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The Iraqi Kurdistan Regional Government stated that there is currently no oil available for export due to attacks on energy facilities by illegal militia groups.The Iraqi Kurdistan Regional Government: The Iraqi Ministry of Oil accused the Kurdistan region of "misleading public opinion."Authorities in the Iraqi Kurdistan region issued a statement in response to accusations by the Iraqi government that it was blocking crude oil pipelines from being transported through the region.On March 15th, the International Energy Agency (IEA) issued a statement after receiving implementation plans from member countries. The agency stated that the record-breaking oil release from reserves will be immediately deployed in Asia as Asian buyers rush to fill supply gaps disrupted by the Middle East conflict. Oil destined for Europe and the Americas will not be released until the end of March. Last week, the IEA stated that the global oil market is facing its worst supply disruption in history due to the Middle East conflict effectively blocking the crucial Strait of Hormuz. Asian buyers are most reliant on oil supplies from the Middle East, making the speed of reserve releases particularly critical for the region. IEA Executive Director Fatih Birol stated on the X platform: “This will release an unprecedented amount of additional oil into the market starting March 16th. However, opening the Strait of Hormuz is crucial for restoring stable oil flows.” Globally, approximately 72% of the currently committed oil release is crude oil, and 28% is petroleum products. The committed release volumes from various countries are shown in the figure below.On March 15, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with Le Hoai Trung, member of the Political Bureau of the Communist Party of Vietnam Central Committee and Foreign Minister, in Hanoi. Wang Yi stated that both China and Vietnam are important emerging economies, and their development and revitalization represent the direction of human progress and will provide valuable lessons and new paths for developing countries. China is willing to work with Vietnam to focus on the overall goal of "six more" (more people, more opportunities, more opportunities, more opportunities), strengthen high-level exchanges, deepen pragmatic cooperation, promote people-to-people exchanges, enhance multilateral cooperation, properly handle maritime issues, and support each other in hosting APEC in the next two years to further advance the building of the Asia-Pacific Community.

S&P 500 Price Forecast – Stock Markets Quiet to Open Up Holiday Week

Florala Chen

Nov 22, 2022 15:58

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Technical Analysis of the S&P 500

The Monday trading session saw very little movement for the S&P 500 E-mini contract, which is currently sitting just over the 3950 level and just below the 200-Day EMA, which is at the 4025 level. In the end, I believe that the market will soon make a bigger decision, but for the time being it appears that Wall Street is still searching for the, so one would have to assume that there are some investors who are willing to purchase stocks on the basis of the notion of the "Santa Claus rally."


The 50-Day EMA, located precisely at the 3863 level, enters the picture if the market does break down from this point. I anticipate seeing a large degree of resistance to any selling in that range. The 3800 level and a more serious breakdown could be in danger if we fall below there.


The market is still in a downtrend, despite recent signs of a great recovery, and we have even seen the 200-Day EMA and the downtrend line enter the picture and provide at least some psychological resistance. Keeping this in mind, bear in mind that we are still trying to price in a recession.


We may observe a similar trend in the S&P 500 if the US currency strengthens more. Given enough time, I would fully expect the market to make a larger breakout, but since it is Thanksgiving week, it's highly likely that it may be waiting for that to happen.

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