US payrolls rose last month as the unemployment rate fell, Making another increase in the FED FUNDS rate a slam dunk. . Nonfarm payrolls increased 236,000 after an upwardly revised 326,000 advance in February, the Bureau of Labor Statistics said Friday. The unemployment rate fell to 3.5% and average hourly earnings climbed 4.2% from a …
Offshore companies reduce their spending in the North Sea, leading to a decrease in oil production. Without additional funding, the UK may become reliant on foreign fossil fuels to meet its energy demands. The introduction of a windfall tax has been blamed for the lack of interest in British waters. According to the industry body …
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Federal Reserve Bank of St. Louis President James Bullard said on Thursday that financial conditions have become tighter with the collapse of Silicon Valley Bank and Credit Suisse, among others, but that “financial stress and financial conditions metrics as of today remain low” compared to those during the financial crisis in 2007-2009 and the COVID-19 …
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TORONTO (Reuters) – Hedge fund bets against Canada’s TD Bank Group on Wednesday hit $4.2 billion, making it the most-shorted banking stock globally, according to data provider ORTEX’s calculations, with some analysts concerned about the bank’s exposure to U.S. regional lenders. Around 4.1% of TD’s outstanding shares were out on loan to hedge funds, while …
Just days after the unexpected OPEC+ oil production cut, Saudi Aramco, the Saudi state-owned oil company, has raised prices of crude to Asia by 30 cents per barrel. The price hike in Aramco’s flagship Arab Light crude to Asia for May delivery represents the 3rd monthly increase in a row, Bloomberg reports. The move to …
The price of yellow metal broke over $2,000 on Tuesday, reaching its new one-year high following the release of data on the United States’ labor market, which showed a large drop in the country’s job openings. The lower-than-expected job openings figure in February could indicate that the United States labor market might be slowly cooling …
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The OPEC+ plus announcement Sunday that it would cut production by 1.6 million barrels per day led to an immediate increase in gasoline futures, which will be passed on to consumers quickly. Wholesale gasoline prices as reflected in the RBOB were up 3.14% at 11:55 a.m. EST on Monday. Meanwhile, AAA showed the national average …
The surprise OPEC+ cuts are making oil balances look “insanely bullish” for later this year, provided that the global economy holds up, Amrita Sen, founder and director of research at Energy Aspects, said on Monday. On Sunday, OPEC+ members, led by Saudi Arabia and other major Middle Eastern producers, announced a fresh combined cut of …
Continue reading “OPEC+ Cut Makes Oil Balance Look “Insanely Bullish” For Later This Year”
Energy Secretary Jennifer Granholm last month said it would be difficult for the U.S. to take advantage of low oil prices to replenish the Strategic Petroleum Reserve because of maintenance at two of the four sites. The Financial Times reported, citing people familiar with Saudi Arabia’s thinking, that Riyadh was “irritated” by that comment. In …
Oil prices spiked, after Saudi Arabia led a surprise oil production cut across several OPEC+ nations that will remove more than 1 million barrels of oil a day from May. In an announcement on Sunday, Saudi Arabia’s Ministry of Energy stated that the kingdom will implement a voluntary cut of 500,000 barrels a day from …