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The Reserve Bank of Australia will release the minutes of its December monetary policy meeting in ten minutes.The yield on 40-year Japanese government bonds fell 1.0 basis point to 3.705%.December 23 - According to the Sing Tao Daily, Biren Technology began accepting subscriptions for its Hong Kong initial public offering (IPO) on Monday, with margin financing oversubscribed by nearly 47 times on the first day. The company plans to issue 247.7 million shares, aiming to raise up to HK$4.85 billion.On December 23, the U.S. Food and Drug Administration (FDA) approved the oral tablet version of Novo Nordisks weight-loss drug Wegovy. Novo Nordisk refers to the drug as Wegovy oral tablets. Its active ingredient is the same as the original Wegovy and its diabetes sister drug Ozempic, both being semaglutide. Wegovy and Ozempic are both weekly injectable GLP-1 hormone mimics, as are their competitors Eli Lillys Zepbound and Mounjaro. According to the Kaiser Family Foundation, a health policy research organization, approximately one in eight adults in the U.S. are currently taking one of these medications. Novo Nordisk stated that clinical trials showed that the weight-loss effects and side effects of Wegovy oral tablets are broadly similar to those of the Wegovy injection, and it will be available in the U.S. with a prescription starting in January. Novo Nordisks Chief Medical Officer for the U.S., Brett, stated, "We believe this will expand patient choice and accessibility; we know some patients simply do not want to use injectable medications."December 23 – Since the Trump administration tightened restrictions on Venezuelan oil revenues by locking down tankers, more than a dozen oil tankers have been loading oil off the Venezuelan coast. According to shipping intelligence firm Kepler, approximately 14 vessels have completed loading since December 11, at least six of which are sanctioned. Most loading operations have taken place in the ports of Bajo Grande and Jose. Data shows that despite escalating tensions, oil loading activity is proceeding at a near-normal pace.

Shanghai Lockdowns Dent Demand Outlook For Oil

Aria Thomas

Apr 25, 2022 09:56

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The benchmarks fell over 5% last week because of concerns about demand.


"Bearish mood overshadowed concerns about global supply constraints as China maintained Shanghai lockdowns and investors braced for a succession of US rate hikes," said Hiroyuki Kikukawa, general manager of research at Nissan (OTC:NSANY) Securities.


Investors are attempting to rebalance their positions ahead of the start of the summer driving season in the United States later this month, he added.


"However, oil prices are unlikely to fall below $90 per barrel due to the likelihood of a European Union ban on Russian oil in the face of a worsening Ukraine conflict," he said.


Shanghai authorities, battling a COVID-19 epidemic, have constructed fences around residential structures, igniting new public outrage over a lockdown that has confined a large portion of the city's 25 million residents indoors.


Jerome Powell, chairman of the US Federal Reserve, has hinted that a half-point increase in interest rates "will be on the table" when the Fed meets in May to approve the next in a series of hikes this year.


On the supply side, US energy companies added oil and natural gas rigs for the fifth consecutive week, despite high prices and government pushing.


In Europe, three individuals familiar with the port loading plan told Reuters on Friday that the Russia-Kazakh Caspian Pipeline Consortium (CPC) would resume full exports on April 22 following nearly 30 days of outages due to repairs to one of its key loading facilities.


Nonetheless, some analysts believe that the deepening crisis in Ukraine may increase pressure on the EU to punish Russian oil, resulting in a price increase later this year.


Russia is Europe's largest supplier of natural gas and the world's second largest exporter of crude oil after Saudi Arabia.


Morgan Stanley (NYSE:MS) increased its third-quarter Brent pricing projection by $10 per barrel to $130, citing a "larger shortfall" this year as a result of reduced supply from Russia and Iran, which is anticipated to outweigh short-term demand challenges.

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