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European Central Bank President Christine Lagarde: Remains focused on price stability and the strong development of the Eurozone; central banks must be free from political interference; expresses high respect for Federal Reserve Chairman Jerome Powell and nominee Kevin Warsh.February 23 - A massive winter storm is threatening the northeastern United States, expected to bring several feet of snow. Data from flight tracking website FlightAware shows that approximately 7,500 domestic and international flights have been canceled since February 22. As of the afternoon of February 22, a total of 3,182 flights had been canceled, and 4,327 flights are expected to be canceled on February 23. Airports in New York, Boston, and Philadelphia are the most severely affected. The storm is expected to peak overnight and will severely impact air traffic over the next 48 hours.February 22nd - According to foreign media analysis, Nvidia has played a key role in driving the stock market to record highs for years. However, with growing skepticism about artificial intelligence, Wall Street is increasingly worried that the chip giants earnings report next week, regardless of the outcome, will depress its stock price. Nvidias stock price has been trading sideways for months, a significant setback for a company that was recently a leading index performer and achieved triple-digit year-over-year gains. Investors expect Nvidias earnings next week to exceed Wall Street expectations and raise forecasts for the next few quarters. But this may not be enough to boost the stock price. Meanwhile, if Nvidias performance fails to quell investor anxiety about artificial intelligence, it could lead to greater volatility in AI-related stocks and the broader market.February 22 - Libyas state-owned Arabian Gulf Oil Company (AGOCO) announced on Sunday that the Sinawan oil field in the Nalut region of western Libya has resumed production. The field had been shut down for over three years due to financial and technical problems. Under normal operating conditions, the field can produce up to 20,000 barrels of oil per day.February 22 – According to AXIOS, a senior U.S. official said on Sunday that if U.S. negotiators receive a detailed nuclear agreement proposal from Iran within the next 48 hours, they are prepared to hold a new round of talks with Iran in Geneva on Friday. The U.S. official stated that the current diplomatic efforts may be the last chance President Trump is giving Iran before launching a large-scale U.S.-Israel joint military operation (potentially targeting Iranian Supreme Leader Khamenei). The senior U.S. official indicated that the Trump administration is awaiting Irans proposal.

Oil Prices Near 2-Month Lows as Supply Concerns Ease

Haiden Holmes

Nov 21, 2022 11:27

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Oil prices remained at two-month lows Monday as supply fears abated and China's gasoline consumption and rising interest rates weighed on the market.


Brent oil futures for January slipped 28 cents, or 0.3%, to $87.34 a barrel, their lowest level since September 27.


U.S. West Texas Intermediate (WTI) oil futures for December were trading at $80 a barrel, down 8 cents. January contract fell 21 cents to $79.90 per barrel.


Brent and WTI fell 9% and 10%, respectively, to their lowest prices since September 27.


Last week, the front-month Brent and WTI crude futures spreads narrowed sharply, reflecting diminishing supply anxieties.


As refiners stockpiled ahead of the December 5 EU oil embargo, tight crude supplies in Europe loosened, putting pressure on crude markets in Europe, Africa, and the U.S.


EU's energy policy chief told Reuters that the EU plans to finish its laws by December 5, when a G7 pact to regulate Russian oil prices takes effect.


RBC Capital analyst Mike Tran said the dismal December WTI contract expiry was due to paper market selling, not physical market weakness.


"Tight global inventories don't sustain barrel excess contango," he added.


Although North Sea and West African spot market indicators are weak, they don't imply alarm.


Europe and the U.S. fought for restricted diesel barrel markets. China's diesel exports nearly doubled year-over-year to 1.06 million tonnes in October, but were lower than September's 1.75 million tonnes.


COVID-19 restrictions continue to stifle demand in the world's leading crude importer, while expected interest rate hikes elsewhere have boosted the dollar, making dollar-denominated commodities more expensive for investors.

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