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November 8th - According to the latest report from the World Platinum Investment Council, the global platinum market is entering a period of sustained shortage. From the supply side, global platinum supply is highly dependent on South Africa, and mine expansion cycles can take up to three years. Faced with strong market demand, the supply side is struggling to respond quickly, meaning that the industrys structural deficit will persist for years to come, further exacerbating the tight supply situation.A U.S. judge ruled that Trumps order for the National Guard to go to Portland, Oregon, was illegal.US President Trump: Now is the time for Republican senators to stop playing tricks on the radical left Democrats, immediately stop obstructing the proceedings, immediately open the government, and pass some great legislation based on common sense!On November 8th, following shareholder approval of Elon Musks $1 trillion compensation package, his rival, U.S. electric vehicle maker Rivian, announced on Friday a compensation package worth up to $4.6 billion for CEO and founder RJ Scaringe, linking the award to the companys earnings and stock performance over the next decade. Rivian stated that Scaringe will receive options to purchase up to 36.5 million Class A common shares at an exercise price of $15.22 per share, approximately 16 million more than his previous award. The options will vest in stages over the next ten years, subject to conditions including the companys stock price reaching different target levels between $40 and $140 per share, and achieving new revenue and cash flow targets over the next seven years.On November 8th, local time, the U.S. Senate failed to pass a motion to advance the Certain Federal Employees Appropriations Act (S.3012) by a vote of 53 to 43, falling short of the 60 votes required for passage. This bill aims to provide funding for some federal employees who are required to perform their duties during the forced shutdown to mitigate the impact of the government shutdown. Although some lawmakers called for a swift restoration of funding for key sectors, the final vote showed that partisan divisions remain, and the government shutdown is unlikely to be resolved in the near future.

WTI optimists target the $70 mark amidst positive banking sector developments

Daniel Rogers

Mar 27, 2023 14:33

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The price of West Texas Intermediate (WTI) is approaching the $70 threshold as investors become less concerned about ongoing banking difficulties. Major central banks, such as the Federal Reserve (Fed) and the US Treasury Department, have bolstered confidence through swift actions. Consequently, risk appetite remains robust. As a result of this positive development, oil prices have risen above $67.

 

Oil markets are intently observing financial market sentiment, while oil fundamentals are largely ignored. The oil market has been reflecting the volatility of the financial markets over the past few days.

 

The pullback from $67 is likely due to the weakening of the US dollar, and for the oil price to break sustainably above $70, a significant fundamental driver, such as the complete resolution of the banking crisis, will be required.

 

The demand for the U.S. dollar as a safe-haven currency is restrained by some reassuring comments from U.S. officials.

 

Russian President Vladimir Putin's statements that he will station tactical nuclear weapons in Belarus, thereby escalating geopolitical tensions in Europe over Ukraine, have also supported oil prices. Clearly, further escalation on the Russia-Ukraine front will result in higher oil prices. Although NATO and the United States have condemned the move and deemed it "dangerous and irresponsible," it continues.

 

Russia's strategic decision to reduce oil production can be ascribed to the fact that the country's hydrocarbon stockpiles have been rising since September of last year, and it would likely want to avoid further stock builds. If Russia wishes to reduce its stockpiles, it may be necessary to prolong production limits beyond June.

 

Oil prices have not reached the levels anticipated by the Organization of the Petroleum Exporting Countries despite a significant amount of activity on the fundamental front of oil. (OPEC). Prior to the resolution of the banking turmoil, oil prices will likely be influenced by risk sentiment. In order to make informed decisions as various factors continue to impact the global economy, investors and market participants will keep a close watch on developments in the financial and oil markets, as well as geopolitical tensions.


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