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On November 10th, the Ukrainian State Electricity Company announced that due to Russias continued attacks on Ukrainian energy facilities, most regions of Ukraine will experience 24-hour power rationing on November 10th. The company stated that the rationing will last from midnight to 11:59 PM, and industrial users power consumption will also be limited during the same period. The Ukrainian government also urged the public to conserve electricity during peak hours.On November 10th, Bezoss space company Blue Origin planned to launch its New Glenn rocket from Cape Canaveral, Florida, on Sunday, a key test in the startups path to challenging SpaceXs dominance. The approximately 97.5-meter-tall rocket will carry two spacecraft built by Rocket Lab to Mars. This mission marks New Glenns first mission for NASA. New Glenn successfully completed its maiden flight in January, reaching orbit, but its boosters failed to land. Similar to SpaceXs Falcon series, New Glenn is designed to be partially reusable, with boosters capable of multiple launches, thus reducing costs.On November 10th, New York Federal Reserve President Williams stated that financial pressures faced by low- and middle-income Americans could threaten the resilience of the U.S. economy, even as wealthier families benefit from the stock market boom. In an interview, Williams said the Feds December interest rate decision "will be a balancing act." He noted, "Inflation remains high and shows no signs of declining," but the U.S. economy "still exhibits a degree of resilience." Nevertheless, many Americans are still struggling with housing and living costs. There are signs that "low- and middle-income families are facing some constraints in terms of affordability," posing a risk to consumer confidence and spending. Williams also rejected calls to modify the Feds benchmark interest rate mechanism, stating that expectations of productivity gains driven by artificial intelligence are supporting the market, but he is concerned about potential over-investment and a stock market bubble.On November 10th, Russian Presidential Press Secretary Dmitry Peskov stated on the 9th that US President Donald Trumps recent announcement of plans to resume nuclear testing gave the impression that the US intended to begin nuclear testing in the near future. Russia needs clarification on this. Peskov said that Russian President Vladimir Putin has not ordered the immediate commencement of preparations for nuclear testing, and if any other country violates the nuclear testing ban, Russia will be forced to take reciprocal measures to maintain strategic balance.On November 10th, it was reported that on November 9th local time, U.S. Senate Majority Leader John Thune stated that a potential agreement to end the government shutdown was "progressing." However, Thune also noted that an agreement was not guaranteed, as senators needed time to read the proposal and it could take several hours before concrete action could be taken.

Weekly Crude Oil Price Prediction - Crude Oil Markets Continue to Fall

Alina Haynes

Aug 08, 2022 12:09

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The West Texas Intermediate Crude Oil price has dropped below the $90 barrier for the second consecutive week. With this in mind, the market appears to be poised for a significant decline. If the price breaks below the bottom of the candlestick, there is the potential for a decline to the $80 level. Granted, this is a very noisy market, but it appears that the pessimism persists. Consequently, I believe we have a situation where we must view this through the lens of a lack of demand, as global markets will begin pricing in a significant downturn. That decreases demand.

 

Brent prices were also quite volatile, falling through the 50 Week Exponential Moving Average. If the price breaks below the bottom of the candlestick, a decline below the $90 level becomes possible. In such a scenario, the market could collapse to $80 in the near future. We just broke through a major trend line, and this negative development has now been reinforced.

 

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Despite the fact that OPEC scarcely increased supply, prices continued to decrease anyway. As a result, you must pay close attention to the markets and what they are attempting to tell you at this time because this demonstrates the level of concern surrounding the man. More often than not, rallies will be sold into, and a collapse below the $90 level could unleash significant selling pressure.

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