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Musk: SpaceX will build a system that will allow anyone to travel to the Moon and Mars.Federal Reserves Bostic: Im starting to see people questioning their confidence in the dollar.February 10th - Mexicos decision to halt all oil shipments to Cuba has dealt a heavy blow to the fuel-poor nation, marking its first month without oil imports in a decade. Mexican President Sinbaum confirmed on Monday that oil shipments have been "suspended" due to Trumps threat to impose tariffs on any country selling or supplying oil to Cuba. Because Cuba is not disclosing relevant information, it is currently difficult to estimate how long the supply of motor vehicle fuel can be sustained. In a rare statement in 2024, a government official indicated that the island nation of approximately 10 million people needs about 8,200 barrels of gasoline per day, but under sanctions and blockades, this demand can barely be met.February 10th - The price surge triggered by AI is spreading across the electronic component supply chain. Following the soaring prices of memory chips, multilayer ceramic capacitors (MLCCs) have become the next key component to experience price increases. It is reported that the spot price of MLCCs in South Korea has already risen by nearly 20%, and industry insiders expect it to continue rising in the short term. The capital market has reacted positively. Since the beginning of this year, Samsung Electro-Mechanics, a leading company in the MLCC industry, has seen significant gains, while related A-share stocks such as Fenghua Advanced Technology and Sanhuan Group have also risen. Industry insiders generally predict that the MLCC industry will exhibit a differentiated pattern in 2026: benefiting from the AI boom, demand for high-end products is expected to explode; while mid-to-low-end products will face pressure from weak demand and rising costs. Domestic companies have already established advantages in the mid-to-low-end market and are currently accelerating their breakthrough into the high-end market.February 10th - According to the Daily Telegraph, investors are significantly reducing their positions in UK bonds as the City of London prepares for a potential Labour leadership shift. Mizuho Securities stated that it has lost "confidence" in UK government bonds due to a clear indication of brewing uncertainty surrounding a new leadership. Matt Amis, Chief Investment Officer at Aberdeen Asset Management, said the asset management giant has also reduced its exposure due to concerns that any successor to Sir Keir Starmer could lead to a policy shift to the left. On Monday, borrowing costs for 10-year government bonds surged to 4.6% after Scottish Labour leader Anas Sarwar called for the Prime Ministers resignation. While yields fell back to around 4.53% after cabinet members publicly expressed their support for the Prime Minister, borrowing costs remained high throughout the day.

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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