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Futures News, January 7th: Post-holiday, the residual fuel oil market saw limited fluctuations. As of January 6th, the price of low-sulfur residual fuel oil in Shandong was 3910 yuan/ton, unchanged from before the holiday. The price of medium-sulfur residual fuel oil was 3600 yuan/ton, up 30 yuan/ton or 0.98% from before the holiday. Supply tightened in some areas, while downstream procurement was mainly based on immediate needs, limiting the extent of the price increase. Zhuochuang Information predicts that against the backdrop of weak fundamentals, crude oil prices will continue their downward trend, with weakening support from news. Downstream demand is unlikely to improve significantly, and residual fuel oil prices are expected to remain weak and stable, with the risk of further decline remaining.According to Futures News on January 7th, for the week ending January 3rd, Japanese commercial crude oil inventories increased by 586,212 kiloliters from the previous week to 10,353,413 kiloliters. Japanese gasoline inventories decreased by 17,333 kiloliters from the previous week to 1,695,758 kiloliters. Japanese kerosene inventories increased by 171,775 kiloliters from the previous week to 2,227,363 kiloliters. The average operating rate of Japanese refineries was 90.2%, unchanged from the previous week.The main contract for the container shipping index (European route) saw its intraday gains narrow to 2.00%, currently trading at 1884.1 points.January 7th - On January 6th local time, Nvidia CEO Jensen Huang was asked during a media interview at CES when he planned to sell the H200 chip to the Chinese market. He responded that demand in the Chinese market is strong, the company is accelerating supply chain production, and is currently finalizing the licensing details with the US government.January 7th - According to CNBC, energy analysts say Indian state-owned refiners are continuing to purchase Russian oil. The US imposed a 25% "secondary" tariff on India last August, citing continued imports of Russian oil, and also imposed sanctions on Lukoil and Rosneft in late November. Analysts point out that while overall Indian demand for Russian oil declined in December, this was mainly due to reduced purchases by Reliance Industries. State-owned refiners, known as public sector units (PSUs), partially offset the decline in Russian oil purchases. Muyu Xu, senior crude oil analyst at tanker tracking company Kpler, stated that state-owned enterprises such as Indian Oil Corporation and Bharat Oil Corporation "are still continuing to purchase Russian oil for future deliveries through unsanctioned suppliers." Pankaj Srivastava of Rystad Energy stated, "Despite the overall decline in imports, the resilience of public sector refinery reception of Russian oil suggests a redistribution of demand rather than a collapse."

The price of gold fluctuates about $1,700, and given increased hawkish Fed bets, a decline seems imminent

Alina Haynes

Jul 18, 2022 12:03

 截屏2022-07-15 下午5.36.44_1024x576.png

 

In the early Tokyo session, Gold Price (XAUUSD) tried to break above the consolidation that had been created in a constrained range between $1,703.21 and 1,705.90 on Friday. After a brief squeeze, the precious metal is now showing some symptoms of increased volatility. On Friday, the shiny metal successfully defended the psychological level of $1,700.00, which is also close to Thursday's low. The psychological support of $1,700.00 has undergone two tests, which has increased the importance of the level for market players. The precious metal is currently showing exhaustion indications at lower levels, but additional filters are needed to showcase a bullish turnaround.

 

Despite modest losses on Friday, the US dollar index (DXY) closed the week on a positive note. Weekly results showed that the asset kept winning. The DXY has been making advances for the last three weeks in a row. Despite the asset showing a stronger decline on a shorter timeline, the upside is still justified because to the DXY's overall performance. A downwards move is almost certain to occur since the asset is now auctioning in an inventory distribution phase at roughly 108.00.


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