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Samsung Electronics shares opened down 2.79%.January 31, a week after Bank of Japan Governor Kazuo Ueda raised interest rates for the third time during his tenure, Tokyos price growth accelerated, supporting the Bank of Japans economic outlook. The Japanese government announced on Friday that Tokyos consumer prices excluding fresh food rose 2.5% year-on-year in January, in line with economists median forecasts and the largest increase since February last year. The latest CPI data showed that inflationary pressures remain high. The survey results show that the most likely time for the Bank of Japan to raise interest rates next is July, followed by September. It is worth noting that 45% of respondents believe that in a risky scenario, the window for raising interest rates may be brought forward to April. Economist Taro Kimura said that the steady recovery of inflation in Tokyo will make the Bank of Japan more confident that inflation is becoming safe around its 2% target, prompting it to continue to reduce stimulus measures this year.Japans inventory month-on-month rate in December was -0.7%, compared with -1% in the previous month.Japans retail sales in December were 16.123 trillion yen, compared with 14.217 trillion yen in the previous month.Japans December seasonally adjusted retail sales month-on-month rate was -0.7%, in line with expectations of 0.00%, and the previous value was revised from 1.80% to 1.90%.

The world's largest independent crude oil trader: oil prices still need to look at OPEC+'s face in the next few months

Oct 26, 2021 10:58

Mike Muller, Asia director of Vitol Group, the world's largest independent crude oil trader, said that in the coming months, the Organization of Petroleum Exporting Countries and its allies (OPEC+) will continue to be the main factor in oil price fluctuations, and pricing control is largely in the hands of OPEC+. . In the United States, if you need additional oil, then your production simply cannot keep up with the number of rigs.

Compared with three years ago, this is a considerable change. At that time, due to the second shale oil boom, the United States became the world's largest oil producer, which was considered to be the main factor in the rise of oil prices.

On Monday (October 4) OPEC+ agreed to maintain the current gradual increase in production plan. At the ministerial meeting that day, OPEC+ member states agreed to increase production by 400,000 barrels per day from November. OPEC+ is still in progress at 580 10,000 barrels per day of production reduction measures, but plans to gradually withdraw the production reduction agreement by April 2022 through increased production. The news of maintaining the existing production increase plan boosted oil prices on Monday. U.S. crude oil hit a new high since November 2014, and Brent crude oil hit a new high since October 2018.

Some analysts said that the Organization of the Petroleum Exporting Countries (OPEC) is unlikely to acquiesce in requesting more production and lower prices, not only because it benefits from higher prices, but also because some member states cannot increase their production capacity and they do not This oil supply is stored to maintain a higher supply.

Stephen Brennock of the oil broker PVM said on Friday that the outlook for oil prices in the near term is still supportive. The current price trend is a recovery, and only people with strong financial resources will short oil.

If winters in the northern hemisphere are as cold as expected, this dynamic in the oil market may last longer. As Europe’s natural gas reserves are below the 5-year average, despite the bleak long-term outlook, oil demand is likely to remain strong for a long time. This means that OPEC+ will continue to issue orders under the leadership of the member states with the most spare capacity.

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