EUR/USD 1.14740
-0.104%
Gold 4355.89
-0.472%
Oil 93.797
-1.751%
USD/JPY 157.013
0.183%
GBP/USD 1.33770
-0.123%
GBP/JPY 210.044
0.060%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On September 21st, a groundbreaking ceremony was held in Kaohsiung, Taiwan, for a new advanced packaging industrial park. TSMC plans to establish facilities there for technology verification and talent training. At the ceremony, the Deputy Mayor of Kaohsiung stated that TSMC will construct two buildings in the Baipu Industrial Park, including a technology verification laboratory and a talent training center. These facilities are expected to be operational by the fourth quarter of 2029. The Baipu Park covers a total area of approximately 88.7 hectares (approximately 219.2 acres), of which approximately 53.6 hectares are designated for industrial use.September 21st - According to Iranian sources on the 20th, Iranian Foreign Minister Araqchi will visit Qatar to discuss the regional situation. Reports indicate that Araqchi left Tehran on the evening of the 20th for New York to attend the 81st UN General Assembly. He will first make a brief stop in Doha, Qatar, to discuss the current regional situation. Qatari Foreign Ministry spokesman Majid Ansari stated on the 20th that Qatar is maintaining communication with the United States and Iran, pushing for the resumption of negotiations between the two countries. He said that several US government officials have indicated that the US hopes to reach an agreement and end the conflict. Speaking at the Qatar Economic Forum in New York, Ansari stated that Qatar has been exchanging views with the United States and Iran over the past few weeks, and Qatar is working to bridge its differences. However, he did not provide a timetable for resuming negotiations.On September 21, Vice President Han Zheng met with Australian House Speaker John Dick in Beijing. Han Zheng stated that China and Australia are important partners. Last July, President Xi Jinping met with Prime Minister Albanese, charting the course for further positive development of bilateral relations. China is willing to work with Australia, guided by the important consensus reached by the leaders of the two countries, upholding the principles of equality, seeking common ground while reserving differences, and mutually beneficial cooperation, to enhance strategic communication, deepen mutually beneficial cooperation, strengthen multilateral coordination, properly handle differences, and promote the building of a more mature, stable, and fruitful comprehensive strategic partnership between China and Australia. Dick stated that this visit allowed him to personally witness the deepening economic and trade exchanges and close people-to-people ties between the two countries, and he was pleased to see the stable and fruitful development of Australia-China relations. Australia attaches great importance to Australia-China relations and adheres to the one-China policy. The Australian House of Representatives is willing to strengthen dialogue and exchanges with China, expand pragmatic cooperation, and bring benefits to the people of both countries.New Zealand Prime Minister Lukeson: New Zealand has now ratified the free trade agreement with India.On September 21, following the turmoil at Situational Awareness, a hedge fund betting on artificial intelligence that resulted in massive losses for Jane Street, the Bank of England and the Federal Reserve have stepped up their scrutiny of banks exposure to large trading firms. Sources familiar with the matter said regulators are questioning global banks about their exposure to trading firms and market makers, including New York-based Jane Street and Ken Griffins Citadel Securities. These regulators had previously prioritized understanding banks exposure to so-called non-bank financial intermediaries. However, sources indicated that they have intensified their efforts to understand positions related to trading firms and market makers after this sell-off and Jane Streets losses. Regulators want information on these firms risk appetite, how banks exposure to them changes intraday, and how risk controls operate.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

118.png


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.

Suggestion