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U.S. stock index futures opened slightly lower on Monday.Iranian Foreign Ministry: The Iranian Foreign Minister spoke with the Dutch Foreign Minister and exchanged views on bilateral relations and the latest regional and diplomatic developments.1. According to TASS: Russia says it has resumed flights at its southern airports. 2. Zelensky says Ukraine has submitted a list of 1,000 prisoners of war for exchange to Russia. 3. Zelensky: Russia has not complied with the US-brokered ceasefire agreement on the front lines. 4. According to TASS: The Kremlin says Russia wants Armenia to provide clarification regarding Zelenskys visit. 5. Russian presidential aide: US Presidential envoy Witkov and Trumps son-in-law Kushner will arrive in Moscow "soon," and Russia will continue dialogue with them.On May 11, according to Irans Tasnim News Agency, an informed source stated that Iran would not formulate plans to please the United States, but only to safeguard the rights and interests of the Iranian people. The source said that when US President Trump is dissatisfied, "its usually better." Trumps unwillingness to face reality is the reason he has repeatedly lost to Iran. On May 10, Trump posted on social media that he was dissatisfied with Irans response, calling it "completely unacceptable." Earlier on May 10, Iranian media reported that Iran had formally submitted its response to the latest US proposal aimed at ending the war to Pakistani mediators, focusing on ending the war and maritime security issues in the Persian Gulf and the Strait of Hormuz.On May 11th, according to sources familiar with the matter, artificial intelligence chip maker Cerebras Systems may raise the size and price of its initial public offering (IPO) as early as Monday due to continued surging demand for its shares. The company is considering a new price range of $150 to $160 per share, up from the previous range of $115 to $125, and increasing the number of shares offered from 28 million to 30 million. If priced at the upper end of the new range, Cerebras will raise approximately $4.8 billion, higher than the originally planned $3.5 billion. Sources say that Cerebras IPO subscription orders are more than 20 times the number of shares available, and the chipmaker is trying to cope with the surge in market interest ahead of pricing on May 13th. Cerebras produces specialized chips for running advanced AI models, a market currently dominated by Nvidia. Compared to GPU chips, which the industry has long relied on for model training, Cerebras chips are better suited for inference. This weeks IPO will be Cerebras second attempt at going public. The company first filed for an IPO in 2024 but withdrew the plan last year.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

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Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

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