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New York silver futures rose above $82 per ounce, up 6.64% on the day.1. Market Trends: Platinum and palladium futures rebounded sharply. The main platinum contract is currently up over 10%, and the main palladium contract is up over 7%. Geopolitical risks remain unresolved, coupled with positive statements from Federal Reserve officials, leading to a rebound in precious metals, with platinum and palladium following suit. 2. Peoples Bank of China: Chinas gold reserves at the end of January were 74.19 million ounces (approximately 2307.567 tons), an increase of 40,000 ounces (approximately 1.24 tons) month-on-month. At the end of December, they were 74.15 million ounces (approximately 2306.323 tons), marking the 15th consecutive month of increases. 3. Federal Reserve Governor Milan stated that interest rate cuts of more than 100 basis points are needed this year, and he is looking forward to Warshs performance. The US House of Representatives passed a funding agreement negotiated by President Trump and Senate Democrats, potentially ending the partial US government shutdown. 4. Geopolitically, tensions in the Gulf region remain high. Negotiations between the US, Iran, and Oman failed to reach an effective consensus, and the possibility of future conflict between the two countries remains. 5. Nan Hua Futures View: In the medium to long term, the foundation for a platinum and palladium bull market remains intact. It is expected that the Federal Reserve will maintain its loose monetary policy stance in the first half of 2026. Central bank gold purchases, safe-haven demand, and increased investment demand will continue to push precious metal prices higher. 6. Guoxin Futures view: Against the backdrop of a global sell-off in risk assets and market risk aversion shifting towards cash rather than gold, the safe-haven premium in the precious metals sector has temporarily subsided. Looking ahead, the short-term trend of platinum and palladium will continue to passively follow the overall sentiment of the precious metals sector. 7. Xinhu Futures view: In the medium to long term, the platinum market has experienced physical shortages for several consecutive years, with limited mine capacity and insufficient capital expenditure. While demand is hampered by sales of traditional gasoline vehicles, we expect the structural gap to persist, driving prices steadily upward. Palladium supply will remain scarce in the medium term, with inventories below multi-year lows and weak buffering capacity. Low inventory + high supply concentration + potential investment inflows make palladium a highly volatile speculative product. (The above content is compiled from publicly available market data and is for reference only, not investment advice.)February 9th - According to Tianyanchas intellectual property information, Huawei Technologies Co., Ltd. recently applied to register multiple trademarks for "Huawei Energy" and "Huawei Digital Energy," covering international classifications such as scientific instruments, transportation vehicles, and machinery. All trademarks are currently awaiting substantive examination.According to Interfax news agency, the Russian Federal Security Service (FSB) stated that the assassination attempt on General Alexeyev was ordered by Ukraine with the involvement of Poland.Musk: NASA (contracts) only account for about 5% of SpaceXs revenue this year. The vast majority of SpaceXs revenue comes from the commercial Starlink system.

Oil prices steady after precipitous declines due to weak U.S. demand

Haiden Holmes

Jul 22, 2022 11:27

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Oil prices stayed almost unchanged in early trading on Friday, after a loss of around 3 percent in the previous session due to deteriorating demand in the United States, the biggest oil consumer in the world, and a rise in output from Libya.


Brent oil prices rose 17 cents, or 0.2%, to $104.03 per barrel at 00:41 GMT, while U.S. West Texas Intermediate (WTI) crude futures were constant at $96.35 per barrel.


WTI has been hammered over the last two days as a result of the publication of data suggesting that U.S. gasoline consumption during the height of the summer driving season decreased by around 8% from the previous year due to record pump prices.


"At 8.52 million barrels per day, seasonal demand is at its lowest level since 2008," experts at ANZ Research said in a study.


The decrease in WTI has positioned the contract for a loss of 1.3% this week, its third consecutive weekly loss.


Brent was bolstered by signs of healthy demand in Asia, putting it on course for its first weekly gain in six weeks.


Despite increasing prices, gasoline and distillate fuel demand in India hit all-time highs in June, with refined product consumption 18 percent higher than a year earlier and Indian refineries operating at their busiest levels ever.


An analyst at RBC, Michael Tran, said in a note, "This signals much more than a solid return from COVID-affected years."


Brent's gains were limited this week by the return of production at important Libyan oil fields.


Meanwhile, the European Central Bank (ECB) raised rates more than expected on Thursday in an effort to curb inflation, with ECB President Christine Lagarde warning that inflation risks had increased due to the likelihood that the Ukraine conflict will continue for an extended period of time and that energy prices will remain elevated for an extended period of time.


"Is the horizon cloudy? Clearly it is, "Lagarde said.


She said that the baseline assumption of the central bank is that neither this year nor next would experience a recession.

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