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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

U.S. Inventory Depletion And Supply Disruptions Lower Oil Prices

Skylar Williams

Feb 08, 2023 14:25

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Oil prices declined on Wednesday, following a remarkable gain in the previous session, as traders digested conflicting data on U.S. oil inventories and anticipated further information on supply disruptions caused by the Turkish earthquake.


In the week ending February 3, the American Petroleum Institute (API) reported that U.S. oil stockpiles unexpectedly decreased by 2.1 million barrels. The estimate foreshadows a similar trend in government data expected to be released later in the day, which is expected to show an inventory increase of 2,457,000 barrels.


The API data also revealed that gasoline and distillate inventories increased over the last week, indicating that retail fuel use remained under pressure. Retail fuel consumption is a primary driver of U.S. demand.


Inventories of crude oil in the United States have increased over the past six weeks, prompting some concerns about demand in the world's largest oil user, which is struggling with high inflation and rising interest rates.


By 20:51 ET, Brent oil prices decreased 0.5% to $83.68 per barrel, while West Texas Intermediate crude futures decreased 0.3% to $77.28 per barrel (01:51 GMT). On Tuesday, both contracts rose more than 4 percent.


This week, oil prices rose dramatically due to supply interruptions caused by a huge earthquake in Turkey. Recent media reports suggested that a pipeline from Iraq to the Turkish oil export center of Ceyhan has restarted operations.


However, exports of Azerbaijani crude remained blocked, since it was unsure when supplies would resume following a series of earthquakes that struck Turkey earlier this week.


Mild dollar weakening aided petroleum prices this week, as the currency retreated from recent highs in response to mixed monetary policy signals from Federal Reserve Chair Jerome Powell on Tuesday. While Powell cautioned that interest rates could rise further as a result of the robust labor market, he noted that the economy was experiencing some disinflation following a series of strong rate hikes through 2022.


Fears of rising interest rates have been a significant source of unease for petroleum markets this year, with traders anticipating that a resulting slowdown in economic development might reduce global crude demand.


After the world's top crude importer relaxed the majority of anti-COVID rules this year, concerns over a decline in Chinese demand were tempered by newfound optimism. The International Energy Agency anticipates that global crude demand will reach record highs this year due to China's economic growth.

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