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March 21st - International crude oil prices continue to fluctuate at high levels, and the cost pressure on airlines is being rapidly passed on to customers. Recently, several domestic airlines have raised fuel surcharges on international routes, with increases generally exceeding 50%, and some routes even doubling. Although the domestic market is still in the traditional off-season after the holidays, with the expectation of further fuel surcharge increases continuing to strengthen, many consumers are starting to book tickets for travel two weeks or even a month in advance, attempting to lock in relatively lower travel costs at present.March 21 – According to the U.S. Treasury Department, the United States approved a 30-day authorization on March 20 to conditionally ease sanctions on Iranian oil products, allowing the delivery and sale of Iranian crude oil and petroleum products already shipped as of March 20. U.S. Treasury Secretary Bessenter stated that the Treasury Department is issuing a “narrow, short-term authorization” allowing the sale of Iranian oil currently stranded at sea. By temporarily releasing existing oil supplies, the U.S. will quickly provide approximately 140 million barrels of oil to the global market. The temporary, short-term authorization is strictly limited to oil already en route.On March 21, local time, Iranian Oil Ministry spokesman Saman Godoosi stated via his personal social media account on the evening of March 20 that Iran currently has virtually no remaining crude oil stranded at sea, nor any surplus crude oil to supply other international markets. The statement by US Treasury Secretary Bessenter was purely intended to create hope for buyers, provide psychological reassurance, and manipulate market sentiment. On March 19, local time, US Treasury Secretary Bessenter stated that the US had allowed Iranian oil to continue being transported through the Gulf region, and that the US might lift sanctions on Iranian oil at sea in the coming days. Bessenter said the US had begun lifting sanctions on approximately 130 million barrels of Russian oil already shipped or stored at sea, and might take similar measures on approximately 140 million barrels of Iranian oil already shipped or stored at sea.US President Trump: We moved up our strikes against Iran by several weeks.US President Trump: (Regarding oil prices) I thought it would be worse than it is now.

Gold Price Analysis: After Fed Chair Powell's hawkish comments, the XAU/USD pair is in the red

Alina Haynes

Mar 08, 2023 13:54

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Gold is nursing its wounds due to the likelihood of a 50 basis point (bps) rate rise by the Federal Reserve. At the time of writing, Gold price is trading at $1,813.53 and has been probing lower in Asia to $1,1812.60, a fresh low made following the sell-off that transpired in response to Federal Reserve chair Jerome Powell's testimony before Congress on Tuesday.

 

The price of gold fell sharply as a result of Fed Chair Powell's remarks, falling from a high of $1,851.70 to a low of $1,1812.36 like a heavily weighted metal. This is a result of Jerome Powell, chairman of the Federal Reserve, stating that the US central bank will remain on course until the job is completed. He added more fuel to the fire by stating that the ultimate level of interest rates is likely to be higher than previously predicted.

 

The clincher was when Federal Reserve chairman Jerome Powell stated that the Fed is prepared to increase the tempo of rate increases if data indicates it is warranted.

 

"The most recent economic data have been greater than anticipated, indicating that the ultimate level of interest rates will likely be higher than anticipated. "Powell of the Fed stated in his testimony.

 

As a result, the yield on the 10-year US Treasury note rose to 4% before retreating to 3.96%, remaining marginally below the three-month high of 4.07% reached on March 2 as investors weighed the path of future rate increases by the Federal Reserve. This provided a stimulus to the dollar. The DXY index, a measure of the US Dollar versus a basket of currencies, smashed through 105 in a move that began at 104.43 and continued until 105.435, putting significant downward pressure on the price of Gold.


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