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Japanese Finance Minister Satsuki Katayama: Our planned stimulus package is not necessarily expansionary; we recognize the need for sensible spending.Futures News, November 21st: Crude oil prices continued their downward correction, while fuel oil news remained bearish, with no positive support from the supply and demand perspective in the short term. Market participants lacked confidence in future trading, opting for cautious small-order purchases, putting pressure on refinery shipments. It is expected that todays negotiations will maintain a stable to slightly lower trend.November 21 – Japanese authorities have issued their strongest warning to date to the foreign exchange market regarding the sharp fluctuations in the yen, with the Finance Minister specifically mentioning intervention as an option in an attempt to curb the yens continued depreciation. Finance Minister Satsuki Katayama stated on Friday, "The government will take appropriate measures to address disorderly fluctuations in the foreign exchange market, including those driven by speculation, based on the approach outlined in the September Japan-U.S. joint statement. Since the September document from the Japan and U.S. finance ministers explicitly included foreign exchange intervention, this is naturally something we can consider." Katayama expressed deep concern about recent exchange rate movements, noting their extremely one-sided and rapid nature. Following Katayamas remarks, the yen briefly strengthened but subsequently gave back all gains, continuing to hover near its lowest level since January.Japans preliminary manufacturing PMI for November was 48.8, down from 48.2 in the previous month.Japans preliminary services PMI for November was 53.1, unchanged from the previous month.

Oil prices jump as Saudi warns OPEC could limit output

Skylar Williams

Aug 23, 2022 11:10

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Following Saudi Arabia's warning that OPEC could decrease supply to reverse the recent slide in oil futures, oil prices inch higher on Tuesday.


Brent crude futures rose 32 cents to $96.80 a barrel as of 00:04 GMT on Tuesday, following a tumultuous Monday in which they fell more than $4 per barrel before recovering to trade near flat.


Futures on U.S. West Texas Intermediate crude rose 37 cents to $90.73 a barrel at 00:04 GMT.


This month, the benchmarks are between 12% and 8% lower.


Saudi Arabia, the Organization of the Petroleum Exporting Countries' (OPEC) leader, announced on Monday that OPEC is prepared to reduce production to correct the recent oil price decline caused by poor futures market liquidity and macroeconomic concerns, which have ignored the extremely tight physical crude supply.


According to the Saudi state news agency SPA, Energy Minister Prince Abdulaziz bin Salman told Bloomberg that OPEC+ has the means and flexibility to address difficulties.


Damage to a pipeline system moving oil from Kazakhstan to Russia has created more interruptions to Europe's energy supplies, intensifying concerns about a potential gas supply drop.


Monday, Iran accused the United States of stalling in efforts to resuscitate the 2015 nuclear agreement. This charge was denied by the White House, which stated that an agreement is closer than it was two weeks ago due to apparent Iranian flexibility.


Tuesday at 4:30 p.m. ET, market participants expected the release of industry data regarding U.S. supplies. According to a preliminary Reuters poll published on Monday, crude oil and gasoline inventories in the U.S. likely decreased last week, although distillate inventories likely increased.

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