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1. Monday: ① Data: Switzerlands June seasonally adjusted unemployment rate; Eurozones July Sentix investor confidence index, Eurozones May PPI month-on-month rate, Eurozones May retail sales month-on-month rate; US June S&P Global Services PMI final reading, US June ISM Non-Manufacturing PMI, US June Global Supply Chain Stress Index. ② Events: Speeches by Fed Governor Waller, ECB Executive Board member Schnabel, ECB Governing Council member Winsch, and Swedish Central Bank Deputy Governor Seim. 2. Tuesday: ① Data: Germanys May seasonally adjusted industrial production month-on-month rate; UKs June Halifax seasonally adjusted house price index month-on-month rate; Frances May trade balance; US ADP employment change week-on-week for the week ending June 20, US May trade balance; Chinas June foreign exchange reserves. ② Events: Turkey hosts the NATO summit until July 8; the US Trade Representatives Office holds a public hearing to consider a proposal to impose additional tariffs on 60 economies worldwide. 3. Wednesday: ① Data: US API crude oil inventories for the week ending July 3; Japans May trade balance; New Zealands RBNZ interest rate decision for the week ending July 8; US May wholesale sales month-on-month; US EIA crude oil inventories for the week ending July 3; US EIA Cushing, Oklahoma crude oil inventories for the week ending July 3; US EIA strategic petroleum reserves for the week ending July 3. ② Events: EIA releases its monthly Short-Term Energy Outlook report; RBNZ Governor Brehman holds a monetary policy press conference. 4. Thursday: ① Data: US 10-year Treasury auction - winning yield for the week ending July 8; US 10-year Treasury auction - bid-to-cover ratio for the week ending July 8; Chinas June CPI year-on-year rate; Germanys May seasonally adjusted trade balance; US initial jobless claims for the week ending July 4; US June existing home sales (annualized); US EIA natural gas inventories for the week ending July 3. ② Events: The Federal Reserve releases the minutes of its monetary policy meeting; the European Central Bank releases the minutes of its June monetary policy meeting; FOMC permanent voting member and New York Fed President Williams delivers a speech. 5. Friday: ① Data: Germanys final June CPI month-on-month rate; Frances final June CPI month-on-month rate; Switzerlands June consumer confidence index; Canadas June employment change; Chinas June M2 money supply year-on-year rate. ② Events: SK Hynixs American Depositary Receipts (ADRs) are tentatively scheduled to list on Nasdaq on July 10; 2026 FOMC voting member and Dallas Fed President Logan delivers a speech; the IEA releases its monthly oil market report. ③ Holiday: The New Zealand Stock Exchange is closed. 6. Saturday: ① Data: Total number of US oil rigs for the week ending July 10.Two Iraqi oil officials said that Iraqs total oil exports in June amounted to approximately 24.5 million barrels.July 5th - George Gonsalves, head of U.S. macro strategy at Mitsubishi UFJ Securities Americas, said that Warshs concise style makes the June meeting minutes more significant than usual, providing a valuable perspective on the differing positions among Federal Reserve officials. "The minutes will become even more important because, until now, we didnt know what the Fed was thinking," Gonsalves said. "It will be very enlightening to see how they debated and what they focused on." He added that some investors have questioned Warshs "hands-off" approach, and many want greater transparency. Many market participants are not used to reduced information and remain quite skeptical about how long the Fed can maintain this stance. Now we can only try to decipher the meaning between the lines.On July 5th, local time, Russian Presidential Press Secretary Dmitry Peskov stated in a broadcast that Ukrainian armed forces have intensified their attacks on Russian infrastructure due to the deteriorating situation on the front lines. The Russian military is establishing a secure buffer zone along the border, and concrete results are already visible. He also stated that Russian troops are steadily advancing according to plan in special military operations areas. Peskov stated that the EUs transformation into a military-political bloc has further exacerbated the Ukraine issue. Russia hopes the EU will not undermine the prospects for peace negotiations. Peskov also stated that Russia remains open to peace negotiations and looks forward to the US playing a mediating role. Russia has always welcomed visits from US Presidential Envoy Witkov and Trumps son-in-law Jared Kushner. Even with their extended absence, Russia continues to maintain contact with the US through existing channels.July 5 - According to sources from the Yemeni military and medical departments, Houthi rebels launched an attack on Hodeidah province on the Red Sea coast on July 4, killing at least 14 Yemeni government soldiers and injuring several others.

Oil Prices Drop As Industry Data Shows Rising U.S. Crude Stocks

Haiden Holmes

Feb 15, 2023 11:35

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As industry statistics pointed to a far larger-than-anticipated increase in U.S. crude stocks, oil prices declined in early Asian trade on Wednesday, after plunging by more than $1 per barrel in the prior session.


By 01:11 GMT, Brent crude prices fell 20 cents to $85.38 per barrel, whilst U.S. West Texas Intermediate (WTI) crude futures fell 19 cents to $78.87 per barrel.


Approximately 10.5 million barrels were added to U.S. oil stocks for the week ending February 10, according to market sources quoting American Petroleum Institute data released on Tuesday.


The increase was far greater than the 1.2 million-barrel increase that nine analysts surveyed by Reuters had predicted, which may indicate a decline in gasoline consumption.


According to anonymous sources, gasoline inventories increased by around 846,000 barrels, while distillate inventories increased by approximately 1.7 million barrels.


Wednesday at 10:30 a.m. EST (0330 GMT) the government's official inventory estimates are due.


The U.S. Department of Energy's (DOE) decision this week that it will sell 26 million barrels of oil from the nation's strategic reserve, which is already at its lowest level in about four decades, also weighed on crude prices.


The Organization of the Petroleum Exporting Countries (OPEC) upped its 2023 global oil demand growth prediction for the first time in months in response to China's reopening, bolstering prices, and lowered supply expectations for key non-OPEC producers, signaling a tighter market.


OPEC forecasts that global oil consumption will increase by 2,32 million barrels per day (bpd) or 2.3% this year, an increase of 100,000 bpd since February.