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March 12 - According to foreign media reports, Saudi Arabias largest oil shipping company is chartering tankers at extremely high freight rates, with a massive fleet heading to the Red Sea to load the countrys crude oil, bypassing the Strait of Hormuz. According to charter lists, Saudi National Shipping Company (Bahri) has recently chartered at least six Very Large Crude Carriers (VLCCs) to transport crude oil from the western port of Yanbu. A shipbroker and two shipowners believe the actual scale of the charterings may be even larger, with more deals likely to occur in the coming days. With exports from the Strait of Hormuz effectively halted, Saudi Arabia is accelerating efforts to divert supplies to the Red Sea via a pipeline. Many of the charter deals Bahri has secured are priced at 450 Worldscale points, equivalent to over $450,000 per day. Before the war, the industry benchmark freight rate never exceeded $300,000 per day.On March 12th, a symposium on the work of the Beijing Municipal Economic and Information Technology System was held on March 11th. The meeting emphasized that this year marks the beginning of the 15th Five-Year Plan, and the economic and information technology system must further strengthen its sense of responsibility and earnestly and diligently implement all tasks to the highest standards. The meeting stressed the need to: ensure stable growth, expand the positive momentum of the industrial economy, and strive to achieve a strong start in the first quarter and meet the annual targets; ensure the planning and implementation of major projects to solidify the hard support for industrial development; strengthen the leading role of enterprises in innovation and promote the construction of industrial innovation centers and pilot-scale testing ecosystems; focus on forward-looking planning for future industries, strengthen factor guarantees, and cultivate new economic growth points; promote industrial upgrading and achieve intelligent and green development; leverage artificial intelligence to activate new vitality in the development of the digital economy; promote the construction of the "six chains and five clusters" to deepen industrial synergy in the Beijing-Tianjin-Hebei region; and improve enterprise services to create a first-class business environment.A spokesperson for the European Commission stated that a proposal has been made to send a delegation to Ukraine to inspect the Friendship Pipeline.On March 12th, according to the Guangdong Provincial Development and Reform Commission and the Guangdong Provincial Price Monitoring Center, the average pig-to-grain price ratio in Guangdong Province was 4.67:1 on March 11th, entering the first-level warning range for excessive price declines set by the "Guangdong Provincial Plan for Improving the Governments Pork Reserve Regulation Mechanism and Ensuring the Supply and Price Stability of the Pork Market," jointly issued by the Guangdong Provincial Development and Reform Commission and five other departments. Guangdong Province will initiate the purchase and storage of frozen pork reserves to promote the stable operation of the live pig market. It is recommended that farms (households) make scientific production and operation decisions to maintain overall stability in pig production capacity and a normal pace of slaughtering and restocking.On March 12th, Monex Europe analysts stated in a report that the US dollar is likely to continue to receive support in the short term unless there are credible signs of de-escalation in the Iran-Iraq conflict. The conflict is driving safe-haven flows into the dollar. The war has led to higher oil prices and reinforced market expectations that the Federal Reserve will maintain its tight monetary policy for longer than previously anticipated, thus supporting the dollar. However, in the longer term, the market "underestimates the potential extent of US policy easing after energy price concerns begin to subside, which also means the dollar faces downside risks."

Demand For Oil Falls Further, And The Financial Markets Are Anxious

Aria Thomas

May 10, 2022 09:45

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Oil prices slipped lower in early Asian trade on Tuesday, adding to a 6 percent decline in the previous session, as coronavirus lockdowns in top oil importer China and probable economic turmoil in Europe fueled concerns about the demand outlook.


Brent crude slipped 36 cents, or 0.3%, to $105.58 at 00:09 GMT. West Texas Intermediate crude slipped 23 cents, or 0.2%, to $102.86 a barrel. Earlier in the session, prices fell by more than $1 but have since recovered. Both contracts are up approximately 35% so far this year.


As a result of Russia's invasion of Ukraine, financial markets are heeding fears that a further reduction in oil supplies from Russia could cause economic misery in certain European states.


The European Commission suggested a phased oil embargo against Russia last week, driving up Brent and WTI prices for the second consecutive week. This week, EU members must vote unanimously in favor of the idea for it to pass.


In an interview published on Tuesday, a prominent economist stated that a halt in Russian gas supply to Germany would precipitate a severe recession and cost 500,000 jobs.


Reuters stated that the country's government is covertly drafting an emergency package that could involve taking control of crucial enterprises in the event of an abrupt halt in Russian gas deliveries.


Hungary has reiterated that it will not approve a new round of proposed penalties against Russia until its concerns are addressed.


In April, harsher and broader COVID-19 restrictions in China slowed export development in the world's second-largest economy, China.


In the first four months of 2022, China's crude oil imports decreased by 4.8% compared to the same period in the previous year, while April imports increased by about 7%.


On Monday, Wall Street stock indices declined and the dollar reached its highest level in two decades, making oil more expensive for holders of other currencies.

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