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HSBC has kept its prime lending rate in Hong Kong dollars unchanged at 5%.JPMorgan Chase: The Federal Reserve is expected to raise interest rates by 25 basis points in December 2026, compared with previous forecasts that interest rates would remain unchanged this year.July 30th - On Thursday, demand at the auction of Japanese two-year government bonds was lower than the 12-month average, as the market widely anticipated a tightening of monetary policy by the Bank of Japan. The subscription multiple was 3.63, compared to 4.82 at the previous auction, and the 12-month average is 3.81. Another sign of weak investor interest was the tail spread (the difference between the average bid and the minimum acceptable bid) at 0.007, compared to 0.005 last month. Recently, yields on short-term Japanese government bonds, which are more sensitive to monetary policy, have risen due to increased oil prices caused by tensions in the Middle East and heightened concerns about fuel inflation. The two-year yield has now risen to 1.47%, close to the high of 1.52% reached earlier this month. This further increases pressure on the Bank of Japan to raise interest rates.On July 30th, according to foreign media reports, Malaysian palm oil futures fell slightly on Thursday, marking their third decline in four trading days, mainly dragged down by weaker prices of competing edible oils and crude oil. The benchmark October palm oil contract on the Bursa Malaysia Derivatives Exchange fell 16 ringgit, or 0.34%, to 4,648 ringgit per tonne (approximately US$1,137.82) in early trading. Despite escalating tensions in the Middle East and the US-Iran conflict spreading beyond major fronts, oil tankers continued to leave the region, causing oil prices to give back some of their gains. Weaker crude oil futures reduced the attractiveness of palm oil as a biodiesel feedstock. The ringgit strengthened slightly by 0.07% against the US dollar, making it slightly more expensive for buyers holding foreign currency to purchase the commodity. According to documents from the Indonesian Ministry of Energy, the country has increased its 2026 biodiesel quota using palm oil as a feedstock to 16.75 million kiloliters to meet the increased demand from the B50 biodiesel blending policy launched earlier this month.Shunichi Suzuki, Secretary-General of the Democratic Party of Japan: The goal is to submit a tax reduction bill during the autumn Diet session.

The Restart of The Keystone Pipeline And Russian Production Raise Oil Prices

Skylar Williams

Dec 12, 2022 10:22

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Oil prices rose by more than 1 percent in early Asian trade on Monday, as a key Canada-United States crude pipeline remained offline and Russian President Vladimir Putin threatened to cut production in response to a Western price cap on Russian oil exports.


Brent oil futures climbed 83 cents, or 1.1%, to $76.93 per barrel at 00:20 GMT. The price of a barrel of West Texas Intermediate crude rose by 90 cents, or 1.3%, to $71.92.


TC Energy (NYSE:TRP) reported on Sunday that it has not yet identified the cause of the Keystone oil pipeline leak that occurred in the United States last week, nor has it offered a timeline for the pipeline's resumption of operations.


The 622,000-barrel-per-day Keystone pipeline is crucial for delivering heavy Canadian petroleum from Alberta to refiners in the U.S. Midwest and Gulf Coast, and for export.


Putin declared on Friday that Russia, the largest energy exporter in the world, may restrict oil production and refuse to sell oil to any country that places a "stupid" price cap on Russian oil, as agreed upon by the G7 nations.


In a research, ANZ analysts claimed that the uncertainty surrounding European Union sanctions on Russian oil and the related price cap has kept price volatility high, but the restrictions have thus far had minimal influence on global markets.


Brent and WTI recorded their greatest weekly falls in months and touched lows not seen since December 2021 owing to concerns about the impact of a global recession on oil demand.

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