Real-time News

Market news: The money market is currently only fully pricing in one 25 basis point rate hike by the European Central Bank before the end of the year, whereas earlier today it was expected to raise rates twice.

Mexican President: Mexico may lower fuel taxes to offset the impact of rising global oil prices.

1. United States: As of February 27, data from the U.S. Energy Information Administration (EIA) showed that the U.S. Strategic Petroleum Reserve held 415.4 million barrels of crude oil. In addition, U.S. private commercial reserves held 439.3 million barrels of crude oil. 2. Japan: As of the end of last year, the Japanese government held 260 million barrels of crude oil in stockpiles, with total national oil equivalent stockpiles of approximately 470 million barrels. The Agency for Natural Resources and Energy of Japan stated that the government's stockpiles were equivalent to 146 days of imports. In addition, private reserves held 180 million barrels of oil equivalent fuel (of which 90 million barrels were crude oil). 3. Germany: The German Ministry of Economic Affairs stated that the government held 110 million barrels of crude oil and 67 million barrels of refined petroleum products in stockpiles. 4. France: The latest publicly available data shows that as of the end of 2024, France will have approximately 120 million barrels of crude oil and refined petroleum products in stockpiles, of which approximately 97 million barrels are held by the government-authorized agency SAGESS. The composition is roughly 30% crude oil, 50% diesel, 9% gasoline, 7.8% aviation fuel, and some heating oil. Another 39 million barrels are held by the country's oil companies. 5. Italy: By law, Italy is required to maintain approximately 76 million barrels in inventory, equivalent to about 90 days of average net oil imports in 2024. 6. UK: Data from the UK Department for Energy Security and Net-Zero Emissions shows that as of February 26, the UK held approximately 38 million barrels of crude oil and 30 million barrels of refined products in inventory. 7. Canada: Canada does not have a strategic petroleum reserve, and as a net oil exporter, the IEA does not require it to establish one. As the world's fourth-largest crude oil producer, Canada's daily production exceeded 5 million barrels in December last year, with most of its exports going to the United States.

Market news: Traders no longer expect the Bank of England to raise interest rates this year.

Market news: Croatia will implement temporary price controls on gasoline and other commodities.

March 9 (Reuters) - G7 finance ministers reached a broad consensus on Monday regarding whether to immediately release strategic petroleum reserves, deciding to postpone such action, according to a G7 official. Earlier Monday, G7 finance ministers held a teleconference to discuss how to respond to the surge in oil prices triggered by the US-Israel war against Iran. In a statement, they said they were prepared to take "necessary measures" to support global energy supplies, including releasing reserves, but no decision had yet been made. An official familiar with the discussions said, "There is a broad consensus on this. It's not that anyone is against it, but it's a matter of timing. More analysis is still needed." The official said G7 energy ministers will hold a teleconference on the same issue on Tuesday, and G7 leaders will also discuss the matter later this week. "In my view, the final decision will be made by the leaders of each country," the official said.

The New York Fed's 1-year inflation forecast for February was 3%, down from 3.09% previously.

The main fuel oil futures contract rose by more than 12%, currently trading at 5,000 yuan/ton.

Market news: G7 officials said that a broad consensus was reached at the G7 finance ministers' meeting on Monday to temporarily refrain from releasing oil reserves.