China’s zero-covid policy has had a very negative impact on oil demand in 2022. Whether Chinese authorities relax covid measures or not, both steps carry huge political risk for China’s President Xi. Softer economic growth in China and an evaporating Ukraine war premium could result in further downside for crude. Since the late 1990s, China …
Continue reading “Lower Oil Prices… China Enters Next Phase Of Covid Crisis”
U.S. service sector activity picks up in November Tesla cuts output plan for Shanghai plant for December-sources All S&P 500 sectors decline, with energy stocks hit hard Indexes down: Dow 1.4%, S&P 1.79%, Nasdaq 1.93% Major United States stock markets closed in the red territory on Monday as Fitch Ratings cut the 2023 world growth …
Continue reading “US closes deep in red amid recession concerns”
Saudi OSPs to Asia hit 10-month low amid slowing physical demand. Saudi Aramco cut on Monday the price of its flagship Arab Light crude for sale in January in Asia by $2.20 per barrel, to a premium of $3.25 a barrel. The Saudi oil giant also cut by $1.80 per barrel the price of Arab …
At its meeting on Sunday, the OPEC+ group decided to leave its production quotas unchanged. The group also announced that its next meeting will be in February and the one after that in June, marking the end of monthly meetings. With the EU embargo on Russian crude and the G7 price cap coming into effect, …
The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market. The decision at a meeting of oil ministers Sunday comes a day ahead of the …
Continue reading “Oil Prices Advance as OPEC Decides to Gauge Impact of Russia Price Cap”
LONDON/DUBAI (Reuters) -OPEC+ agreed to stick to its oil output targets at a meeting on Sunday as the oil markets struggle to assess the impact of a slowing Chinese economy on demand and a G7 price cap on Russian oil on supply. The decision comes two days after the Group of Seven (G7) nations agreed …
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The European Union has reached a consensus on the price at which to cap Russian oil just days before its ban on most imports comes into force. News of the deal, which had needed approval from holdout Poland, was confirmed on Twitter by the president of the European Commission, Ursula von der Leyen, marking a …
Continue reading “EU confirms Russian oil price cap effective as of Dec. 5”
The November U.S. jobs report on Friday showed the U.S. economy gained 261,000 jobs last month, with the unemployment rate holding steady at 3.7%. Economists polled by the Wall Street Journal had expected an addition of 200,000 jobs. Wages jumped 0.6% in November, double the expected pace. “You probably want to revise your view on …
Continue reading “November jobs report is not good news on the inflation battle”
Fed officials’ favorite inflation gauge, the core personal consumption expenditures (PCE) index—which excludes volatile food and energy prices—rose by 0.2% in October, according to Commerce Department data released Thursday. That’s a slight drop from the 0.5% month-over-month gain seen in September. And its still climbing…… The 5% year-over-year core PCE reading was still well above …
Continue reading “Feds favorite inflation gauge PCE index rose by 0.2% in October”
Switzerland could limit the use of electric vehicles (EVs) in cases of electricity supply shortages this winter under a new four-step plan to prevent power cuts and blackouts. To ensure energy security this winter, Switzerland could become the first country to limit the driving and use of EVs, German daily Der Spiegel reports, citing multiple …
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