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On January 31, SpaceX filed an application with the U.S. Federal Communications Commission (FCC) to launch up to one million satellites to build an orbital data center network around the Earth. In a filing submitted Friday night, the company described the project as a satellite constellation with "unprecedented computing power" designed to support advanced AI models and their applications. In an eight-page document, SpaceX outlined its vision for an "orbital data center system," stating that to provide the capabilities needed for large-scale AI inference and data processing to billions of users worldwide, the company aims to deploy up to one million satellites operating in multiple narrow orbital layers no more than 50 kilometers thick.January 31st - Analysts suggest that Fridays gold price plunge may have been accelerated by a so-called "gamma squeeze." This occurs when prices break through a significant number of option open interest levels. Traders holding short option positions need to buy more futures (or gold ETF shares) to balance their portfolios, and then sell when prices fall back below these levels. For the SPDR Gold ETF, a large number of options with strike prices at $465 and $455 expired on Friday, while CME Groups March and April options also had significant open interest concentrated at $5300, $5200, and $5100.On January 31st, OCBC strategist Christopher Wong stated that golds price action "confirms the adage a sharp rise is inevitably followed by a sharp fall." He believes that while Warshs nomination as Fed Chair was the trigger, a correction was already inevitable. "Its like one of the excuses the market has been waiting for—to liquidate those parabolic price movements." Precious metals had already paved the way for sharp fluctuations, as soaring prices and volatility put pressure on traders risk models and balance sheets. Goldman Sachs noted in a report that the record wave of call option buying also "mechanically reinforced the upward momentum," as sellers of these options hedged against rising prices by buying more metal.On January 31, Russian Deputy Foreign Minister Grushko stated that the best guarantee for Ukraines security is a concrete guarantee of Russias security, a guarantee that no one in the West has offered. He emphasized, "If we believe that Ukrainian territory will not be used as a bridgehead threatening Russias security, then Ukraines security will also be guaranteed." The Russian Foreign Ministry previously stated that any scenario involving NATO member states deploying troops in Ukraine is absolutely unacceptable to Russia and could lead to a sharp escalation of the situation. The Russian Foreign Ministry also stated that statements from Britain and other European countries regarding the possible deployment of NATO troops in Ukraine are incitement to continue the conflict.January 31st - According to Yahoo Finance, Kevin Warsh, President Trumps nominee for Federal Reserve Chairman, appeared in newly released Epstein case documents released by the US government on Friday. The documents show that Warshs name was listed in the email guest list for the "2010 St. Barths Christmas" event, alongside figures such as Russian oligarch Roman Abramovich; he also attended a dinner hosted by British aristocrat William Astor. This revelation occurred on the same day Warsh was nominated for Fed chairman. His main controversy previously stemmed from his relationship with Republican donor Ronald Lauder, who was accused of influencing Trumps interest in Greenland during his first term and holding business interests there. Warsh may now need to address his relationship with Epstein and his 2010 Christmas trip, and there is also speculation that Trumps nomination is related to their shared social circle.

Oil costs increase as supply restrictions trump economic worries

Charlie Brooks

Jul 05, 2022 11:12


Oil prices climbed on Monday as supply worries spurred by a decrease in OPEC production, unrest in Libya, and sanctions against Russia trumped fears of a worldwide recession that would diminish demand.


In June, Euro zone inflation hit an all-time high, boosting the case for rapid rate rises by the European Central Bank, while consumer sentiment in the United States reached an all-time low.


Brent oil rose $2.26, or 2%, to $113.89 a barrel as of 12:47 p.m. ET (1648 GMT), after shedding more than $1 in early trading. The price of U.S. West Texas Intermediate (WTI) crude rose $2.20, or 2%, to $110.63 despite the lack of trading activity over the Fourth of July holiday.


According to a Reuters survey, the Organization of the Petroleum Exporting Countries (OPEC) failed to meet its June goal of increasing production.


Thursday, authorities in OPEC member Libya declared force majeure at the Es Sidr and Ras Lanuf ports and the El Feel oilfield, claiming a reduction of 865,000 barrels per day in oil output (bpd).


Meanwhile, more than two weeks of unrest have caused Ecuador to lose almost 2 million barrels of production, according to Petroecuador, the country's state-owned oil company.


This week, a strike in Norway may restrict supply from the biggest oil producer in Western Europe and reduce overall petroleum production by 8 percent.


"This background of rising supply interruptions clashes with a probable shortage of spare production capacity among Middle Eastern oil producers," said Stephen Brennock of oil trader PVM, referring to the producers' limited ability to pump more oil.


And prices will climb if new oil production does not reach the market shortly.


On Monday, British Prime Minister Boris Johnson asked OPEC+ to raise oil output to tackle the growing cost of living.


As a consequence of Russia's invasion of Ukraine, supply concerns have sent Brent oil prices close to 2008's record high of $147 a barrel.


As a consequence of restrictions on Russian oil and limited gas supplies, surging energy prices have driven inflation in certain countries to multi-decade highs and stoked fears of a recession.


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