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May 14 - According to Chadian media reports on May 13, a fire broke out at a fuel depot in Abeyche, the capital of the Vadai region in eastern Chad, on the evening of May 12, injuring more than 200 people. The Chadian News Agency reported that the fire occurred in the southern part of Abeyche. According to the Vadai regions health department, medical institutions have treated 206 injured people, and 53 are still under medical observation. The report stated that Chadian Deputy Prime Minister Limana Mohamed has led government officials to the scene to assess the damage and has ordered the local government to relocate all oil depots located in the city to the suburbs within 10 days.On May 14th, Futures News reported that crude oil prices rose for the third consecutive day on Wednesday. The current change rate narrowed, and refineries, facing significant losses, showed a strong willingness to maintain prices. However, crude oil prices declined during the session, leading to caution in the market. Gasoline rose by approximately 50 yuan/ton, and diesel by 20-50 yuan/ton. Terminal buyers focused on digesting existing inventory and purchasing only as needed, resulting in a flat trading atmosphere. The gasoline production-to-sales ratio was 70%, and the diesel production-to-sales ratio was 71%. Major oil companies prioritized sales, with listed prices rising slightly in tandem, while actual transaction discounts were offered. The average price of 0# diesel was 7833 yuan/ton, up 77 yuan/ton from the beginning of the week; 92# gasoline was 8771 yuan/ton, up 42 yuan/ton, narrowing the gap with independent refineries. Looking ahead, the change rate remains in negative territory, and with the month approaching its middle, major oil companies are likely to promote sales to boost volume. The market may consolidate sideways in the short term, with sporadic localized weakening. Industry data shows that since the beginning of this year, the retail price limit for gasoline has been raised multiple times, gradually increasing the cost of using gasoline vehicles and reducing the enthusiasm for driving. In April, gasoline consumption decreased by 19.3% month-on-month and 21.08% year-on-year. Meanwhile, new energy vehicles are developing rapidly, with sales increasing significantly year-on-year and ownership increasing by 33.8% year-on-year. The penetration rate has once again exceeded 53%, and in April, new energy vehicles accounted for 29.54% of gasoline consumption.Dallas Fed President Logan, a 2026 FOMC voting member, will participate in a dialogue about the energy industry in ten minutes.GameStop (GME.N) CEO: eBays board should not have dismissed the acquisition proposal so easily without a thorough discussion of its substance. eBay shareholders should have the opportunity to evaluate the acquisition offer. A meeting with the eBay board has been requested, but the board has declined.GameStop (GME.N) CEO: (Regarding eBay) I like the asset, but its run by a bunch of losers.

Despite the fact that Eurozone interest rates are anticipated to peak sooner, the EUR/GBP looks to have breached over 0.8630

Daniel Rogers

Dec 07, 2022 15:12

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The EUR/GBP pair has had a stronger recovery from 0.8580 during the Asian session, approaching the pivotal 0.8630 level. Despite the European Central Bank (ECB) being close to reaching an interest rate high, there has been strong demand for Euro bulls. Thus, the monetary policy meeting scheduled for next week will be of utmost significance.

 

The cross is attempting to break strongly above the significant barrier of 0.8630 for the fourth time this week. The hawkish remarks made by ECB policymakers are holding back the euro bulls.

 

"There will be another rate hike," said Constantinos Herodotou, governor of the Central Bank of Cyprus, "but we are very near to neutral." The European Central Bank's chief economist, Phillip Lane, is unsure as to whether the inflation peak has already occurred or will take place in 2019. He stated that although "much has already been done," he does not rule out more rate increases.

 

Investors are currently looking forward to Christine Lagarde's speech, which will be revealed on Thursday. The ECB President is likely to lower her inflation projection in her future statement in light of the poor retail sales numbers.

 

In contrast to expectations for a 1.7% loss, this week's Eurozone retail sales numbers showed a 1.8% decline. Aside from that, annual economic data contraction came in at 2.7% as opposed to the 2.6% consensus expectation. A decline in household demand demonstrates the effectiveness of the European Central Bank's (ECB) policy tightening initiatives. To reach their sales targets, firms could feel pressured to lower the prices of their products and services.

 

The United Kingdom's deteriorating food crisis, brought on by growing costs and a labor shortfall, has had an impact on the Pound Sterling. According to Minette Batters, president of the National Farmers Union, "the government and the entire supply chain must act swiftly." The Financial Times stated that "tomorrow might be too late." The economy already faces rising food inflation, and the issue with the supply of food will make matters worse.


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