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Hong Kong-listed Shanghai Auntie (02589.HK) surged more than 11%.On April 14, Iranian Oil Minister Mohsin Paknejhad stated that Irans oil sales have been strong since the outbreak of the military conflict with the United States and Israel, and a portion of the revenue will be used to repair the damage to industry caused by the wartime attacks. Paknejhad said that Iranian oil industry workers maintained the operation of various facilities during the conflict, ensuring that oil exports "have not been interrupted for even a day," including key export hubs such as Kharg Island.April 14th - According to the Financial Times, BP stated that its oil trading division achieved "extraordinary" results in the first quarter following the surge in crude oil prices caused by the war with Iran. The energy supply crisis caused by the war has scrambled for available cargoes by traders and refineries to fill the large energy supply gaps caused by the conflict in the Gulf region. Last week, the price of North Sea crude oil for immediate delivery hit a record high of nearly $147 per barrel. In its trading report released before the results announcement on April 28th, BP also stated that its net debt for the first quarter would increase by approximately $3 billion to $5 billion due to increased working capital (i.e., funds needed for daily operations). This move aims to ensure the company has sufficient cash reserves to cope with the current market volatility. Last week, Shell also stated that it expects the war to bring significant growth to its trading business.ANZ Bank: Production of 1 million to 2 million barrels per day could face permanent or semi-permanent disruption due to reservoir damage, maintenance delays and financial challenges.ANZ Bank: Oil prices are expected to remain high in 2027, staying in the range of US$80 to US$85 per barrel.

USD/CAD Bears In Control And Aiming At Support Zone Lows

Alina Haynes

Apr 04, 2023 13:53

USD:CAD.png 

 

The USD/CAD exchange rate is unchanged on the day after a succession of negative impulses drove the price into new territory to the downside and deeper into a support region as a result of the oil price rally. The USD/CAD exchange rate was 1.3431 at the time of writing.

 

Monday's 6.3% rise in West Texas Intermediate WTI crude oil to an intraday high of $81.51 strengthened the CAD. The oil price surged after the OPEC+ cartel surprised the market with a production cut of 1.1 million barrels per day to support prices, with the cartel announcing that it will reduce output prior to Monday's ministerial meeting.

 

Analysts at TD Securities observed that the Bank of Canada's Business/Consumer Surveys painted a more dovish picture ahead of the April BoC meeting, with a marked improvement in capacity pressures and consumer inflation expectations.

 

Analysts noted that firm-level inflation expectations continue to be elevated and that consumer growth and income expectations have also increased since the fourth quarter.

 

''The Bank of Canada should be pleased with these results, which indicate a decline in capacity pressures and a moderation in inflationary pressures. However, inflation expectations remain a formidable impediment to near-term relief. If growth does not decelerate substantially in the second quarter, it may be difficult for the Bank of Canada to keep rates at 4.50 percent. Analysts believe that the report is optimistic for CAD.


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