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According to Politico: U.S. Army Secretary Dan Driscoll has arrived in the UAE to meet with U.S. Middle East envoy Witkov and Trumps son-in-law Jared Kushner.
January 23 - According to foreign media reports, production at Kazakhstans massive Tengiz oil field remains suspended. A Chevron spokesperson stated on Friday that the field has been shut down since the shutdown was announced on Monday. Chevron holds a 50% stake in Tengiz Chevroil (TCO), the operator of the Tengiz oil field. The shutdown began on Sunday with a fire in the power unit. The cause of the fire is currently unclear, and a Kazakh government commission is investigating. This incident exacerbates the difficulties facing Kazakhstans oil industry, which had previously encountered bottlenecks at its main Black Sea export gateway due to Ukrainian drone attacks. Three industry sources indicated on Tuesday that the shutdown at the Tengiz oil field could last 7 to 10 days. JPMorgan Chase noted on Friday that the Tengiz oil field, which accounts for nearly half of Kazakhstans production, may remain shut down for the remainder of the month. Kazakhstans average daily crude oil production in January is expected to be only 1 million to 1.1 million barrels, compared to a normal level of approximately 1.8 million barrels.
January 23 - Due to unusually cold weather, Europes reliance on natural gas reserves has increased significantly this winter, with withdrawals this month reaching a five-year high. As pipeline gas and liquefied natural gas (LNG) inflows cannot meet the increased energy demand, daily net withdrawals have reached approximately 730 million cubic meters, while LNG imports are less than half that level. Gas prices have surged by over 30% so far this month, influenced by the cold weather reversing market sentiment and triggering a sharp reversal of short positions. Current inventory levels are less than half full, far below the same period in previous years, and Wood Mackenzie predicts that inventories will fall to 20% by the end of winter. Furthermore, the unfavorable price spread between summer and winter contracts has weakened the economics of gas storage, repeating a previous scenario that led to inventory shortages. Senior analyst Patricio Alvarez points out that inventory withdrawals are not only weather-driven but also reflect the economic game between using stored gas and importing flexible LNG. When spot prices are high, the attractiveness of liquefied natural gas (LNG) imports decreases because their prices fluctuate with the market and include transportation and regasification costs; in contrast, stockpiled gas is purchased in advance at a lower price and can be withdrawn quickly with lower marginal costs.
Ukrainian President Zelensky: The format of the talks will be decided on the fly, and we are in contact with the negotiating team in Abu Dhabi.
As of 8:30 PM Beijing time, WTI crude oil futures rose 1.92%, and US natural gas futures rose 1.35%.