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1. U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 0.1% to 50,188.14 points, setting a new closing high. The S&P 500 fell 0.33% to 6,941.81 points, and the Nasdaq Composite fell 0.59% to 23,102.47 points. Disney and Home Depot rose more than 2%, leading the Dow Jones gains. The Wind U.S. Tech Big Seven Index fell 0.59%, with Google falling more than 1%, Facebook falling nearly 1%, and Intel falling more than 6%. The Nasdaq China Golden Dragon Index rose 0.87%, with Hesai Technology rising more than 6% and Zai Lab rising more than 6%. 2. European stock indexes closed mixed. The German DAX fell 0.11% to 24,987.85 points, the French CAC40 rose 0.06% to 8,327.88 points, and the UK FTSE 100 fell 0.31% to 10,353.84 points. 3. US Treasury yields fell across the board. The 2-year Treasury yield fell 2.49 basis points to 3.454%, the 3-year Treasury yield fell 3.96 basis points to 3.514%, the 5-year Treasury yield fell 3.99 basis points to 3.701%, the 10-year Treasury yield fell 5.94 basis points to 4.143%, and the 30-year Treasury yield fell 7.22 basis points to 4.785%. 4. International precious metals futures generally closed lower. COMEX gold futures fell 0.62% to $5047.90 per ounce, and COMEX silver futures fell 2.01% to $80.58 per ounce. Federal Reserve officials emphasized the independence of monetary policy and maintained current interest rates, easing market concerns about a hawkish stance from the Fed. This, coupled with speculative funds leaving the market, put pressure on precious metals. 5. Data from the American Petroleum Institute (API) showed that U.S. crude oil inventories increased by 13.4 million barrels last week, to $64.2 per barrel; Brent crude oil futures fell 0.04% to $69.01 per barrel.According to Futures News on February 11, the worlds largest silver ETF, iShares Silver Trust, increased its holdings by 25.36 tons from the previous day, with its current holdings at 16,216.45 tons.February 11 – Federal Aviation Administration (FAA) Administrator Bryan Bedford stated that he expects Canadian aviation regulators to move forward with the approval process for the Gulfstream jet after President Trump threatened tariffs and other retaliatory actions against Canada. Bedford told reporters, “I think we’ve resolved the issues with Canada.” He indicated that, to his knowledge, Transport Canada will announce the Gulfstream’s certification this week.Lyft (LYFT.O) CEO: No significant weakness in consumer demand was observed in the fourth quarter.The U.S. Federal Aviation Administration (FAA) stated that the Trump administration has resolved the aircraft certification issue with Canada.

Oil Prices Climb As The EU Bans Most Russian Oil Imports

Charlie Brooks

May 31, 2022 11:42

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Oil prices increased on Tuesday as the European Union (EU) agreed to reduce its oil imports from Russia by the end of 2022, fueling fears of a tightening market already stressed for supply due to rising demand ahead of the peak summer driving season in the United States and Europe.


At 00:54 GMT, Brent crude futures for July, whose contract expires on Tuesday, rose 33 cents to $122.50 a barrel. The more popular August contract increased 33 cents to $117.93.


Futures contracts for U.S. West Texas Intermediate (WTI) crude were trading at $117.31 a barrel, an increase of $2.24 from Friday's closing. Due to a U.S. holiday, there was no settlement on Monday.


European Union leaders agreed in principle to reduce oil imports from Russia by 90 percent by the end of 2022, breaking a stalemate with Hungary over the bloc's heaviest sanction against Moscow since the invasion of Ukraine three months ago.


Due to the fact that the market has already factored in the supply limits, according to some analysts, oil price improvements may be modest.


SPI Asset Management Managing Partner Stephen Innes told Reuters that the market had "already factored in EU self-sanction and much less Russian oil moving to Europe this year"


Innes continued, "I believe the market is pricing in some more Asia demand via China; nevertheless, the glaring issues are the soaring gasoline prices at the pump, which could lead to some demand destruction over the driving season."


Following the removal of COVID-19 restrictions, China's demand is anticipated to increase. Shanghai has announced the end of its two-month lockdown and will permit the vast majority of residents in China's largest metropolis to leave their homes and drive cars beginning Wednesday.


On the production side, OPEC+ is expected to adhere to its agreement from last year at its meeting on Thursday, with a moderate July output rise of 432,000 barrels per day, according to six sources from OPEC+. This is in response to Western calls for a more rapid increase to curb skyrocketing prices.


The Organization of the Petroleum Exporting Countries and its allies, led by Russia, argue that the oil market is in equilibrium and that recent price increases are unrelated to underlying fundamentals.


In 2022, oil prices on both sides of the Atlantic reached their highest level in more than a decade and are up more than 55 percent so far in 2022.

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