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On May 12, a senior U.S. Department of Defense official estimated the latest cost of the war with Iran at approximately $29 billion, an increase of about $4 billion from an estimate made less than two weeks earlier. Acting Comptroller General Jules Hearst told a House Appropriations Subcommittee on Tuesday that the total cost of the war is "close to $29 billion," due to the additional operational costs of maintaining U.S. military deployments in the Middle East and the costs of updating equipment repair and replacement. This figure is about 16% higher than his estimate of $25 billion when he testified before the House Armed Services Committee on April 29. Hearst also hinted that the cost figure may continue to change in the future.A spokesman for Iran’s Ministry of Defense warned that if its enemies do not accept Iran’s demands through diplomatic means, they should be prepared to “fail again” in any future confrontation.New York City Mayor Mamdani has cancelled the planned increase in New York City property taxes in the revised budget.On May 12th, Futures News reported that, according to foreign media, German analysis firm Oil World stated on Tuesday that EU canola production is projected to increase to 20.97 million tons in 2026/27 from 20.52 million tons in 2025/26, while imports will decrease to 6.5 million tons from 6.9 million tons this year. The firm forecasts Canadian canola production at 21.4 million tons in 2026, down from 21.8 million tons in 2025/26. Canadian canola exports are expected to decrease to 7.6 million tons in 2026/27 from 8.3 million tons this year. Global biodiesel production is projected to increase to 67.1 million tons from 61.3 million tons in 2025, with EU biodiesel production rising from 14.9 million tons to 15.3 million tons.On May 12, local time, US President Trump stated that the conflict with Iran does not need to be resolved hastily. In an interview, Trump claimed that Iran is facing the prospect of having its revenue sources cut off. Trump also stated that he is confident he can prevent Iran from developing nuclear weapons, saying, "Its just a matter of time."

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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