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The UK Prime Ministers Office: Prime Minister Burnham held talks with business groups and said the UK will act "more aggressively" if markets and regulations fail to meet expectations.The SC crude oil main contract weakened during the session, with the decline widening to 3.02%, and last quoted at 574.9 yuan/barrel; the trading volume was approximately 23.921 billion yuan, with a decrease of nearly 600 lots in open interest during the day, and open interest slightly declining.Iranian Foreign Minister Araqchi: Iran has made it clear that it will not succumb to US bullying and will not respond to threats, pressure or intimidation.July 24th - U.S. new home sales rebounded for the first time in three months in June, driven by significant price cuts from developers that offset high mortgage rates and weak consumer confidence. Junes annualized new home sales rose 1.6% year-over-year to an average of 628,000 units, exceeding the expected 607,000 units. The median selling price fell 2.7% year-over-year to $398,300, marking the fifth year-over-year decline in six months this year. The improved sales in June likely reflect substantial discounts, as developers continue to offer promotions and price reductions to stimulate weak market demand.On July 24th, Shanghai Auntie (02589.HK) issued a positive profit forecast, expecting to record a profit of approximately RMB304 million to RMB325 million for the first half of the year, representing an increase of approximately 50% to 60% compared to a profit of RMB203 million in the same period last year. The Group expects to record an adjusted profit (non-IFRS accounting standards) of approximately RMB331 million to RMB356 million for the reporting period, representing an increase of approximately 36% to 46% compared to an adjusted profit of RMB244 million in the same period last year.

Labor Strike, Political Unrest Fanning Tight Supply Concerns

Skylar Shaw

Jul 05, 2022 15:16

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Norwegian offshore workers started a walkout on Tuesday that would lower the amount of oil and gas produced, the union in charge of the industrial action told Reuters.


America West Texas Tuesday's little increase in intermediate crude oil futures is being attributed to growing supply shortage concerns. A strike by Norwegian workers and political upheaval in Libya are fueling these worries.


Norwegian offshore workers started a walkout on Tuesday that would lower the amount of oil and gas produced, the union in charge of the industrial action told Reuters.


ANZ Research analysts said in a note that Libya risks more supply interruptions as a result of rising political upheaval, making it even less likely that OPEC would reach its recently enhanced output limit.

August Comex gold futures are now trading at $110.36, up $1.93 or +1.78 percent, at 05:29 GMT. The United States Oil Fund ETF (USO) closed at $81.70 on Friday, an increase of $1.35 or 1.68 percent.


Another encouraging development is that OPEC is struggling to fulfill the agreed-upon oil production goals. According to a Reuters poll, OPEC's ten members produced 100,000 less barrels per day (bpd) in June than they had promised to boost production by approximately 275,000 bpd.

The near future

The early Tuesday direction of the August WTI crude oil market will probably be determined by trader response to the short-term 50% level at $111.21.

Positive Scenario

A consistent increase over $111.21 will signal the presence of buyers. Looking for a surge through the short-term Fibonacci level at $113.49, then the major top at $114.05. If this move provides enough upward momentum.


The uptrend will be confirmed if $114.05 is taken out, with a minor top at $116.58 being the next probable destination.

Grizzly Situation

When prices move consistently below $111.21, sellers are present. Due to a string of minor retracement levels around $109.06, $107.79, and $106.31, this might result in a laborious break. The latter is the last possible support before the bottom at $104.56.

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