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July 31 – Despite the disruption of approximately 500,000 barrels per day of production at ExxonMobil (XOM.N) due to the conflict with Iran, the company remains committed to its Middle East growth plans. Chief Financial Officer Neil Hansen stated, “We don’t make broad investment decisions based on today’s headlines. We can thrive in these kinds of environments and remain committed to our current and future investments in the region.” Before the outbreak of the war in late February, ExxonMobil’s combined crude oil production in the UAE and Qatar was equivalent to 900,000 barrels per day, accounting for about one-fifth of its global production, both of which have been severely impacted. Furthermore, two gas projects in Qatar in which ExxonMobil holds partial stakes were also severely damaged in the Iranian attacks, resulting in the suspension of approximately 450,000 barrels per day of production in Qatar and another 50,000 barrels per day in the UAE. Hansen stated that some of the company’s production in the UAE is currently stored in inventory awaiting the lifting of transportation restrictions. Hansen added, “We’ve noticed that some companies see the absence from such an important region as an advantage. We believe this view is very short-sighted and not in the best business interest.”The National Highway Traffic Safety Administration (NHTSA) is investigating 1.2 million Tesla (TSLA.O) vehicles for suspension issues.According to CCTV: Li Qiang chaired an executive meeting of the State Council, which decided to approve four nuclear power projects, including the first phase of the Zhuanghe nuclear power project in Liaoning.According to CCTV: Li Qiang chaired an executive meeting of the State Council, which reviewed and approved the "Draft Decision of the State Council on Amending the Regulations on the Administration of Housing Provident Funds" and the "Draft Decision of the State Council on Amending and Repealing Some Administrative Regulations".According to CCTV: Li Qiang chaired an executive meeting of the State Council to study relevant work on the implementation of the health-first development strategy.

Silver Price Analysis: XAG/USD is around the daily high and is set for additional appreciation

Alina Haynes

Dec 26, 2022 19:12

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Silver receives new offers on Friday, snapping a two-day losing run and halting this week's retreat from an eight-month peak. The white metal maintains its bid tone throughout the first half of the European session and is currently positioned near the daily high, in the vicinity of $23.75.

 

The development of purchasing at the $23.40-$23.35 horizontal resistance breakpoint, which is now acting as support, favors bullish traders from a technical standpoint. The restrictive setting is backed by oscillators on the daily chart maintaining their positive bias and oscillators on the 4-hour chart regaining momentum.

 

Consequently, a subsequent rally toward recovering the $24.00 threshold remains a real possibility. The next significant barrier is located at the multi-month high, in the vicinity of the $24.30 region that was achieved on Wednesday. If this barrier is cleared, the XAG/USD should rise towards the $25.00 psychological level, with an intermediate barrier near the $24.60-$24.70 region.

 

On the other hand, the $24.40-$24.35 resistance-turned-support, which is also the daily low, should protect the near-term downside before to the $24.15 confluence support. The latter consists of the 100-period SMA on the 4-hour chart and an ascending trend line extending from the November low, which should provide a solid foundation for the XAG/USD.

 

A convincing breakthrough, followed by a decline below the $23.00 round number, will negate the positive view and alter the bias towards bearish traders. The XAG/USD may therefore become susceptible and accelerate its decline to test the $22.00 round-figure level, with some intermediate support in the $22.55-$22.50 horizontal zone.

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