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Hong Kong-listed coal stocks declined, with Jiahe Holdings (00704.HK) and Green Leader Holdings (00061.HK) falling more than 8%, Shougang Resources (00639.HK) down 3.56%, and Yankuang Energy (01171.HK) and Mongolia Energy (00276.HK) down nearly 3%.Hong Kong-listed insurance stocks continued to rise in the afternoon, with China Life (02628.HK) extending its gains to 5%, AIA (01299.HK) rising over 4%, and China Pacific Insurance (02601.HK) and Peoples Insurance Company of China (01339.HK) rising over 3%.Hong Kong-listed semiconductor stocks rallied again in the afternoon, with Shanghai Fudan (01385.HK) up 6.79%, Naxin Microelectronics (02676.HK) up over 5%, and GigaDevice (03986.HK) and Chipwise Holdings (02166.HK) up over 4%.On January 27th, Michael Krutzberg, Chief Investment Officer of Public Markets at Allianz Global Investors, stated that with the exception of dovish Governor Milan, who may have objections, the Federal Reserves decision to maintain interest rates this week is expected to receive support from all other voting members. In a report, he noted that since this meeting will not update the summary of economic projections or the dot plot, market focus will shift to the extent to which Chairman Powell will respond to the current challenges to the Feds independence posed by executive power. Krutzberg believes that Powells comments on this issue at the press conference may have a greater impact on the market than the interest rate decision itself—especially any hints regarding his plans to remain on the board until 2028 after his term as chairman ends in May.The CEO of Abu Dhabi National Oil Company (ADNOC) of the United Arab Emirates said that oil demand will remain above 1 billion barrels per day from now until 2040.

Shanghai Lockdowns Dent Demand Outlook For Oil

Aria Thomas

Apr 25, 2022 09:56

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The benchmarks fell over 5% last week because of concerns about demand.


"Bearish mood overshadowed concerns about global supply constraints as China maintained Shanghai lockdowns and investors braced for a succession of US rate hikes," said Hiroyuki Kikukawa, general manager of research at Nissan (OTC:NSANY) Securities.


Investors are attempting to rebalance their positions ahead of the start of the summer driving season in the United States later this month, he added.


"However, oil prices are unlikely to fall below $90 per barrel due to the likelihood of a European Union ban on Russian oil in the face of a worsening Ukraine conflict," he said.


Shanghai authorities, battling a COVID-19 epidemic, have constructed fences around residential structures, igniting new public outrage over a lockdown that has confined a large portion of the city's 25 million residents indoors.


Jerome Powell, chairman of the US Federal Reserve, has hinted that a half-point increase in interest rates "will be on the table" when the Fed meets in May to approve the next in a series of hikes this year.


On the supply side, US energy companies added oil and natural gas rigs for the fifth consecutive week, despite high prices and government pushing.


In Europe, three individuals familiar with the port loading plan told Reuters on Friday that the Russia-Kazakh Caspian Pipeline Consortium (CPC) would resume full exports on April 22 following nearly 30 days of outages due to repairs to one of its key loading facilities.


Nonetheless, some analysts believe that the deepening crisis in Ukraine may increase pressure on the EU to punish Russian oil, resulting in a price increase later this year.


Russia is Europe's largest supplier of natural gas and the world's second largest exporter of crude oil after Saudi Arabia.


Morgan Stanley (NYSE:MS) increased its third-quarter Brent pricing projection by $10 per barrel to $130, citing a "larger shortfall" this year as a result of reduced supply from Russia and Iran, which is anticipated to outweigh short-term demand challenges.

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