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On May 4, according to the Japan Meteorological Agency, a 4.1-magnitude earthquake occurred in Tokyo, Japan at around 12:35 local time on the 4th, with a maximum tremor of 2 and a focal depth of 80 kilometers. There is no risk of a tsunami from this earthquake.European Mediterranean Seismological Center: A magnitude 5.4 earthquake occurred in western Texas, with a focal depth of 10 kilometers.On May 4, Musks SpaceX headquarters in southern Texas, Starbase, is about to become an official city. On Saturday local time, a vote to officially register the Starship Base as a Texas autonomous city was passed overwhelmingly. Most of the 283 eligible voters in the area are SpaceX employees. The base is the launch base for SpaceXs cooperative project with the U.S. Department of Defense and NASA, aiming to send astronauts to the moon and even Mars. Musk first proposed the idea of a star base in 2021, and there was no suspense about the approval this time. This victory means a lot to Musk. The billionaires reputation has fallen since he became the "spokesperson" of Trumps federal layoffs plan, and Teslas profits have shrunk significantly. SpaceXs employment and investment in the area have generally been widely supported by local officials. But the proposal to build a city has also attracted criticism, who worry that it will expand Musks personal control over the area and may have the power to close a popular beach and state park for launches.On May 4, according to The Information, Apple (AAPL.O) plans to adjust the release rhythm of its iPhone next year to cope with its increasingly large product line. It is reported that Apples first foldable iPhone is expected to be released in the fall of 2026 with the iPhone 18 Pro series and "Air" series models. At the same time, the standard version of the iPhone 18 will be postponed to the spring of 2027 and released together with the subsequent models of the iPhone 16e. Apples current product line has expanded to six iPhone models. With the addition of foldable models, the company needs to re-plan its product release schedule to ensure that the management and marketing of the product line are more efficient. The report pointed out that Apples first foldable iPhone will adopt a book-like folding form rather than a clamshell design. The screen size of this model is 5.7 inches when folded, and the screen size will be close to 8 inches when unfolded.May 3, local time, Russian Presidents Press Secretary Peskov said at a press conference that Russia expects Ukraine to take actions to ease the situation during the ceasefire in May. Peskov pointed out that Ukraines response to the ceasefire initiative "is a test of its readiness for peace" and Russia is testing whether Kiev is ready to achieve sustainable long-term peace.

As Fed Worries Mount, Oil Prices Fall And Are on Course For Weekly Losses

Skylar Williams

Feb 17, 2023 11:48

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Concerns over increasing U.S. interest rates and a strong currency mostly overshadowed optimism on a potential recovery in Chinese demand, which led to a modest decline in oil prices on Friday and a projected weekly loss.


The U.S. producer price index inflation for January was higher than anticipated, after a report on the consumer price index that suggested inflation will likely continue tenacious in the world's largest economy.


The findings, along with harsh overnight comments from Federal Reserve officials, indicated further interest rate rises in the coming months, which investors fear will stifle economic growth and weigh on petroleum consumption this year.


Around 21:13 ET, Brent oil prices decreased 0.1% to $84.55 per barrel, while West Texas Intermediate crude futures decreased 0.7% to $77.97 per barrel (02:13 GMT). This week, both futures were expected to lose between 1.5% and 2%.


Overnight, the dollar appreciated as Fed governors James Bullard and Loretta Mester advocated for more rate rises by the central bank, which impacted on petroleum prices. The dollar's strength raises the price of petroleum for overseas customers, hence diminishing global oil demand.


The Biden Administration's anticipated sale of 26 million barrels of petroleum from the Strategic Petroleum Reserve also weighed on oil prices earlier this week. This, along with statistics indicating a far larger-than-anticipated increase in U.S. oil stockpiles, suggested an imminent U.S. supply glut.


This week, oil prices were buoyed by optimism over a rebound in Chinese demand. However, the negative supply and monetary policy cues essentially negated this optimism, resulting in a decline in crude prices. In recent sessions, oil prices fluctuated wildly as markets evaluated a more optimistic demand forecast against hints of impending conflict.


The Organization of Petroleum Exporting Countries and the International Energy Agency both increased their demand predictions for the year, with a rebound in China expected to account for over fifty percent of oil demand this year.


China proposed fresh spending measures this week as part of its efforts to bolster economic development following three years of COVID restrictions.


Although China's relaxation of the majority of anti-COVID policies this year, China's economic figures have been fairly mediocre. Oil bulls are now waiting for more consistent evidence of economic improvement in the top oil importer in the world.

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