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February 3 – German Chancellor Merz stated that despite plans for judicial review of the Mercosur trade agreement by opponents in the European Parliament, the trade agreement between the EU and Mercosur member states will remain in effect temporarily. Speaking in Frankfurt on Monday, Merz said, "Once the first South American country ratifies the trade agreement, it will immediately take effect."The U.S. Treasury Department: It will borrow $574 billion in the first quarter, with an expected cash balance of $850 billion at the end of the period. It expects to borrow $109 billion in the second quarter, with an expected cash balance of $900 billion at the end of the period.February 3rd - According to a report by Israels Channel 12 on the evening of February 2nd, Israel will present its "three nos" demands regarding Iran during its meeting with visiting US Presidential Envoy Witkov on February 3rd. These demands stipulate that in any potential agreement between the US and Iran, Iran must agree to the following three "red lines": no nuclear program, no ballistic missile program, and no support for armed "proxies," including so-called "terrorist organizations" that threaten Israel. The report states that in addition to Israeli Prime Minister Netanyahu, Mossad chief Barnea and Chief of the General Staff Zamir will also attend the meeting with Witkov. The report also states that Israel still believes that "overthrowing the Iranian regime through military action is possible."The Federal Reserve’s Senior Loan Officer Opinion Survey (SLOOS) indicates that overall household credit demand is weakening, with a general decrease in demand for mortgages, auto loans, and consumer loans, despite banks slightly easing their approval standards for auto loans.The Federal Reserves Senior Lending Directors Opinions Survey (SLOOS) indicates that banks expect demand for all types of loans to increase in 2026, with overall standards remaining stable and corporate credit quality improving, but smaller businesses, mortgages, and consumer loans facing greater pressure.

Oil decreases due to demand concerns and increased supply

Haiden Holmes

Aug 11, 2022 11:14


Thursday morning Asian trade saw a dip in oil prices as traders anticipated an increase in oil production and a decrease in demand.


Brent oil prices fell 53 cents, or 0.5%, to $96.87 a barrel by 00:05 GMT, while U.S. West Texas Intermediate crude futures fell 61 cents, or 0.7%, to $91.32.


The U.S. Energy Information Administration stated that crude oil stockpiles rose by 5.5 million barrels in the most recent week, above the forecasted increase of 73,000 barrels.


The gasoline product supply grew to 9.1 million barrels per day in the most recent week, despite a 6% reduction in demand over the previous four weeks compared to the same time in the previous year.


Flows on the Russia-to-Europe Druzhba pipeline resumed earlier this week.


The Russian oil pipeline monopoly Transneft has restarted oil transport along the southern portion of the Druzhba oil pipeline. Since the start of this month, Ukraine has restricted Russian oil pipeline exports to parts of central Europe because Western sanctions prevented it from receiving transit payments from Moscow, Transneft said on Tuesday.


Later on Wednesday, the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) will announce their respective monthly oil statistics.

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