EUR/USD 1.17616
-0.096%
Gold 5034.01
0.747%
Oil 66.038
-0.903%
USD/JPY 155.217
0.143%
GBP/USD 1.34685
0.044%
GBP/JPY 209.058
0.198%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
A German government spokesperson said regarding Türkiyes detention of a Deutsche Welle journalist: "We are deeply concerned about this incident."February 20th – Amidst the resounding clang of gongs, the Hong Kong Stock Exchange opened its first trading day of the Lunar New Year (Year of the Horse). On the same day, the Hong Kong Gold Exchange also held its Lunar New Year opening ceremony. Hong Kong Financial Secretary Paul Chan Mo-po stated at the opening ceremony that the Hang Seng Index had risen nearly 6,500 points cumulatively during the Lunar New Year (Year of the Snake), an increase of 32%. IPOs (Initial Public Offerings) and subsequent fundraising both performed strongly, significantly improving stock market liquidity and attracting a highly internationalized source of funds. Chan expressed cautious optimism about the market outlook for the Year of the Horse. He believes that while the external environment remains complex and volatile this year, as long as Hong Kong maintains an open and fair market environment, continuously promotes market reforms, strengthens market infrastructure and development, and effectively manages and addresses various risks, the market will surely overcome obstacles and move forward like a galloping horse.February 20th - The Chinese Embassy in Baikal issued a statement on the 20th, local time, stating that in the car accident on Lake Baikal, the vehicle involved carried one Russian driver and eight Chinese tourists; only one Chinese tourist has been rescued so far. Earlier that day, a car fell into Lake Baikal. It is understood that following the incident, local authorities have banned vehicles from driving on the frozen surface of Lake Baikal.On February 20th, Ukrainian President Volodymyr Zelenskyy posted a message on his official social media platform, stating that Ukraine is prepared to make genuine compromises to end the war, but will not accept arrangements at the expense of national independence and sovereignty, nor will it accept an ultimatum from Russia. Zelenskyy stated that Ukraine is willing to discuss a compromise with the United States. He indicated that Ukraine is willing to discuss peace based on the principle of "maintaining the existing position," calling this itself a significant compromise. Zelenskyy further stated that Russias claim of "not occupying other regions" is not a compromise, but an ultimatum.The Norwegian Petroleum Authority reported that Norways preliminary oil production for January was 1.998 million barrels per day. Natural gas production was 11.3 billion cubic meters.

WTI crude oil climbs above $80.00 as NFP and recession fears contend with an OPEC+ surprise

Daniel Rogers

Apr 07, 2023 11:36

 截屏2022-11-24 下午3.13.23.png

 

As energy markets celebrate the Good Friday holiday, WTI crude oil prices remain stable around $80.50, poised for a three-week uptrend. In doing so, black gold defends the week-beginning gains provided by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, headed by Russia, known as OPEC+, who announced a surprise output cut. However, concerns of a recession and a cautious disposition ahead of the March US employment report have recently posed a challenge to the energy benchmark.

 

The OPEC+ group startled the market with a voluntary output decline of nearly 1.66 million barrels per day. The International Energy Agency (IEA) stated, in response to the OPEC+ announcements, that the OPEC+ decision to reduce oil output risks aggravating a stressed market by driving up oil prices in response to inflationary pressures.

 

On the other hand, the US Dollar's weakness, bolstered by disappointing US data, supported the recovery of the black gold.

 

In spite of this, the US Dollar Index (DXY) has a four-day losing streak and is currently trading around 102.000.

 

Initial Jobless Claims for the week ending March 31 increased to 228K from 200K expected and an upwardly revised 246K the previous week. Notable is that the Challenger Job Cuts for the given month increased from 77,77K to 89,703K. Previously, US JOLTS Job Openings fell to a 19-month low in February, and March's ADP Employment Change figures of 145K also disappointed markets. In addition, the US ISM Services PMI for March decreased to 51.2 compared to 54.5 anticipated and 55.1 previously.

 

China's optimism for economic development and optimistic activity data from the dragon nation could also support the oil price. Pan Gongsheng, the director of China's State Administration of Foreign Exchange (SAFE), stated on Friday that Beijing "will defend itself against external financial market shocks and risks."

 

It should be noted, however, that recent calls for a recession pose a challenge to WTI crude oil purchasers, and more signs of economic decline should be monitored for direction, particularly when commodity prices trade near the key short-term resistance line.

 

In addition to the news about the recession, the March US employment report will be crucial to monitor for direction. Analysts anticipate a decline in headline Nonfarm Payrolls (NFP) to 240K from 311K previously, with the unemployment rate remaining unchanged at 3.6%. However, the contradictory forecasts for Average Hourly Wages make the outcome even more intriguing.


Suggestion