EUR/USD 1.17685
-0.115%
Gold 4854.42
1.329%
Oil 82.946
-7.452%
USD/JPY 158.556
-0.368%
GBP/USD 1.35187
-0.057%
GBP/JPY 214.355
-0.412%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
April 19th - According to CNN, U.S. Energy Secretary Frank Wright stated in an interview on Sunday that Americans may have to wait until next year to escape gasoline prices exceeding $3 per gallon. Wright said that while the ongoing war with Iran has caused gasoline prices to soar, he is unsure when prices will fall below $3 again. "It could be later this year, or it could be next year," Wright said. "But prices have likely peaked and will start to decline, especially if the conflict is resolved." He also stated that ending the 47-year conflict and preventing Iran from acquiring nuclear weapons will certainly bring short-term disruption. However, he believes the U.S. has handled the situation exceptionally well. The U.S. is currently experiencing the largest energy flow disruption in history, and gasoline prices peaked a week ago, about $1 lower than the peak during the Biden administration.On April 19th, local time, the head of the security department in Gombad Kavus, Iran, stated that a fire broke out at a factory in the city around 2 PM local time. It is understood that the black smoke billowing from the scene was caused by the burning of materials inside the factory. The factory is located far from the city center and oil and gas facilities, and relevant departments have preliminarily determined that the fire does not pose a direct threat to the surrounding area. The report stated that the cause of the fire is still under investigation, and there are no reports of casualties.According to Al Jazeera: According to data cited by US media, at least 13 oil tankers turned back to the Persian Gulf on April 18.On April 19th, it was learned from the National Development and Reform Commission (NDRC) that the NDRC, together with relevant departments, recently issued the second batch of "major and key" construction projects for 2026, allocating a total of 216.8 billion yuan in ultra-long-term special treasury bonds to support 336 major projects. These projects cover key areas such as artificial intelligence, urban underground pipeline construction and renovation, transportation infrastructure in the Yangtze River Economic Belt, high-standard farmland, upgrading of higher education, and the "Three-North" project (Northeast, North, and Northwest China). Adding to the previously allocated 389.7 billion yuan, the total allocation for "major and key" construction projects this year reaches 606.5 billion yuan, accounting for 76% of the total 800 billion yuan for the year, a significantly faster pace than last year.According to The Information, Google is in talks with Marvell Technology Group (MRVL.O) to develop a new type of artificial intelligence chip for inference.

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