Capping Russian oil product prices is likely to prove a much more onerous task than capping its crude. The effectiveness of the price cap on Russian crude oil is still being gauged. A Finnish research agency estimates that the different price caps could reduce Russia’s energy income by $300 million per day. About a month …
Continue reading “Free market in oil is over…. G7 Oil Price Cap EXPANDED TO DISTILLATES”
Jan 12 (Reuters) – Federal Reserve policymakers on Thursday expressed relief that inflation continued easing in December, paving the way for a possible step down to a quarter point interest rate increase when the U.S. central bank meets in just under three weeks. U.S. consumer prices fell in December in the first month-to-month decline in …
Continue reading “Fed policymakers signal rate-hike slowdown coming, but no easing”
A second haul of classified documents belonging to President Biden have been located, a new report revealed Wednesday — two days after the White House admitted secret papers were kept at an office the commander-in-chief used after leaving the Obama administration. NBC News reported the new documents were found at a separate location from the …
Crude oil inventories rose by 14.865 million barrels, American Petroleum Institute (API) data showed on Tuesday, as refining activity begins to return to normal following previous weather-related shutdowns. U.S. crude inventories increased 13 million barrels over the course of 2022, according to API data, while crude stored in the nation’s Strategic Petroleum Reserves sunk by …
Continue reading “Humongous Build in Crude oil inventories… rising by 14.865 million barrels”
Mass redundancies, spending review beckons for Wall Street giant Cuts to all major divisions expected, globally Restructuring in Asian wealth unit kicks off Wednesday’s layoffs LONDON/HONG KONG/NEW YORK, Jan 11 (Reuters) – Goldman Sachs (GS.N) began laying off staff on Wednesday in a sweeping cost-cutting drive, with around a third of those affected coming from …
Continue reading “Goldman job cuts begin with investment banking, global markets hit hard”
Stock-market optimism that the peak of inflation is behind us leaves little room for error, says Kramer of Mott Capital Management Investors should not have unrealistic expectations regarding the pace at which U.S. inflation subsides in 2023, analysts argue, ahead of Thursday’s consumer price index report for December which may test the mild rally in stocks …
Jan 10 (Reuters) – Wells Fargo & Co (WFC.N) will slim down its home lending business by reducing its mortgage servicing portfolio and exiting the correspondent lending business, the company said on Tuesday. “We are making the decision to continue to reduce risk in the mortgage business by reducing its size and narrowing its focus,” …
Classified documents from Joe Biden’s time as vice president found in a private office last fall contain confidential US intelligence memos and information on topics such as Ukraine, Iran, and the United Kingdom, CNN reported Tuesday, citing a source familiar with the matter. Among the documents discovered, there are at least ten with classification markings, …
STOCKHOLM, Jan 10 (Reuters) – The Federal Reserve’s independence from political influence is central to its ability to battle inflation, but requires it stay out of issues like climate change that are beyond its congressionally-established mandate, Fed Chair Jerome Powell said on Tuesday. “Restoring price stability when inflation is high can require measures that are …
Continue reading “Powell: Fed needs independence to fight inflation”
Goldman Sachs believes solid demand growth could send Brent climbing to $105 by the fourth quarter of 2023. China has now reopened its borders and allocated large crude oil import quotas to its refiners, supporting the thesis for strong demand growth. Goldman Sachs believes the downside for oil markets is limited due to the ability …
Continue reading “Goldman predicts a $30 increase in oil prices by next winter”