $200 billion in mortgage-backed securities to enhance housing affordability.

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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