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On April 2, Claus Vistesen and Melanie Debono, analysts at Pansen Macro, believe that the European Central Bank may choose to remain cautious and keep interest rates unchanged at this months meeting amid increasing economic uncertainty. Data this week showed that annual overall inflation in the euro area continued to slow, close to the ECBs 2% target, and core prices were also falling. But Vistesen and Debono said that risks in energy prices and other areas remain in the coming months. At the same time, Europe is facing a squeeze on economic growth from turmoil and trade tariffs, while having to grapple with the unclear impact of internal stimulus plans on infrastructure and especially defense.On April 2, YiBo Technology announced that the company used its own funds or self-raised funds of RMB 74.398 million to acquire 32.2348% of the shares of the minority shareholders of its holding subsidiary Zhuhai Yishengshun Electronics Co., Ltd. Recently, Zhuhai Yishengshun has completed the industrial and commercial change registration. The company holds 100% of the shares of Zhuhai Yishengshun, and Zhuhai Yishengshun has become a wholly-owned subsidiary of the company.Germanys DAX index fell 1.00% during the day.Futures News on April 2, the latest data from the UAE Fujairah Oil Industry Zone showed that as of the week of March 31, the total inventory of refined oil at the UAE Fujairah Port was 24.341 million barrels, an increase of 4.598 million barrels from a week ago. Among them, light distillate oil inventories increased by 1.298 million barrels to 8.246 million barrels, medium distillate oil inventories increased by 1.058 million barrels to 3.053 million barrels, and heavy residual fuel oil inventories increased by 2.602 million barrels to 13.042 million barrels.On April 2, due to the high uncertainty of the direction of US tariff policy and potential market reactions, the VIX index rose to a more than two-week high of 24.80 on Monday and closed at 22.77 on Tuesday. Mark Spindel, chief investment officer of Potomac River Capital LLC, said: "I think the market is really holding its breath." He expects this "fear index" to rise to the 30 mark. This level usually means that the market has entered a highly risk-averse mode.

Despite an increase in US official oil stock statistics, WTI extends its rebound to near $79.00

Daniel Rogers

Dec 30, 2022 11:20

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West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) have continued their recovery move over the important resistance level of $78.50 during the Tokyo morning session. As a result of supply concerns due to a prohibition on oil sales from Russia to G7 nations and the European Union and anticipation of a recovery in demand predictions in China as a result of reopening steps, the oil price experienced buying activity around $77.00.

 

Russia has no intention of supplying fossil fuels at prices lower than those prevailing on the market, therefore oil supply is projected to remain a key concern. Without a question, western nations are actively seeking alternatives to Russia to meet their oil demand, but their reliance on Russian oil will keep them in agony in the medium run.

 

Meanwhile, the sheer velocity of reopening steps by the Chinese government in Beijing has caused short-term chaos owing to a sharp increase in the number of infections; however, Covid-19 may have reached its peak and the economy will restore its forward momentum.

 

According to a letter from Goldman Sachs economists, "For oil prices, we remain bullish on oil prices in the immediate future given the possibility for increasing China demand, and reduced supply growth from US shale due to discipline/tight service markets, and OPEC+ quota reduction."

 

The United States Energy Information Administration (EIA) stated on Thursday, for the week ending December 23, that the oil price rebounded following a short decline due to an increase in oil stockpiles. The official US agency reported an increase of 0.718,000 million barrels in oil inventories, whereas the market had anticipated a decrease of 1.52 million barrels.