The lights are dimming over the Russian oil industry – literally.The Kremlin is doing its best to conceal the full impact of formal and informal energy sanctions after its invasion of Ukraine. But Moscow can’t hide from the satellites above Siberia that measure the amount of light its oilfields emit as unwanted gas is burned, or …
Continue reading “The Second Wave of the Russian Oil Shock Is Starting”
(Reuters) – The average interest rate on the most popular U.S. home loan climbed to a 12 year high last week and fewer homebuyers sought properties in a sign that the Federal Reserve’s aim of cooling the housing market may be beginning to have an impact, data from the Mortgage Bankers Association (MBA) showed on …
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https://youtu.be/KhC7WVdVyko U.S. crude inventory unexpectedly declined last week, the API reported Tuesday, just as global growth looks set for a rocky road ahead that some worry could blunt energy demand. West Texas Intermediate, the U.S. benchmark, traded at $102.33 barrel following the report. U.S. crude inventories fell by 4.5 million barrels for the week ended …
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Washington: Financial stability risks have risen along many dimensions, although no global systemic event affecting financial institutions or markets has materialized so far, the International Monetary Fund (IMF) has said. “Global financial conditions have tightened notably” and downside risks to the economic outlook have increased as a result of the Russian-Ukraine war, according to the …
Continue reading “International Monetary Fund warns global trade growth expected to decline notably”
The United States is exporting crude oil released from the strategic petroleum reserve in a bid by the federal government to lower prices at the pump. Citing information from Bloomberg. According to the information, tanker tracking data showed that at least one tanker, the Advantage Spring Suezmax, received light, sweet U.S. crude from the SPR …
The price of oil futures tanked further on Tuesday after the International Monetary Fund cut its 2022 global gross domestic product (GDP) growth forecast from 4.4% to 3.6%. The report saw the global GDP rising by 3.6% in 2023, as opposed to the 3.8% forecasted previously, which seemingly reheated worries regarding the future demand for …
Continue reading “Oil sinks near 5% after IMF forecast revision”
https://youtu.be/UU6mZoKPck8 Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman discussed this weekend their countries’ cooperation in the OPEC+ oil production pact in their second telephone call since Russia’s invasion of Ukraine. Russia is a key partner to OPEC’s largest producer and de facto leader, Saudi Arabia, in the OPEC+ alliance, which has …
Continue reading “Putin, Saudi Prince vow to continue OPEC+ cooperation”
PARIS (Reuters) – French Finance Minister Bruno Le Maire said on Tuesday that an embargo on Russian oil at a European Union level was in the works, adding that France’s President Emmanuel Macron wants such a move. “I hope that in the weeks to come we will convince our European partners to stop importing Russian …
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As Europe continues to consider a ban on Russian energy exports, German business and unions are joining forces in opposition, warning that an immediate Russian natural gas ban would have a severe negative impact on industry and jobs. Germany boasts the largest economy in the 27-nation European Union and resisted a ban on Russian energy …
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Fed needs to act to rein in inflation that’s ‘far too high for comfort’ One of the Federal Reserve’s earliest advocates for aggressive rate increases won’t rule out a truly supersize rise, though he doesn’t expect one is needed. When it comes to the size of a rate increase, one greater than 50 basis points …
Continue reading “Fed’s Bullard: Inflation out of control if we don’t act”