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The China Earthquake Networks Center officially reported that a magnitude 3.6 earthquake occurred at 12:40 on February 19 in Rutog County, Ngari Prefecture, Tibet (33.62 degrees north latitude, 81.89 degrees east longitude), with a focal depth of 10 kilometers.The yield on Japans 20-year government bonds rose 0.5 basis points to 2.975%.February 19th - Traffic volume on national highways is expected to exceed 60 million vehicles today. With the increasing number of new energy vehicles, the number of vehicles at highway charging stations rises daily starting at 10:00 AM. Heavy traffic is expected on the Hunan section of the Xu-Guang Expressway, the Jiangsu section of the Beijing-Shanghai Expressway, and the Sichuan section of the Chengdu-Bazhong Expressway.February 19th - According to a Reuters survey, most economists predict the Bank of Japan (BOJ) may raise its key interest rate to 1% by the end of June. Some economists expect the central bank to act as early as April due to heightened concerns about rising inflation and a weak yen. In the survey conducted from February 10th to 18th, all 76 economists said the BOJ would keep interest rates unchanged at its March meeting. However, 58% of them expect the policy rate to reach 1% by the end of June, an increase from slightly over one-third in January. Of the 44 economists who specifically indicated the month of the next rate hike, 36% chose June, 20% chose April, and 34% chose July. Kento Minami, senior economist at Daiwa Securities, said the BOJ will continue to push for further rate hikes at a relatively rapid pace, taking into account the upside risks to inflation from expansionary fiscal policy and the impact of yen depreciation. Meanwhile, to curb further yen depreciation, two-thirds of the 29 respondents said they expect the authorities to intervene in the foreign exchange market again. Of these, 40% believed that the 160 mark was the most likely point to trigger intervention.On February 19th, Nvidia CEO Jensen Huang, in a media interview, teased the upcoming GTC 2026 conference, explicitly stating that a brand-new chip "unprecedented in the world" would be unveiled at the event. Currently, the specific model of the new product has not been disclosed, but it is widely speculated that it will likely come from two major chip series: one is a derivative of the Rubin series; the other is the next-generation Feynman series chip, which is described as a "revolutionary" product.

Oil Prices Fall As China's COVID Epidemic Dampens Consumption

Haiden Holmes

Dec 29, 2022 11:09

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On Thursday, oil prices declined as rising COVID-19 cases in China dampened expectations of a resurgence in gasoline consumption in the world's second-largest oil user.


The magnitude of the most recent epidemic and skepticism over official statistics caused several nations to impose fresh travel restrictions on Chinese tourists, while China began dismantling the world's tightest COVID framework of quarantines and testing.


By 01:23 GMT, Brent futures for February delivery had dropped 42 cents, or 0.5%, to $82.84 per barrel, while U.S. crude had decreased 50 cents, or 0.6%, to $78.46 per barrel.


Oil markets were also impacted by forecasts of another U.S. interest rate hike, as the Federal Reserve attempts to contain price increases in a labor market with tight labor conditions.


Inventories of crude oil in the United States decreased by around 1.3 million barrels less than anticipated for the week ending December 23, according to market sources quoting American Petroleum Institute data.


Analysts had predicted a decline of 1.5 million barrels. Thursday at 10:30 a.m. Eastern Standard Time, the U.S. government will disclose its weekly numbers.


Also dragging on pricing, pipeline operator TC Energy (NYSE:TRP) said it was attempting to resume the Keystone pipeline segment that was forced to be shut down last month due to a leak. However, a frost in the north has rendered several oil refineries inoperable, boosting crude supply.


The activities of oil refiners continued to increase, but part of this recovery is anticipated to prolong into January.


The markets received some assistance from Russian President Vladimir Putin's embargo on crude oil and oil product shipments to nations that adhere to a Western price ceiling beginning on February 1 and lasting for five months.


Germany stated that the restriction has "no practical relevance" as the government has been trying to replace Russian oil imports and assure supply security since spring.

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