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OPEC Oil Production Falls to Lowest Level Since 2000
Crude oil production among members of OPEC has this year collapsed to a generational low, at just 16.13 million barrels daily, Reuters reported, citing a regular survey it conducts on OPEC production. The amount is the lowest since 2000, the publication noted. The May average is also lower than OPEC production at the height of the Covid lockdowns, when the reduction was prompted by the collapse in demand as a result of the lockdowns. It is worth noting, however, that the May OPEC figure...
EUR/USD: ECB Meeting and Interest Rate Expectations
On 11 June, the ECB is holding the second day of its Governing Council meeting. The interest rate decision will be announced at 14:15 CET, followed by a press conference by Christine Lagarde at 14:45 CET. Markets are focused on the possibility of a 25-basis-point rate increase to 2.25%. The case for further tightening is […] The post EUR/USD: ECB Meeting and Interest Rate Expectations appeared first on ActionForex.
ECB Hike Expected With Focus on Signals
In focus today As the main event of the week in Europe, we expect the ECB to hike the deposit rate by 25bp to 2.25%, in line with consensus and markets. With the June hike fully priced in by markets, all focus during the press conference will be on signals. We expect Lagarde to keep […] The post ECB Hike Expected With Focus on Signals appeared first on ActionForex.
Trump, Iran and Hormuz: Brent Oil’s Double Bottom Could Be the Real Warning.
Financial markets continue to behave as though diplomacy will ultimately prevail in the Middle East. That assumption is becoming increasingly difficult to justify. Over the past 48 hours, the conflict has escalated dramatically following the downing of a US military helicopter off the coast of Oman, triggering direct military exchanges between Washington and Tehran and […] The post Trump, Iran and Hormuz: Brent Oil’s Double Bottom Could Be the Real Warning. appeared first on ActionForex.
Russia Slashes Oil Exports As Fuel Shortages And Drone Attacks Bite
Russia is preparing to sharply reduce crude oil exports this month as mounting refinery disruptions, fuel shortages, and Ukraine’s bombing campaign force Moscow to divert more barrels into the domestic market. Exports from Russia’s western ports of Primorsk, Ust-Luga and Novorossiysk are expected to fall to roughly 1.7 million barrels per day in June from 2.5 million bpd in May calculations based on preliminary industry and trading data. The decline comes as Russia seeks...
Weak Chinese Demand Forces Cuts to Iranian Crude Prices
Chinese buyers are being offered Iranian crude at discounts to Brent, compared to a premium in May, as demand from China’s independent producers has weakened in recent weeks amid soaring input costs that dent refining margins. The price of Iranian Light for delivery in July into China has been cut to a discount of $1 per barrel to the ICE Brent benchmark, anonymous traders participating in the market told Bloomberg on Monday. This compares with a premium of up to $2 per barrel in the previous...
Analyst Favorites: Vale Ranks As a Top Metals Pick
A study of analyst recommendations at the major brokerages shows that Vale SA (Symbol: VALE) is the #8 broker analyst pick, on average, out of the 50 stocks making up the Metals Channel Global Mining Titans Index. The Metals Channel Global Mining Ti
Household worries over finances hit highest level since July 2022, New York Fed survey shows
While the central bank's monthly survey showed the inflation outlook mostly unchanged, the general perception of conditions deteriorated.
China's LNG Imports Hit Highest Point Since Iran War Began
China's state-controlled energy giants are buying and importing the highest volumes of liquefied natural gas since the war in Iran began as the world's top LNG importer prepares for peak summer demand and heat waves. Private buyers are also stepping up purchases and China looks to replace the loss of Qatari gas. Chinese LNG importers are now taking between 7 and 10 cargoes per month to replace Qatar's deliveries, traders told Bloomberg on Monday. Part of Qatar's LNG that was loaded on cargoes...
Escalating Strike Action at Australian LNG Sites Could Hit Supply
Workers at Australian LNG export facilities of Japanese energy firm Inpex have voted to escalate the strike action at all three sites to work stoppages of up to 8 hours per day, up from 4 hours currently, from June 11, which could further tighten the global gas markets amid the crisis. Dissatisfied with how Inpex has handled months-long negotiations over pay and work conditions, the Offshore Alliance trade union said early on Monday that "We're ready to step up and take INPEX on, and are...
Bank of England Preview – On Hold Amid Growing Policy Divide
We expect the Bank of England on hold, but hawkish voices are growing louder. Data has come in on the soft side since the April meeting, but the inflation risks remain pronounced. Data releases ahead of the meeting could push more votes back in the hawkish camp but are not likely to change the hold […] The post Bank of England Preview – On Hold Amid Growing Policy Divide appeared first on ActionForex.
U.S. Gasoline Inventories Are Falling at a Record Pace
U.S. gasoline inventories aren’t at record lows, but they are falling fast. The distinction is important. The current level of inventories does not point to an immediate shortage. But the speed of the drawdown suggests the fuel market has been burning through its cushion at an unusual rate just as the summer driving season begins. For the week ending May 22, gasoline inventories stood at 211.6 million barrels, according to the Energy Information Administration. That level is below the...