API predict oil prices will rise even more
The American Petroleum Institute (API) predicts a decline in oil stocks by over 11 million barrels in the week to August 25 due to increased output ahead of Labor Day. Rising gasoline and distillate stocks raise concerns about fuel consumption. Fuel demand has been slow all summer and is expected to drop after Labor Day.
Oil rise after hurricane on idalia
Oil prices rose in Asian trade on Wednesday due to concerns of depletion in US crude stockpiles and supply disruptions from Hurricane Idalia. A decline in the dollar helped boost prices, but further rise was not sustained. Markets are monitoring economic clues from the US and China, as major oil consumers face a likely economic…
Oil prices remain low, even its price was hiking today
China’s stock and property market initiatives have been bolstered, but traders remain concerned about US and European supply and monetary tightening. Oil prices remain low, with West Texas Intermediate trading around $80 a barrel. Despite OPEC+’s supply cuts, traders worry about China, the world’s largest oil importer. Federal Reserve Chair Jerome Powell implied no change…
China’s largest property developer poses modest financial stability risk
Malaysia’s central bank warned that Southeast Asian banks’ exposure to Country Garden, China’s largest property developer, poses modest financial stability risk. The bank stated that exposure to Country Garden’s Malaysian subsidiary was less than 0.1% of total banking system loans and bonds by June 2023. The bank stated that CGRE is servicing loans promptly and…
Beijing is supporting global oil demand
WTI crude rose 1% to $80 premarket, amid Beijing’s economic support. Jackson Hole symposium predicted high interest rates and slow growth. Marathon Petroleum is addressing fires at its facility in Louisiana.
Markets has anticipate Fed’s rate raise this year
Asset managers believe the Fed is nearing the end of the cycle, while speculators remain skeptical. Non-commercial market participants increased bearish holdings of U.S. Treasury note futures to the highest level since 1990, betting on rising cash yields. Markets anticipate another Fed rate raise this year, with top-tier data on Wednesday and Friday predicting the…
Powell said to “prepared to raise rate more further if needed”
The US Federal Reserve has nearly ended its rate hike cycle, with annual headline inflation climbing 3.2% in July, down from 9.1% in June and nearing the Fed’s 2% target. The core personal consumption in expenditures index shows inflation at 4.1%, down from 5.4% in February 2022. The economy is expected to produce 170,000 more…
Puerto Rico’s power company filed bankruptcy process
Puerto Rico’s power utility has filed a new plan to restructure $10 billion in debt to conclude a bankruptcy process. The federal control board proposed a plan to lower the Electric Power Authority’s debt by nearly 80% to $2.5 billion. If approved by a federal bankruptcy judge, Puerto Rico’s Energy Bureau would raise residents’ expensive…