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On May 10th, Florida-based George E. Warren Oil Corp. announced it will export 1 million barrels of Venezuelan crude this month, breaking the dominance of Trafigura and Vitol since the beginning of the year. This is the companys first deal since the easing of US sanctions. Venezuelan oil exports rose to nearly 1.2 million barrels per day in April, a seven-year high.According to Iranian media PressTV, the Iranian Foreign Minister stated that ceasing aggression and abandoning excessive and unreasonable demands are necessary conditions for advancing diplomacy.According to Saudi media outlet Alhadath, sources say Hezbollah is awaiting a response from the Lebanese president regarding his request to reopen communication channels.According to Saudi media outlet Alhadath, sources say Hezbollah is attempting to reopen communication channels with the Lebanese president.On May 10th, Spanish Interior Minister Fernando Grande-Marlasca Gómez announced that Germany, France, Belgium, Ireland, and the Netherlands would send planes to evacuate their citizens from the Hantavirus-affected cruise ship, the "Hundius." Spanish Health Minister Monica García stated on the same day that the "Hundius" was expected to arrive in Tenerife, Spain, in the early hours of May 10th local time. According to Spanish officials, in addition to the aforementioned five countries, the EU would send two more planes to evacuate the remaining EU citizens from the ship. The United States and the United Kingdom are arranging contingency plans for non-EU citizens who cannot access air services. Local authorities warned that the evacuation of cruise ship personnel must take place between May 10th and 11th due to the possibility of strong storms in the nearby waters. World Health Organization Director-General Tedros Adhanom Ghebreyesus issued an open letter on May 9th stating that there are currently no new suspected cases on board. The WHO assesses that the public health risk posed by the Hantavirus remains "low."

WTI rebounded from $73.00, but a decline appears probable as negative US PMI spark recession fears

Daniel Rogers

Jan 05, 2023 14:41

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West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) have regained some ground in the Asian session after falling to near $73.00. Oil prices experienced a slaughter on Wednesday, which was precipitated by a consecutive dip in United States Manufacturing PMI data provided by the Institute of Supply Management (ISM) department.

 

The U.S. Manufacturing PMI dipped to 48.4 vs estimates of 48.5 and the previous publication of 49.0, marking the lowest figure since May 2000. The Federal Reserve's (Fed) aggressive policy tightening actions to combat persistent inflation have reduced the volume of manufacturing operations. To avoid increasing interest costs, companies are avoiding debt-raising negotiations, which has resulted in unaltered production capacities and diminished investment options.

 

In the meantime, the robust U.S. job market gives the Federal Reserve (Fed) a compelling justification to maintain higher interest rates for an extended period. The Unemployment Rate is extremely steady at lower levels, and pay growth is robust, which continues to keep inflationary pressures in check.

 

The American Petroleum Institute (API) stated that oil inventories grew by 3,298 million barrels for the week ending December 30. As people were preoccupied with New Year's celebrations, the majority of operational activity ceased. The official US oil inventory figures will provide fresh impetus moving forward.

 

In the Asian region, increased Covid infections in China are indicative of a delayed economic recovery. Analysts at Rabobank believe that China is still attempting to deal with the increase in Covid infections following the easing of restrictions. "The current increase of Covid infections is stressing the Chinese health care system in more ways than one. Bloomberg adds that this may also impede Beijing's aspirations to launch a homegrown semiconductor industry to compete with US-controlled supply chains.

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