On Monday, Saudi Arabia raised the official selling price of its flagship crude going to Asia in March. The hike, which was the first in six months, was due to expectations of a rebound in Chinese demand. Saudi oil giant Aramco lifted the price of its flagship Arab Light grade to Asia for March loadings …
Continue reading “Saudi Arabia Surprises Markets By Increasing Oil Prices To Asia”
SINGAPORE, Feb 6 (Reuters) – Oil prices inched up on Monday after falling 8% last week to more than three-week lows as concerns that slower growth in major economies may limit fuel consumption outweighed signs of a demand recovery in China, the world’s top oil importer. Strong U.S. jobs data raised concerns that the Federal …
Continue reading “Oil prices edge up as IEA’s Birol talks up China demand outlook”
Crude oil could soon swing into a deficit that will make next year a difficult one, Goldman Sachs said, as spare production capacity dwindles and underinvestment threatens future supply. Speaking on the sidelines of an event in Saudi Arabia, Goldman’s top commodity analyst Jeffrey Currie said, as quoted by Bloomberg, that the industry is not …
The “shadow fleet” of ships that transport Russian oil around the world has expanded to around 600 tankers, according to trading giant Trafigura. About 400 crude oil vessels, or 20% of the global fleet, have “switched” from mainstream trades to “ostensibly do Russian business,” co-head of oil trading Ben Luckock said in an interview on …
Continue reading “‘Shadow Fleet’ of Tankers Hauling Russian Oil Swells to 600 Ships, Trafigura Says”
Oil prices fell to over three-week lows on Friday in a volatile session,the spin is strong U.S. jobs data raised concerns about higher interest rates. REALITY IS THE WORLDS LARGEST OIL TRADING PLATFORM ION WAS HACKED BY THE RUSSIANS Brent and WTI post weekly declines of nearly 8% U.S. reports blowout job growth THE WORLDS …
How can 443,000 net hires by businesses actually understate the demand for labor? Because businesses have two options if they need more labor: They can hire more workers, or they can work their existing staff harder.In January, businesses did both — in spades. It’s a lot easier to add a shift than it is to …
Continue reading “The blowout jobs report is actually three times stronger than it appears”
United States Treasury Secretary Janet Yellen said on Friday in a statement that the latest move regarding the price ceiling on seaborne Russian refined oil products will force Russian President Vladimir Putin to “choose between funding his brutal war or propping up his struggling economy.” She praised the G7 price cap coalition adding that “today’s …
Continue reading “Yellen: Oil cap to make Russia choose war or economy”
San Francisco Federal Reserve Bank President Mary Daly said in an interview with Fox Business News on Friday that it is “far too early” to declare victory against inflation despite encouraging data seen recently. Daly explained that the trajectory of Fed’s monetary policy is heading towards additional tightening and is projected to remain in restrictive …
Continue reading “Fed’s Daly: Far too early to declare victory against inflation”
EU members have agreed to support a price cap level of $100 per barrel on Russian diesel sales to third-party countries, people familiar with the matter told Bloomberg on Friday afternoon. The EU’s ban on Russian seaborne crude oil products imports, including diesel and naphtha, is scheduled to go into effect on February 5. The …
Continue reading “EU agrees on price ceiling for Russian oil products”
The U.S. Federal Reserve is likely to need at least two more interest-rate hikes, lifting the benchmark rate to above 5%, to slow an unexpectedly strong labor market seen as contributing to high inflation. That was the betting in financial markets on Friday after the U.S. Labor Department reported employers added more than half a …
Continue reading “Fed seen hiking policy rate above 5% as hiring surges”