Prior was -2597K Gasoline -1400K vs -2105K expected Distillates -5200K vs -1914K expected Cushing -585K vs -972K prior API data released late yesterday: Crude +2811K Gasoline -1988K Distillates -5485K Cushing -367K Gasoline demand is up 7.5% from a year ago and inventories in the US SPR were down by 2.5 million barrels week over week.
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Bank of America Global Research discusses the EUR outlook around tomorrow’s ECB March policy meeting. “Stagflation is a clear and present danger for the Eurozone economy. With the market still pricing positive ECB rates next year, we do not see the ECB pushing for more this week, given high uncertainty. High inflation also prevents the
nickel traded on the London Metal Exchange Monday, with a 90% jump that went as high as $55,000 a metric ton before closing at $48,078. Things went even wilder on Tuesday, rising as high as $100,000 — nearly quadruple the price last Friday. That sounds dramatic, but it’s unlikely that you’d notice the ripple effects
London nickel prices more than doubled on Tuesday to cross the $100,000-a-tonne level for the first time ever, as tension in eastern Europe showed no signs of cooling and growing sanctions against Russia fuelled fears of a disruption in supply. Three-month nickel on the London Metal Exchange soared 66.5% to $80,025 a tonne by 0635
Sentiment is mixed in Asia with heavy selling seen in stock markets of Hong Kong and China, while Nikkei and Singapore Strait Times are recovering. US President Joe Biden announced to impose an immediate ban on imports of Russian Energy. Commercial big names like McDonald’s, Coca-Cola, and Pepsi also finally joined to halt businesses in
Risk sentiment seemed to have improved drastically today. There are talks that both Russia and Ukraine are softening their tone, which might give an exit for Russia abandoning the invasion eventually. Germany DAX is leading major European indexes higher with more than 5% rebound. US futures also point to higher open. Both gold and oil
The euro is up by 0.2% on the day against the dollar, holding around 1.0870-80 levels currently. The high earlier hit 1.0920 after the news on the EU potentially stepping up spending on energy and defence amid the Russia-Ukraine crisis. The details remain light on that front, so we’ll have to wait and see if
The London Metal Exchange (LME) said on Tuesday it has suspended the trading of nickel on all venues for at least the rest of the day after prices more than doubled to cross a record $100,000 per tonne level. “The LME has taken this decision on orderly market grounds,” the exchange said in a statement,
US stocks were hammered again overnight and selling continues in Asia. But major currency pairs and crosses are trading in tight range, digesting recent moves. Euro and Sterling are recovering some grounds while Aussie is paring gains. Gold is consolidating below 2k handle but the retreat is shallow. WTI crude oil is holding firm in
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New Delhi: Gold in the national capital on Monday rallied by Rs 1,298 to Rs 53,784 per 10 gram in line with strong international precious metal prices and sharp rupee depreciation, according to HDFC Securities. The yellow metal had in the previous trade finished at Rs 52,486 per 10 grams. Silver also jumped Rs 1,910
Entering into US session, markets are starting to digest the steep moves made earlier today. Euro is paring some losses and it’s indeed trading in black against Sterling, Swiss and Yen at the time of writing. Swiss Franc has apparently turned weaker, probably on concern that SNB could intervene any time market stabilizes. Nevertheless, Aussie
EUR/USD is trading down 0.9% to 1.0830 currently and there doesn’t seem to be much reprieve in general for the single currency at the moment. Sure, the SNB may have stepped in with some verbal intervention and that has helped EUR/CHF to erase its earlier declines to turn flat at 1.0020 but it isn’t much.
NEW DELHI: As global financial markets reel under the impact of the largest military conflict seen in Europe since the Second World War, India faces the return of a much feared spectre – the twin deficit challenge. The economic damage inflicted by the COVID-19 crisis has compelled the government to delay fiscal consolidation and widen
Moves in the markets are intensifying as another week starts, as Russia’s invasion on Ukraine continues. US and allies rejected Ukrainian President Volodymyr Zelenskyy’s plea for creating a no-fly zone over the country. But they’re now considering to step up sanctions on Russia by banning its oil exports. Asian stocks are trading in deep red while
Iran here: Iran nuclear talks “mired in uncertainty” Also, the US is considering (again) stopping the import of Russian oil (Sec State Blinkien raised the possibility of doing so, for the umpteenth time). US equity index futures are also open for the week (Sunday evening Globex trade in the US) – ES and NQ are
WASHINGTON: The surge in crude oil prices past $100 a barrel has raised a big question: Will this latest spike in the notoriously volatile oil market help to speed the global transition from fossil fuels to cleaner energy sources to fight climate change? The answer is probably not. On the one hand, energy analysts say,
The major European indices are closing the day at sharply lower. For the week, the losses are shocking as investors get out of Europe. A look at the closing levels for the day shows: German DAX, -4.41% France’s CAC, -4.97% UK’s FTSE 100, -3.48% Spain’s Ibex, -3.63% Italy’s FTSE MIB -6.24% For the trading week,