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On March 17, according to a poll conducted by Japans Asahi Shimbun, public support for Prime Minister Shigeru Ishibas government fell to a historic low after he distributed gift certificates to some ruling party lawmakers. The poll conducted from March 15 to 16 showed that Ishibas approval rating fell 14 percentage points from the previous survey conducted in February to 26%, the lowest approval rating since Ishiba took office in October last year.Futures March 17 news, crude oil trend upward, but gasoline and diesel shipments are poor, fuel oil news is mixed, the fuel oil market support is limited. Downstream procurement operations are dominated by rigid demand, the market outlook is cautious and positive, refinery shipments are tepid, it is expected that most of the bargaining today will be stable, with a few narrow fluctuations.Futures March 17 news, OPEC+ insisted on increasing production in April, and the uncertain tariff policy put pressure on the oil market. However, after the oil price trended downward to a new low since September last year, it rebounded technically. In addition, the US repurchase SPR plan, oil prices are expected to stop falling and strengthen. From a long-term perspective, pay attention to the global economic recovery, geopolitics, and the reshaping of the oil supply and demand relationship by energy transformation. With the gradual return of OPEC and non-OPEC production to the market, the Federal Reserve will start a new round of interest rate cuts in the second half of the year. Under the situation where the geopolitical risk premium is gradually squeezed out, international oil prices fluctuate and run weakly.Futures news on March 17, international oil prices have risen significantly, the cost side is supported, the current processing fee continues to be low, it is expected that PX will follow the cost side to rise today.ECB board member Francois Villeroy: The euro should play a more important role internationally, and Europe needs to establish a strong savings and investment union that can attract international investors to use the euro.

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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