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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 Surge by $5 A Barrel As EU Inches Closer to Imposing A Ban on Russian Oil

Aria Thomas

May 05, 2022 09:46

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Oil prices spiked Wednesday after the European Union, the world's largest trade bloc, announced intentions to phase out Russian oil imports, sparking concerns about further market tightening as those nations seek enough supply.


Following Moscow's invasion of Ukraine, crude benchmarks have steadily increased in price over the last two months. Until far, the European Union has been unwilling to completely phase out Russian oil and gas imports, and its current plans do not include a blanket ban on all EU members.


Europe imports around 3.5 million barrels of Russian oil and petroleum products per day and is also reliant on Moscow's gas supply.


"Inventories are extremely low, and against this backdrop, there are a lot of worries about how (Europe) can compensate for this restriction," said Phil Flynn, senior analyst at Price Futures Group.


Brent crude futures finished at $110.14 a barrel, up $5.17, or 4.9 percent. West Texas Intermediate crude futures finished at $107.81 a barrel, up $5.40, or 5.3 percent, from the previous day's close.


President of the European Commission Ursula von der Leyen recommended a phased oil embargo against Russia on Wednesday, as well as penalizing Russia's central bank.


Von der Leyen stated that the Commission's proposals include phasing out Russian crude oil supply within six months and refined products by the end of 2022. Additionally, she committed to mitigate the move's impact on European economy.


Hungary and Slovakia, on the other hand, will be permitted to continue purchasing Russian crude oil under current contracts until the end of 2023, an EU source told Reuters.


Russia may compensate for the loss of a major customer by exporting oil to other importers such as India and China. Neither country has ceased purchasing goods from Moscow.


Needs for significantly increased supplies are unlikely to be fulfilled at Thursday's Organization of the Petroleum Exporting Countries and allied producers conference. OPEC+ is anticipated to follow through on its plan to gradually increase monthly production.


According to the US Energy Information Administration, oil stockpiles increased marginally last week. Stocks increased by 1.2 million barrels as the US increased the amount of crude released from its strategic reserves.


Fuel stocks declined in part as a result of increased exports of products following Russia's invasion, as importers sought alternative suppliers.


The markets have largely recovered from the Federal Reserve's announcement that it would raise interest rates by a half-point in an attempt to rein in growing inflation.


"Given the market's performance prior to the announcement, I believe (the Fed's decision) was a foregone conclusion," said Gary Cunningham, director of market research at Tradition Energy.

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