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July 19th - According to the Wall Street Journal, the U.S. labor market remains robust according to most key indicators. However, nearly two million Americans have been unable to find work for at least six months. Data from the U.S. Department of Labor shows that in June, the number of long-term unemployed (unemployed for 27 consecutive weeks or more) accounted for 27.3% of the total unemployed, up 4 percentage points from a year ago. This proportion is close to its highest level since the end of 2021. Because the overall unemployment rate remains low, the size of the long-term unemployed population is not yet sufficient to cause a substantial shock to the economy. However, analysts say its ripple effects are accumulating. Preston Mooy, senior economist at Employ America, said, "We havent seen large-scale layoffs in the past few years, so the number of short-term unemployed has remained relatively stable. But at the same time, hiring activity has seen a fairly significant decline." Even if some long-term unemployed people find new jobs, the weak hiring environment means more people are constantly joining the long-term unemployed group, keeping this number consistently high.Ukrainian President Zelensky: Decisions regarding the military will continue to be made through consultation.Ukrainian President Zelensky: I spoke today with Alexander Sylsky, Commander-in-Chief of the Armed Forces of Ukraine.July 19th - According to CNN, the US military announced that two US troops stationed in Jordan were killed in action yesterday, and another is missing. This news is bound to further fuel anger among those in the US who oppose the war. In the first phase of the US-Iran war, 13 US military personnel have already died. Subsequently, a pilot died in a plane crash, bringing the death toll to 14. The latest casualties will bring the total number of US military deaths to 16, or even 17. This is clearly an extremely difficult moment for Trump. The American public generally does not support the war, and these casualties are likely to further erode public support for the war.According to Israels Channel 13, the United States is preparing to expand its operations against Iran by sending approximately 100 refueling aircraft to the Middle East. Israeli defense agencies are preparing for a potential major escalation in the region.

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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