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On July 27, a Yemeni government naval official said that a naval patrol boat was attacked by Houthi rebels in the Red Sea off western Yemen that day, and three people on board were missing. The official, who declined to be named, said the patrol boat was returning from a military mission when it was attacked by armed men on several small boats near Zugayal Island. The patrol boat was destroyed, and the three people on board went missing. The official said the attack was carried out by the Houthis, but provided no evidence. The Houthis have not yet issued any statement or comment on the incident. The Yemeni government forces previously stated that they thwarted an attempt by several Houthi armed vessels to approach Zugayal Island. Zugayal Island is strategically important, located approximately 52 nautical miles (96 kilometers) from the Yemeni Red Sea port city of Hodeidah.On July 27, President Xi Jinping spoke by phone with Brazilian President Lula da Silva at the latters request. Xi emphasized that, facing new circumstances and challenges, China and Brazil, as important members of the BRICS South, should firmly stand on the side of historical righteousness and the progress of civilization, and play a greater constructive role in reforming and improving the global governance system and upholding international fairness and justice. Both sides should work together to promote high-quality development of BRICS cooperation, accurately grasp the direction of cooperation, maintain the momentum of unity, achieve more fruitful results, and write a new chapter of unity and self-reliance in the BRICS South. China highly values Brazils international status and important influence, supports Brazil in safeguarding its sovereignty and independence, opposes external interference, and will contribute to maintaining regional and global peace and stability.Piper Jaffray: Raises its price target for Thermo Fisher Scientific (TMO.N) from $510 to $600.On July 27th, according to foreign media reports, Malaysian palm oil futures prices fell on Monday, after reaching their highest level in 15 weeks in the previous trading session. The market was under pressure due to declines in the prices of competing oils and crude oil. The October palm oil futures contract fell 39 ringgit, or 0.83%, to 4,683 ringgit per metric tonne (approximately US$1,147.79). The US and Iran suspended military operations over the weekend following two weeks of continuous attacks. This news raised hopes for a diplomatic solution to de-escalate the conflict and allow shipping to resume in the Strait of Hormuz. Oil prices consequently fell by 5%. Weaker crude oil futures reduced the attractiveness of palm oil as a feedstock for biodiesel. Soybean oil futures on the Dalian Commodity Exchange fell 0.99%; palm oil futures fell 1.35%. Soybean oil futures on the Chicago Mercantile Exchange fell 1.36%. According to ITS estimates, Malaysian palm oil product exports increased by 15.9% from July 1st to 25th compared to the previous month. AmSpec is expected to release its statistics later that day.JPMorgan Chase raised its target price for Honeywell (HON.O) from $250 to $262.

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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