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On November 4th, it was learned that U.S. Secretary of Defense (Secretary of Defense for War) Hergsays ordered that military personnel may no longer discuss key U.S. military matters with members of Congress or their staff without prior approval. These matters include President Trumps proposed Golden Dome missile defense system and the recent military strikes against suspected drug-smuggling vessels. This move marks a significant shift in how the military interacts with Congress, with lawmakers concerned that it will hinder congressional oversight of the Department of Defenses approximately $1 trillion budget. Under the new rule, all military personnel and related agencies must coordinate with Hergsays office before contacting Congress.The Reserve Bank of Australia will announce its interest rate decision in ten minutes.1. Goldman Sachs: The Reserve Bank of Australia (RBA) is expected to hold rates steady, eliminating expectations of rate cuts in November and February. 2. Capital Economics: The RBA is expected to hold rates steady, as two more rate cuts are unlikely given the current economic rebound. 3. Westpac: The RBA is expected to hold rates steady, as the easing cycle may have ended prematurely, and expectations of a February rate cut have wavered. 4. ANZ: The RBA is expected to hold rates steady, but a December rate cut is possible if economic activity performs significantly worse than expected. 5. Moodys Analytics: The RBA is expected to hold rates steady as inflationary pressures are increasing and the path to the target inflation range is becoming more difficult. 6. HSBC: The RBA is expected to hold rates steady, as deflationary momentum has completely stalled, and the RBAs next move may be a rate hike in 2027.On November 4th, the overnight SHIBOR was 1.3150%, down 0.10 basis points; the 7-day SHIBOR was 1.4150%, up 0.30 basis points; the 14-day SHIBOR was 1.4780%, up 0.90 basis points; the 1-month SHIBOR was 1.5460%, unchanged from the previous trading day; and the 3-month SHIBOR was 1.5940%, down 0.10 basis points.The Singapore dollar fell 0.2% against the US dollar to 1.307, its lowest level since May 12.

WTI extends comeback above $85.00 as EIA oil inventories decline by 1.75 million barrels

Daniel Rogers

Oct 20, 2022 15:14

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Futures for West Texas Intermediate (WTI) on the New York Mercantile Exchange (NYMEX) increased after the Energy Information Administration (EIA) announced a decline in crude oil inventories on Wednesday. In the early European session, oil prices have extended their gains above the key resistance level of $85.00 to approximately $85.57.

 

Wednesday, the EIA reported a decrease in oil inventories of 1.75 million barrels, compared to estimates for an increase of 1.38 million and the previous release of 9.88 million. US Vice President Joe Biden's oil release announcement was met with skepticism, but an unexpected fall in oil reserves has instilled optimism in black gold. US Vice President Joe Biden announced the release of 15 million barrels from the Strategic Petroleum Reserve (SPR) in an effort to stabilize the demand-supply mechanism.

 

The anticipation of additional sanctions on the oil supply from Russia, which may cripple the global oil supply, also contributes to the optimism surrounding oil prices.

 

On a broader scale, oil price headwinds are far from finished. Black gold may experience pessimism if the People's Bank of China (PBOC) maintains its current monetary policies. Despite the economic upheaval caused by the continuation of the zero-Covid-19 policy and the weakening real estate market, the PBOC maintained its Prime Lending Rates (PLR). A lack of additional monetary policy could affect the sentiment of market players.

 

As the risk aversion trend has faded, the US dollar index (DXY) has fallen substantially and reached an intraday low of 112.77. S&P500 futures have regained all of their overnight losses as a result of a resurgence in the risk-on market sentiment. US 10-year Treasury yields continue to be solid.


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