U.S. stocks are set to nose-dive at least 20% in the course of this year, Wall Street’s top strategist has cautioned. The S&P 500 ended Thursday’s trading session more than 1% higher at 4,146 points. Since the beginning of the year, the index has gained 8.4%, rebounding from a turbulent 2022. However, in an interview …
Continue reading “US Stocks, Bonds Slide as Rate Hike Odds Climb”
In its latest oil market report published on Friday, the International Energy Agency (IEA) said that “OPEC+ supply cuts risk aggravating expected oil supply deficit in H2 2023,” which could lead to high prices that will hurt consumers and threaten economic growth. In its Oil Market Report, the IEA said that the latest OPEC+ cuts could exacerbate …
https://youtu.be/kPjHkQS4Fzs Chinese oil demand is set to grow by 760,000 barrels per day (bpd) this year, OPEC said on Thursday, raising slightly its demand growth outlook for China while leaving global oil demand projections unchanged from last month. China’s oil demand is now expected to average 15.61 million bpd this year, up by 760,000 bpd …
Continue reading “OPEC Raises Forecast For China’s Oil Demand Growth Again”
https://youtu.be/hpOmaPk2GUI An empowered OPEC+ led by Saudi Arabia and Moscow is calling the shots on oil prices, boosting inflation and raising recession risks
Canadian oil industry’s new hope is the Trans Mountain conduit which is set to begin operating next year. The pipeline expansion will help Canada increase its pipeline capacity, overcome constraints and open new markets in Asia, improving price for crude. The pipeline will transport around two times as much oil as previously, with capacity at …
Continue reading “New Canadian Pipeline To Boost Oil Prospects”
China’s trade surplus stood at 9.89 trillion yuan ($1.44 trillion) in the first quarter of 2023, rising 4.8% compared to the same period a year earlier, the country’s General Administration of Customs said on Thursday. Exports climbed 8.4% to 5.65 trillion yuan with exports of electric vehicles, lithium batteries and solar products contributing most to …
Cushing inventories are at the lowest since January: EIA WTI climbs above $82, reaching the highest this year Oil rose to the highest intraday price this year as slowing flows from Russia, production cuts by OPEC+ and falling US inventories pointed to a tightening market. West Texas Intermediate rallied above $82 a barrel, bolstered by …
Continue reading “Tighter Supplies Driving Oils to the HIGHS of the year”
The core CPI, which economists view as the better indicator of underlying inflation, was up 5.6% from a year ago. It’s the first time in over two years that the core came in above the overall measure, which was up 5%. Investors initially reacted positively to the report before a rally in stocks and Treasuries …
In March, OPEC+ producers saw the biggest decline in their collective production in 10 months, as output fell by 680,000 barrels per day (bpd) to 37.64 million bpd, an assessment by Energy Intelligence showed this week. Russia, which said it was cutting oil production in March, as well as Nigeria accounted for most of the …
Continue reading “OPEC+ Oil Production Sees Biggest Drop In 10 Months”
The price of crude oil returned on Tuesday to the recent highs seen after OPEC+ announced it would cut production by another 1.6 million barrels per day. On April 2, OPEC+ announced that it would cut its crude oil production by another 1.66 million barrels per day (including the 500,000 bpd Russian production cut) on …