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On June 13, European Central Bank Governing Council member and Bundesbank President Jean-Claude Nagel stated in an interview with German radio that even if the war with Iran ends quickly, prices may remain high for a longer period. Nagel said, "We may not even be able to return to the data levels we were based on before the conflict, because supply chains have clearly changed, and risk premiums may have increased." He was referring to the premiums that might be required for transporting goods through the Strait of Hormuz. Nagel stated, "I almost doubt we will ever return to the state before this regional conflict." The world "may continue to be affected by uncertainties and changes beyond the conflict." He indicated that interest rate hikes in the short term would make "refinancing" more expensive. "But in the long run, by clearly defining price stability as part of (economic health), we are making the greatest contribution to the economy."Market news: Indias pollution regulator has found that Tata Groups iPhone component factory has contaminated groundwater in nearby farmland.Market news: Irans Chief Justice stated that the confrontation between Tehran and the United States and its allies will not end, and warned people not to trust Washington on the occasion of the 12-day war anniversary.Iranian Parliament National Security Committee Chairman Ibrahim Aziz: A proposed bill on the management of the Strait of Hormuz will cover transit rules and the rights of the Iranian people.On June 13, an official from the State Internet Information Office answered reporters questions regarding the "Guidelines." Currently, the financial information service sector is developing in an orderly manner, with data volume expanding and flow becoming more frequent, necessitating standardized management through classification and grading. To implement legal and regulatory requirements, the State Internet Information Office, the Peoples Bank of China, and five other departments jointly formulated and issued the "Guidelines," aiming to provide systematic, targeted, and operational guidance for financial information service institutions to conduct data classification and grading work, standardize financial information service data processing activities, improve data security, and promote the legal, rational, and effective use of data. Regarding data classification, the "Guidelines" categorize financial information service data according to its business attributes. The primary classification includes three categories: business data, user data, and enterprise data. These are further subdivided into nine secondary categories and 67 tertiary categories.

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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