LONDON (Reuters) – The world will not be left short of oil even with lower output from sanctions-hit Russia, the International Energy Agency (IEA) said on Thursday, after it cut its predictions for supply losses from the world’s No.2 exporter for the second straight month. The IEA is now forecasting that 1 million barrels per …
Continue reading “IEA sees world weathering lost Russian oil supply”
JP Morgan revised its forecast for oil demand this year down by 1 million barrels daily. JP Morgan sees total oil demand averaging 100 million bpd in 2022, 400,000 bpd below 2019 levels JP Morgan revised its forecast for oil demand this year down by 1 million barrels daily, citing high oil prices. Per a …
Continue reading “JPMorgan Slashes Demand Outlook Amid Soaring Oil Prices”
(Reuters) – COVID-19 vaccine makers are shifting gears and planning for a smaller, more competitive booster shot market after delivering as many doses as fast as they could over the last 18 months. Executives at the biggest COVID vaccine makers including Pfizer Inc and Moderna Inc said they believe most people who wanted to get …
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BloombergNEF: hedging losses are mounting in U.S. shale. Hess Corp found itself spending $325 million in March to exit hedges at a serious loss. Shale giant Pioneer lost $2 billion to exit hedges last year. With earnings season underway, America’s shale producers are expected, almost across the board, to report stellar earnings, but as Bloomberg …
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Kuwait has become the second-largest OPEC member to cut its prices for Asia this month after Saudi Arabia cut its export prices for the first time in four months. Per a Reuters report citing a Kuwaiti document, the exporter slashed Kuwait Export Crude prices for June oil deliveries to Asia by as much as $4.95 …
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Federal Reserve Chairman Jerome Powell on Thursday said he agrees with what many economists are saying — that the U.S. central bank was late to pivot policy and start raising its benchmark interest rate. “I have said, and I will say again that, you know, if you had perfect hindsight, you’d go back and it …
Crude futures extended gains on Friday, rising more than 3%, as concerns about an impending European embargo on Russian oil pushed prices up. Ukrainian Foreign Minister Dmytro Kuleba urged the European Union once again to impose oil sanctions against Russia and expressed hope Hungary will cave in and approve the embargo. Investors also digested OPEC’s …
Hours after Moscow warned there would be retaliation for Helsinki’s announcement that it is applying for NATO membership, Finnish media reports that the Kremlin threatened to cut the country off from Russian gas by Friday. Citing unnamed sources, Finland’s Iltalehti reported the Russian warning to politicians, who refrained from specific comment. Prior to this warning, …
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Russian Security Council Deputy Chairman Dmitry Medvedev explained that the possibility of a new monetary crisis is high due to uncertainties in the markets led by sanctions imposed against Moscow, the chairman wrote on his Telegram channel on Friday. Medved also warned of the “full-fledged international food crisis” that could potentially lead to starvation in …
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Federal Reserve Chairman Jerome Powell warned Thursday that getting inflation under control could cause some economic pain but remains his top priority. Powell said he couldn’t promise a so-called soft landing for the economy as the Fed raises interest rates to tamp down price increases running near their fastest pace in more than 40 years. …
Continue reading “Powell: Hard landing is a possibility… AKA a Depression”