Oil prices rose in Asian trade early on Wednesday, following estimates of a large U.S. inventory draw and a warning from the Saudi energy minister for short sellers. In early morning trade in Europe, Brent Crude was up above $77 per barrel, at $77.56, rising by 0.96%. The U.S. benchmark, WTI Crude, had risen …
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The annual inflation in the United Kingdom came in at 8.7% in April, down from March’s 10.1% but slightly higher than projected, the Office for National Statistics (ONS) revealed in its report published on Wednesday. On a monthly basis, the figure went up by 1.2%. The Consumer Prices Index including owner occupiers’ housing costs (CPIH) …
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Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman has warned traders, again, against shorting oil futures, less than two weeks before the OPEC+ panel on production policy meets on June 4. Prince Abdulaziz bin Salman promised oil speculators back in 2020, “I’m going to make sure whoever gambles on this market will be ouching like …
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United States Federal Reserve Bank of Minneapolis President Neel Kashkari (pictured) remarked on Monday that there is a “close call” at the central bank on whether the Federal Market Open Committee (FOMC) should pause the raises in interest rates or continue with them. Speaking to CNBC, Kashkari estimated the Fed might need to raise the …
Morgan Stanley’s Mike Wilson sees a dangerous trap. “Last week’s price action showed signs of panic by investors who are afraid they’ll miss the next bull market. We believe this will prove to be a head fake rally like last summer’s for many reasons,” Wilson told clients in a Sunday note. “With the index showing …
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https://youtu.be/kB-NTBJ9h_M Non-commercial positions are near most bearish since 2011 Aggressive positioning risks over-correction and volatility Money managers that trade derivatives linked to oil and fuel prices are about as bearish as they’ve been in more than a decade, suggesting they’re braced for a recession that could cause contracts from crude to jet fuel to take …
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Biden said he wants to see if courts would rule use of 14th amendment constitutional to solve debt limit issue ‘I think we have the authority. The question is could it be done and invoked in time,’ he said at press conference Clock ticking toward June 1 deadline on defaulting President Joe Biden on …
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Bank of America believes oil prices will head back above $80 in the second half of the year and rise toward $90 due to a supply deficit. While Bank of America’s forecast for the second half of the year was bullish, it believes the second quarter will average in the mid-$70s. The main drivers behind …
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US debt ceiling talks paused No decisions yet on US interest rates -Fed’s Powell Crude benchmarks notch first weekly gain in a month U.S. oil rig count falls by 11 to 575 this week Oil prices fell on Friday, as investors worried that U.S. politicians will fail to agree on a new debt ceiling and …
Federal Reserve Chair Jerome Powell says the central bank is “strongly committed” to bringing inflation down to 2% during a panel discussion at the Thomas Laubach Research Conference in Washington. Powell went on to say that continued supply shocks remain a possibility, but added that the extent of it could be hard to predict. The …
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