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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."Bank of Japan Governor Kazuo Ueda: Non-weather factors may push up food prices.

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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