Oil prices rallied on Sunday and Monday following Saudi Arabia’s decision to cut production by a further 1 million barrels per day. By Tuesday morning, both WTI and Brent were falling back, with economic concerns outweighing the impact of further OPEC+ cuts. U.S. and Chinese manufacturing data has disappointed so far this year, although driving …
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Hunting for optimists the Monday after an explosive jobs and debt-ceiling fueled relief rally that sent the S&P 500 SPX, 0.34% to the edge of a bull market, is proving a little tough. That said, there’s nothing horrible in the setup, with tech just a little softer as oil is up after Saudi Arabia pledged …
Opec+ members Saudi Arabia, the UAE, Iraq, Kuwait, Oman and Algeria will extend their voluntary oil production cuts until the end of 2024 as economic growth concerns weigh on the outlook for crude demand. Saudi Arabia, the world’s largest crude exporter, will make an additional voluntary output cut of 1 million barrels per day in …
Continue reading “I LOVE the Saudi lollipop……. $100 Oil Coming As Saudi Arabia Cuts Production”
Non-farm payrolls soar to 339,000, beating median estimates of 195,000 The unemployment rate edges up to 3.7%, up from 3.4% Black unemployment rate rises from historic low to 5.6% Women drive prime age labor force participation gains Jobs boom in professional services, government, construction, health care May saw another big upward surprise in payroll gains, …
Continue reading “Relentless US Payroll Gains Pose a Dilemma for the Fed”
China’s services sector continued to expand further in May signaling a strong recovery, according to the latest report jointly published by S&P Global and Caixin Insight. The seasonally adjusted headline Business Activity Index arrived at 57.1 in May, rising 0.7 index points from the prior month to mark the second-steepest expansion rate since November 2020. …
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Crude oil futures surged over 2% on Monday during early trading in Asia after Riyadh announced it will cut oil production by another 1 million barrels per day in July. Saudi Arabia’s oil output is now estimated to average 9 million barrels daily, with Minister Abdulaziz bin Salman claiming that OPEC+ is not aiming to …
Saudi Arabia will make an additional voluntary cut of 1 million barrels of oil a day as part of a deal struck by OPEC+ after hours of tense haggling. Saudi Energy Minister Prince Abdulaziz bin Salman unveiled the reduction in a statement, once again managing to pull off a surprise. The Saudi move is the …
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Metric Actual Median Estimate Nonfarm payrolls +339k +195k Unemployment rate 3.7% 3.5% Average hourly earnings (MoM) +0.3% +0.3% Nonfarm payroll employment in the United States surged by 339,000 in May, according to the report by the Bureau of Labor Statistics on Friday, far surpassing expectations. Professional and business services led the rise with 64,000 jobs …
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The United States Senate followed the House of Representatives and voted in favor of the bill seeking to suspend the debt ceiling until January 1, 2025, preventing thus the country’s first-ever default. The bill received 63 votes in favor and 36 against. Out of the latter, 31 came from Republican Senators, four from the Democrats, …
Oil prices are near their lowest levels all year, reflecting a drop in global demand. What is ahead has investors on edge—and they are betting OPEC and its allies, OPEC+, won’t come to the rescue by cutting production when they meet on Sunday. Since October, OPEC+ has reduced production by 3.5 million barrels a day, …