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December 12th - Market analysts say oil prices rose today, but a significant drop is still possible this week. Diplomatic efforts to end the Russia-Ukraine conflict, coupled with overall bearish fundamentals, suggest a supply glut next year. Next week, market focus is expected to be on the Russia-Ukraine negotiations, while traders also watch the escalating tensions between the US and Venezuela. The International Energy Agency (IEA) stated that market-expected surpluses have narrowed, but a large supply glut still casts a shadow over the outlook. In contrast, OPECs supply and demand forecasts point to a relatively balanced market next year. ANZ analysts said, "This is a stark reversal of the outlook that predicted a tighter market earlier this year."On December 12th, KPMGs Chief UK Economist, Yael Selfin, stated in a report that UK GDP contracted by 0.1% month-on-month in the three months of October, and growth is expected to remain weak for the remainder of the fourth quarter. Economic activity in November may be constrained by uncertainty surrounding the government budget. She pointed out that although the budget avoided an early tax increase and borrowing costs are expected to decline over the next year, its impact may persist, and household confidence is unlikely to improve in the short term. The outlook for investment growth is more optimistic and should be a key driver of economic growth in 2026. However, she expects GDP to remain flat in the fourth quarter of 2025.The Kremlin: The US will discuss the results of its negotiations with Ukraine with Moscow sooner or later. However, Moscow has not yet seen the revised proposals following the US-Ukraine negotiations and may "dislike much of it."Data shows that Russias seaborne petroleum product exports in November decreased by 0.8% compared to October.On December 12th, Citigroup Chief Economist Nathan Sheets stated in a report that while U.S. debt levels pose a headwind to the economy and markets, they should be manageable. "Any premium demanded by the market to absorb upcoming U.S. Treasury issuances will not significantly constrain economic growth or the governments borrowing capacity," he noted. He pointed out that the core strengths of the U.S. economy, including its resilience and dynamism, give investors confidence to buy U.S. Treasuries even in the face of high debt levels and political noise. "And ultimately, there are virtually no substitutes for U.S. Treasuries."

The conclusion of the Argentine truckers' strike increases grain shipments

Charlie Brooks

Jul 01, 2022 11:36


The Argentine truckers' strike ended on Thursday, when several unions incensed by fuel shortages reached an agreement to terminate the one-week protest near the vital port of Rosario, which is expected to assist future grain exports.


The truck driver's protest over high gasoline prices has halted shipments of corn and other goods, just as the bulk of the harvest was making its way to ports for export to worldwide markets.


Due to the exclusion of a few tiny truckers groups from the deal, however, it is possible that certain protests may continue.


Argentina is the second-largest exporter of maize, the top exporter of processed soy oil and meal, and a major supplier of wheat and beef.


One of the unions, Autoconvocados Unidos, issued the following statement: "Despite our dissatisfaction (with the latest settlement of truck freight rates) and in light of the present crisis in our country, we have chosen to halt the strike."


The union described their action as an act of kindness.


The number of trucks entering ports surged by 70 percent on Thursday compared to the previous day, reaching approximately 1,500 vehicles, as reported by the Rosario grains market.


The Rosario ports are the departure point for 80 percent of Argentina's agricultural exports, the vast majority of which are transported by truck.


The ability of trucks to access the port is returning to normal, according to the manager of the country's marine port chamber, Guillermo Wade.


Additionally on Wednesday, the transport ministry secured a deal with non-striking agricultural and transport groups to hike grain freight charges by 25%.


However, the majority of protesting unions, led by the UNTRA truckers' union, felt the rate increase insufficient and chose to dismantle highway blockades.


The head of the UNTRA, Carlos Geneiro, said, "We have far greater expenses than that."


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