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July 3, new orders for the U.S. manufacturing industry surged in May due to strong demand for aircraft and strong corporate equipment spending in the second quarter. Data showed that U.S. factory orders increased by 8.2% that month, while factory orders in April were revised downward to a 3.9% decline. Commercial aircraft orders soared 230.8%. This reflects that during Trumps visit to Qatar in May this year, Qatar Airways ordered at least 150 aircraft from Boeing.July 3, July 2, reporters visited the factory of Amprius, a power bank cell manufacturer, and found that the factory was relatively quiet with no signs of large-scale production. Two suppliers revealed that some of Amprius production lines had stopped production in late June, and the company still owed them millions of yuan in unpaid payments. Amprius official website and administrative staff failed to get an effective response. In addition, staff from the Wuxi Municipal Market Supervision Administration said that it is clear that the market supervision bureau is still in the process of investigation.According to AXIOS: US Middle East envoy Witkoff plans to meet with Iranian Foreign Minister Araghchi in Oslo next week.According to AXIOS: Trumps envoy plans to hold nuclear talks with Iran next week.On July 3, good news came from the construction of the fifth phase of the subway. It was learned from Shenzhen Metro Group that the first phase of Metro Line 27 has achieved the enclosure of the first station enclosure structure of the entire line, marking that the first phase of Line 27 has entered the main structure construction stage. The first phase of Line 27 is scheduled to be completed in 2029. By then, it will connect the three districts of Nanshan, Longhua and Longgang, and Qianhai to Longhua will be able to achieve a direct journey of 45 minutes. From Songping South Station in Nanshan District to Gangtou West Station in Longgang District, the total length is about 25 kilometers, with a total of 21 stations, all of which are underground stations. The line passes through Nanshan, Longhua and Longgang Districts, connecting important areas such as Qianhai, Nanshan Science and Technology Park, Xili High-speed Railway New City, Longhua Center, and Banxuegang Science and Technology City.

Oil is up Almost 9% on the Week As a Supply Scare Disrupts Trade

Haiden Holmes

Apr 15, 2022 09:57

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Earlier in the day, gains in oil were restricted as Chinese refiners were prepared to lower crude throughput by nearly 6% this month. According to industry insiders and experts, the decline would be on a magnitude not seen since the early days of the COVID-19 epidemic two years ago.


However, news of the possible EU embargo on Russian oil led purchasers to purchase more lots of crude futures and persuaded some shorts to cover their positions ahead of the Good Friday holiday, resulting in a longer weekend for US markets.


"As we approached the holiday weekend, oil was sensitive to profit-taking, but a significant fall is still unnecessary given the supply position and the fact that fears about an economic slowdown have yet to materialize," said Ed Moya, analyst at online trading platform OANDA.


Brent crude oil, the global standard, ended the day up $2.92, or 2.7 percent, at $111.70 per barrel. Brent gained 8.7 percent for the week, after two consecutive weekly losses that left it down 13%.


The New York-traded West Texas Intermediate, or WTI, crude oil standard in the United States concluded Thursday's session up $2.70, or 2.6 percent, at $106.95. WTI gained 8.8 percent for the week, after a 13 percent decline in the previous two weeks.


According to the New York Times, the European Union is considering a phased-in embargo on Russian oil to provide Germany and other nations time to secure alternative supply.


A phased-in prohibition would compel European purchasers "to seek alternate sources, some of which are being provided in the short term via Strategic Petroleum Reserve releases, but in the future, more supplies from the ground would be necessary," Lipow Oil Associates' Andrew Lipow said in Houston.


Russia's Energy Ministry said that access to its data on oil and gas production and exports will be restricted.


The International Energy Agency warned on Wednesday that around 3 million barrels per day of Russian oil might be shut down starting in May as a result of sanctions or consumers intentionally rejecting Russian supplies.


In May, major global trading houses aim to reduce their imports of crude and gasoline from Russia's state-controlled oil corporations, Reuters reported on Wednesday.

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