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December 17th - Analyst Eamonn Sheridan stated that todays Japanese trade and investment data reinforced expectations that the Bank of Japan will raise interest rates by 25 basis points this week. After contracting last quarter, signs of economic recovery continue to strengthen. Japans exports rose for the third consecutive month in November, increasing by 6.1% year-on-year, easily exceeding market expectations. Strong demand in the US and Europe, along with a recovery in global semiconductor demand following the US trade agreement, drove this rebound. Exports to the US grew by 8.8%, and exports to the EU increased by nearly 20%, highlighting improved external momentum.According to futures market news on December 17th, as of the week ending December 13th, Japanese commercial crude oil inventories decreased by 464,387 kiloliters from the previous week to 10,223,572 kiloliters. Japanese gasoline inventories decreased by 14,171 kiloliters from the previous week to 1,714,382 kiloliters. Japanese kerosene inventories decreased by 98,423 kiloliters from the previous week to 2,272,809 kiloliters. The average operating rate of Japanese refineries was 90.8%, compared to 86.1% the previous week.December 17th - According to The Information, sources familiar with the matter revealed that OpenAI is in talks to raise at least $10 billion in investment from Amazon (AMZN.O) and use its AI chips. This deal could bring a new customer to Amazons Trainium chip, a competitor to Nvidias (NVDA.O) AI accelerator.On December 17th, the overnight SHIBOR was 1.2750%, down 0.10 basis points; the 7-day SHIBOR was 1.4280%, down 0.10 basis points; the 14-day SHIBOR was 1.4710%, down 3.90 basis points; the 1-month SHIBOR was 1.5410%, up 0.40 basis points; and the 3-month SHIBOR was 1.6010%, up 0.60 basis points.December 17th - The South Korean won fell to its lowest level in more than eight months amid a sell-off of South Korean stocks by foreign funds and stable demand for the US dollar. On Wednesday, the won fell 0.6% against the dollar to 1482.25, its lowest value since April 9th. Continued stock market outflows and overseas investment have caused the won to depreciate by more than 8% against the dollar in the first half of the year, making it the worst-performing currency in Asia, and South Korea faces pressure to defend its currency.

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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