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Real-time News
Berenberg: Lowers Mercedes-Benz target price from 63 euros to 58 euros.On May 2, a federal judge in the United States ruled on May 1 that the Trump administrations invocation of 18th-century wartime laws to deport Venezuelan immigrants it identified as criminals was "illegal." Fernando Rodriguez, a federal judge in Texas, wrote in his ruling that the Trump administrations invocation of the 1798 Foreign Enemies Act to deport immigrants on the grounds that the United States was being invaded by Venezuelan gangs "went beyond the scope of the statute" and was therefore "illegal." The ruling pointed out that according to the usual meaning of the wording of the law, "invasion" refers to an attack by "military force," which is inconsistent with US President Trumps accusation of the activities of the Venezuelan gang "Aragua Train" in his executive order invoking the Foreign Enemies Act.Danske Bank: Although the risk of a potential recession in the United States has attracted attention, the impact on economic growth in Europe, including the Nordic countries, is expected to be mild.On May 2, Stephanie Brinley, deputy director of the automotive intelligence department and chief automotive analyst at S&P Global Automotive, said that the uncertainty caused by the US governments tariff policy is seriously affecting manufacturers long-term planning and will cause consumers to bear more costs. S&P Global predicts that due to the tariff policy, US light vehicle sales will decrease by more than 640,000 units in 2025. For manufacturers, the practical difficulty of adjusting the industrial chain cannot be ignored. Whether it is factory relocation or parts replacement, it is not a task that can be completed in one year. The so-called "industry return to the United States" is by no means easy.Kia Motors sold 274,437 vehicles worldwide in April, up 5% year-on-year.

Oil Price Prediction: After a Sell-Off, Oil Markets Will Rebound

Daniel Rogers

Jul 08, 2022 11:43

截屏2022-07-07 下午4.30.38.png 

 

After a significant sell-off that caused it to go below $100, WTI oil recovers. Recent publication of the Weekly Petroleum Status Report by the EIA acted as another market-bullish stimulus. According to the study, oil stockpiles rose by 8.2 million barrels over the prior week. Analysts anticipated a 1 million barrel decrease in crude stockpiles.

 

The rise in crude oil imports, which climbed by 0.8 million bpd from the previous week, was the main cause of the rise in crude stockpiles.

 

The rapid increase in crude stockpiles may have acted as a negative stimulus for the oil market. Other significant factors, though, supported the uptrend. Stocks of gasoline fell by 2.5 million barrels. Gasoline stockpiles are currently around 8% below the five-year average at this point in the year.

 

At 12.1 million bpd, domestic oil output remained constant. This is a positive development for the oil markets because it demonstrates that, despite high oil prices, domestic oil producers are not prepared to quickly raise production.

What Happens To WTI Oil Next?

WTI oil is still trading in the $100 to $120 area, according to today's trade. Recently made attempts to settle below the $100 mark failed, and WTI oil swiftly returned to the prior trading range.

 

Oil markets are still tight even if concerns about the recession have recently put major pressure on oil prices. There are currently no indications of demand destruction. Additionally, the output of domestic oil is not particularly susceptible to high prices.

 

The major concern to oil markets continues to be a probable recession, so traders will keep an eye on it in the forthcoming trading sessions. As a result of Japan's recent announcement that it is battling the seventh wave of the coronavirus, healthcare news will also need to be kept an eye on.


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