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July 4th - Micron Technology officially launched the expansion project of its western Japan factory, with a total investment of 1.5 trillion yen, for the production of advanced memory chips. This expansion is part of its global capacity expansion plan aimed at meeting the needs of the artificial intelligence industry; the Japanese government will provide subsidies of up to 500 billion yen to share the construction costs. This factory expansion will help Micron improve the energy efficiency and data transmission efficiency of chips required for artificial intelligence services and autonomous vehicles. The expanded production line is expected to be operational and shipping around the summer of 2028.July 4th - The National Data Administration announced today the issuance of the "Guidelines for Data Property Rights Registration (Trial)," which will promote the safe, compliant, and efficient circulation and use of data. The national data management department is responsible for the management of data property rights registration nationwide. Specific responsibilities include establishing and improving a unified national data property rights registration system; guiding and supervising data property rights registration activities nationwide; and constructing and managing the national data property rights registration service system. The national data property rights registration service system aggregates registration results and provides unified services nationwide, including publicizing data property rights registration information, querying and verifying registration results, and supporting the management of registration agencies.US President Trump: Iran is very keen to reach a deal; Iran was given a week off to hold Khameneis funeral.SK Hynix is reportedly considering paying a 0.5% fee on its massive ADR offering.July 4th - The Russian presidential website reported on the night of July 3rd that President Putin stated that large-scale strikes against Ukrainian military-industrial complexes and related facilities must continue. The report stated that Putin inspected an auxiliary command post of the Russian Joint Forces Group that day and held a military meeting with the head of the General Staff of the Russian Armed Forces and commanders of various units to discuss the current situation and recent combat developments in the special military operations area.

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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