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A Malaysian government spokesperson said that the oil and gas company has confirmed that energy supplies are sufficient in May and June, but some fuel shortages are expected afterward.On April 29th, the World Gold Council released its Q1 2026 "Global Gold Demand Trends Report," showing that global physical gold ETFs maintained net inflows in Q1, with global holdings increasing by 62 tons. Asian investors bought a significant 84 tons, while holdings in European and American markets saw a slight decline – net outflows from Western markets in March reversed the strong inflow momentum at the beginning of the year. Affected by high gold prices, global gold jewelry demand declined by 23% year-on-year to 300 tons. Demand for gold jewelry generally cooled in major global markets. However, in terms of spending, gold jewelry demand bucked the trend, indicating that even with historically high gold prices, consumers willingness to buy gold jewelry remains robust.On April 29th, the World Gold Council released its Q1 2026 "Global Gold Demand Trends Report," showing that global gold demand (including OTC transactions) reached 1,231 tons in the first quarter, a 2% year-on-year increase. While the increase in gold volume was moderate, the total value of demand surged to a record $193 billion, a significant 74% year-on-year increase. Strong gold prices and rising safe-haven demand drove a 42% year-on-year increase in global gold bar and coin investment, reaching 474 tons, continuing to drive structural changes in the global gold demand landscape. Chinas demand for gold bars and coins surged 67% year-on-year to 207 tons, a new quarterly high. Demand for gold bars and coins also increased in other Asian markets such as India, South Korea, and Japan. Demand for gold bars and coins in the US and European markets also saw strong growth, increasing by 14% and 50% year-on-year, respectively.On April 29th, RBC Capital Markets stated that it expects the Bank of Canada to keep interest rates unchanged for the fourth consecutive time, with policymakers closely monitoring the impact of rising energy prices on inflation. Overall CPI in April is likely to exceed the 1% to 3% target range for the first time since December 2023. However, interest rate policy cannot influence global oil prices, and its impact on the economy is lagged, meaning the central bank needs to base monetary policy on future inflation levels rather than current inflation. The Bank of Canada is expected to proceed cautiously as long as inflation expectations and broader inflationary pressures (excluding rising energy prices) remain under control. The Bank of Canadas Business Outlook Survey showed a rise in inflation expectations, but signs of further slowing in the March "core" indicators should allow the central bank to maintain policy flexibility in assessing new data and its recent forecasts. First-quarter GDP growth was broadly in line with the January forecast, and recent data suggests a modest recovery in economic momentum. The labor market also shows signs of stabilization, but the unemployment rate remains low, insufficient to indicate that underlying inflationary pressures are intensifying, meaning there is limited urgency for further policy adjustments in the near term.UK Housing Minister Reed: We are not considering rent control.

International oil prices continued to fall, hitting a three-day low, OPEC+ "learned smart"

Oct 26, 2021 10:59

On Thursday (October 7), international oil prices were under pressure for the second consecutive trading day, hitting a three-day low. The unexpected increase in US crude oil inventories triggered people's concerns about demand after the price rose to a multi-year high.

At 15:24 GMT+8, NYMEX crude oil futures fell 1.42% to US$76.33/barrel; ICE Brent crude oil futures fell 0.84% to US$80.40/barrel. The two cities both hit three-day lows, reaching 76.21 US dollars/barrel and 80.30 US dollars/barrel respectively.


Overnight, NYMEX crude oil and Brent crude oil closed down 2.52% and 2.10%, respectively, despite the intraday highs of $79.78/barrel since November 10, 2014 and $83.47/barrel since October 10, 2018.

ANZ Bank said in a report: “According to EIA data, US commercial crude oil inventories rose last week and gasoline inventories also surged, raising concerns about weak demand.”

The U.S. Energy Information Administration (EIA) said on Wednesday (October 6) that as of the week of October 1, crude oil inventories increased by 2.345 million barrels to 420.9 million barrels, an increase much higher than market expectations of 796,000 barrels. Gasoline inventories unexpectedly soared by 325.6 million barrels, which is expected to decrease by 69,000 barrels; distillate stocks fell by 396,000 barrels, which was less than the expected decrease of 844,000 barrels.

Global oil prices have jumped by more than 50% this year, increasing inflationary pressure, which may slow the recovery of the economy from the new crown epidemic and affect consumer demand. Natural gas and coal prices are also climbing.

Citi analysts said in a report: “OPEC+’s statement contrasts with higher price volatility brought about by tighter market supply and demand, especially when inventories are low. Recently, given the extremely tight supply of raw materials in the power industry, demand for natural gas The skyrocketing drove a surge in oil demand."

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) said earlier this week that they decided to maintain the current policy of increasing production by 400,000 barrels per day each month, and crude oil prices have been pushed to multi-year highs. Sources said on Wednesday that OPEC+ made this decision partly because of concerns about the emergence of a new epidemic and the possible weakening of demand and prices. Based on past lessons, oil-producing countries have become more cautious, and any hasty decision may lead to a sharp drop in oil prices.

Another important reason is money. Three OPEC+ sources said that oil-producing countries are enjoying billowing financial resources to make up for the sharp decline in income during the 2020 COVID-19 outbreak caused by the demand and price collapse.

After the implementation of travel restrictions around the world to curb the spread of the coronavirus, oil demand has paralyzed and severely hit prices. OPEC+ cut production by a record 10 million barrels per day in April 2020, accounting for about 10% of global production. According to OPEC’s annual statistical bulletin, OPEC member countries’ oil export revenue in 2020 was US$321 billion, a decrease of 43% from 2019.

Iraqi Oil Minister Ihsan Abdul Jabbar joked at the Energy Intelligence Forum on Wednesday: “We have a population of 40 million in Iraq, and 85% of our income depends on oil. We hope that the price of oil will reach US$120/barrel!” But he said that US$75-80 For consumers and producers, it is the fair price of oil.

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