Monthly Archives: June 2022
Crude Drops Despite EIA Inventory Decrease
Written on June 30, 2022 at 3:14 am, by jonywang
On Wednesday (GMT+3), the US Energy Information Administration reported a decrease of 2.762 million barrels in its crude oil inventories for the week of 24 June. This is more than the forecasted decrease of 569,000 barrels and the previous week’s decrease of 386,000. Meanwhile, gasoline stocks increased by 2.6 million barrels, while production averaged 9.5Continue Reading
Powell Raises “Unconditional” Commitment to Battling Inflation
Written on June 27, 2022 at 1:48 am, by jonywang
Fighting rampant inflation has become the Fed’s main objective, and Fed Chair Jerome Powell’s words to the US House Financial Services Committee during his semi-annual testimony might have sparked more than a few fears about a recession. Specifically, it means that the Fed might be ready to cause increased unemployment or even a recession –Continue Reading
Crude Tumbles On Recession Fears and Biden’s Petrol Tax Holiday
Written on June 23, 2022 at 5:54 am, by jonywang
On Wednesday afternoon, 22 June, Fed Chairman Jerome Powell made his semi-annual testimony to the Senate Banking Committee. In his testimony, Powell highlighted that the Fed was “strongly committed” to bringing down inflation and that the American economy is in a strong position to handle the continued rate hikes. However, Powell has also noted thatContinue Reading
Fed’s 75 Point Hike Boosts Equity Markets
Written on June 16, 2022 at 3:34 am, by jonywang
On Wednesday evening (GMT+3), the US Federal Reserve announced a rate hike of 0.75% or 75 basis points, up from the last rate hike of 50 points. This is the largest Fed interest rate hike in 28 years, and brings the benchmark interest rate to between 1.50% – 1.75%, a number last seen just beforeContinue Reading
Biden Looks The Other Way For Chinese Solar Manufacturers
Written on June 13, 2022 at 1:36 am, by jonywang
To boost the slowing US solar industry, Biden has ordered that regulators turn a blind eye to potential trade regulation violations by Chinese solar panel manufacturers and let them go unpunished for the next two years. This is with the hopes that an influx of cheap, foreign solar panels into the US will speed upContinue Reading
Oil Rises Despite EIA Crude Oil Inventory Increase
Written on June 9, 2022 at 4:08 am, by jonywang
On Wednesday evening (GMT+3), the US EIA Crude Oil Inventories data was released. For the Week of 3 June, US inventories of crude increased by 2.025 million barrels. This is compared to the forecasted draw of 1.917 million, and the previous week’s draw of 5.068 million. Meanwhile, distillate inventories saw a rise of 2.592 millionContinue Reading
Positive Manufacturing PMI Buoys Dollar
Written on June 2, 2022 at 3:40 am, by jonywang
On Wednesday evening (GMT+3), the US ISM Manufacturing Purchasing Managers‘ Index (PMI) figure for May was released. May showed a reading of 56.1, higher than the forecasted 54.5 and the previous month’s value of 55.4. The ISM Manufacturing PMI measures product demand from over 300 key manufacturers in the US and is considered a majorContinue Reading
