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Futures News, June 3rd - Data released by the Petroleum Institute of Japan (PAJ) on Wednesday showed that for the week ending May 30th, Japans commercial crude oil inventories stood at 10.0167 million kiloliters, an increase of 537,049 kiloliters from the previous weeks 9.4797 million kiloliters. Refinery operational capacity (BPSD) utilization was 79.1%, compared to 82.1% the previous week. Refinery design capacity (BPCD) utilization was 63.1%, compared to 73.5% the previous week. Due to changes in Japans petroleum product supply structure, the PAJ has suspended the release of weekly inventory details for gasoline, jet fuel, kerosene, and diesel.June 3rd - According to the Financial Times, European Central Bank (ECB) Governing Council member Winsch stated that a peace agreement between the US and Iran reached before next weeks ECB meeting would not weaken the case for an interest rate hike. Winsch said, "If a peace agreement is indeed reached before the meeting, it will be part of the discussion. But we cannot know whether it will be lasting or credible." He hinted at support for a 25 basis point rate hike by the ECB. He believes that if the conflict remains unresolved, discussions among policymakers before setting interest rates on June 11th will be "quite easy." If a peace agreement is reached between the US and Iran, the discussions "may be slightly less easy. But the case for a rate hike may still exist, just not as strongly." He stated, "At some point, we cannot let the markets bear everything. We need to make a position clear."Japans Topix index broke through 4,000 points for the first time, rising more than 2% on the day.June 3rd - The Regional Comprehensive Economic Partnership (RCEP) will mark its third anniversary of full entry into force in June 2026. According to the Guangdong Sub-Administration of the General Administration of Customs, since June 2, 2023, Guangdong ports have imported a total of 53.8 billion yuan worth of goods enjoying preferential tariff treatment, resulting in tariff reductions of 1.4 billion yuan. Tax reductions have seen significant growth for three consecutive years, with year-on-year increases of 8.81%, 32.35%, and 32.12% respectively in 2023, 2024, and 2025. According to a relevant official from the Comprehensive Business Department of the Guangdong Sub-Administration of the General Administration of Customs, the customs has continuously optimized the level of RCEP customs clearance facilitation, helping enterprises to make good use of the RCEP rules of origin based on their own product and industry characteristics, guiding enterprises to scientifically choose the "optimal option" for preferential treatment, actively cultivating and recognizing "approved exporters," and realizing the superposition of policy dividends for customs advanced certified enterprises, thus continuously releasing the benefits of tariff reductions.Hong Kong-listed tech stocks continued to decline during the session, with Meituan (03690.HK) falling more than 6%, Kuaishou (01024.HK) and Bilibili (09626.HK) falling more than 5%, and Tencent Holdings (00700.HK) and JD.com (09618.HK) currently down more than 4%.

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.