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Futures July 2, as of June 28, Japans commercial crude oil inventories increased by 43,529 kiloliters from the previous week to 12,287,738 kiloliters. Japans gasoline inventories fell by 108,464 kiloliters from the previous week to 1,673,044 kiloliters. Japans kerosene inventories increased by 102,849 kiloliters from the previous week to 2,099,122 kiloliters. The average operating rate of Japans refineries was 88.2%, compared with 84.4% in the previous week.July 2, Phillip Nova senior market analyst Priyanka Sachdeva wrote in a report that oil futures may trade in a narrower range this week as OPEC+ is widely expected to agree to increase production by another 411,000 barrels per day in August. OPEC+ supply is under the control of investors; however, prices seem to have digested the increase in production and are unlikely to catch the market off guard again in the short term. However, a weaker dollar could prolong any upward momentum.July 2, Goldman Sachs said that if OPEC+ decides to increase production on Sunday, the market is not expected to react much, because the general market expectations have shifted to this result. Goldman Sachs expects the August production increase to be the last, as the large influx of shale oil from non-OPEC countries affects the supply and demand balance, but the risk tends to be a further increase in OPEC+ quotas after August.Canada remains committed to removing all Trump tariffs in its trade deal with the United States, the country’s ambassador to Washington said.Goldman Sachs: If OPEC+ decides to increase production on Sunday, the market is not expected to react much as the general market expectations have shifted to this outcome.

XRP Price Action Turns Bearish as the SEC v Ripple Case Gains Momentum

Alice Wang

Oct 26, 2022 15:26

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3.32% less XRP was traded on Monday. XRP lost the 0.75% gain it had on Sunday and finished the day at $0.45344. For the first time in four sessions, XRP closed the day below $0.46, snapping a three-day gain run.


The day got off to a rocky start with XRP reaching an early high of $0.47322. The price of XRP dropped to a low of $0.44800 in the early afternoon after failing to pass the First Major Resistance Level (R1) at $0.4768. Before temporarily returning to $0.46, XRP breached the First Major Support Level (S1) at $0.4565. However, a negative day's finale caused XRP to retrace through S1 and finish at $0.45344.


Investor perception of the SEC v. Ripple lawsuit has changed to one of caution as the parties get closer to a potential resolution.

Investors Grow Wary of the SEC v. Ripple Decision

Over the weekend, the market provided support, but on Monday, sentiment shifted to the downside. After the parties submitted public, redacted copies of the opposing papers on Monday, updates have not yet been made.


Although the Defendants have recently received positive court rulings, the case's advancement is starting to pick up speed. We anticipate that XRP price volatility will increase as the case develops in reaction to updates and chitchat from both sides.


The materials associated with the Hinman speech continue to be a topic elsewhere. The SEC requested "in camera review suggested redactions to two versions of Director Bill Hinman's June 2018 speech that reference ongoing findings before the Commission," and investors are awaiting the court's reaction.


The SEC intends to use redactions to keep the information from becoming public after failing to protect the documents relating to the Hinman speech under the attorney-client privilege. Investor resolve would be put to the test if the SEC won the case.


Despite the SEC's best efforts, William Hinman continues to play a significant role in the SEC v. Ripple case. Bitcoin (BTC) and Ethereum (ETH) are not securities, according to William Hinman, Division of Corporation Finance, in a well-known 2018 lecture.

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