Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more "noise" than signals of a short-term surplus. As of 3:50 PM WIB, Brent was at $69.60/barrel (+0.29%) and WTI was at $64.83/barrel (+0.31%). The gains were moderate, but enough to keep prices near the psychological $70 level for Brent. From a geopolitical perspective, market focus is on the potential for escalation in the Middle East. Recent reports...
China is the world's top energy importer but its purchases from the United States are relatively modest, lessening the impact of Beijing's move Tuesday to impose retaliatory tariffs on U.S. crude oil, liquefied natural gas (LNG) and coal. Shortly after U.S. President Donald Trump's tariffs on China took effect Tuesday, China's Finance Ministry said it would impose levies of 15% on U.S. coal and LNG imports and 10% on crude oil as well as farm equipment and some cars, starting Feb. 10. China's U.S. crude oil imports fell 52% to about 230,540 barrels per day (bpd) in the first 11 months of...
United States (US) President Donald Trump hit the newswires with a wide swath of off-hand statements on Monday, ranging from the war in Ukraine, where President Trump expects 'rare earth metals' in exchange for obtaining a ceasefire with Russia. Donald Trump also noted that he remains "not happy" with the Panama situation, and reiterated that his work on tariffs is not over yet.We'll be doing something perhaps with TikTok if we can make the right deal, TikTok could go into the sovereign wealth fund.Nobody is out of tariffs.I had good talk with Trudeau.We haven't agreed on tariffs yet with...
According to the Institute for Supply Management (ISM), the Manufacturing PMI rose to 50.9 in January from 49.3 in the previous month, beating market expectations of 49.8. Additionally, the Prices Paid Index—a measure of inflation—rose to 54.9 from 52.5, while the Employment Index increased to 50.3 from 45.4, and the New Orders Index improved to 55.1. The US dollar maintained its upbeat performance so far on Monday, motivating the US Dollar Index (DXY) to maintain its marked gains above the 109.00 mark for now. Excitement is building as the Institute for Supply Management (ISM) prepares...
Inflation in the US, as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, edged higher to 2.6% on a yearly basis in December from 2.4% in November, the US Bureau of Economic Analysis (BEA) reported on Friday. The core PCE Price Index, which excludes volatile food and energy prices, rose 2.8% in the same period, matching November's reading and the market expectation. The core PCE Price Index rose 0.2% on a monthly basis. Source: Fxstreet
US President Donald Trump has confirmed that he will impose 25% tariffs on imports from Canada and Mexico, effective February 1. It remains to be seen whether crude oil, a significant import from these countries, will be included in the tariffs. The tariffs are intended to address issues such as migration, fentanyl trafficking and trade imbalances. However, Nigel Green, CEO of deVere Group, a global financial advisory and asset management firm, warned that the move carries significant risks for investors worldwide. The US imports around 40% of its crude oil, mainly from Canada. If oil is...
Tokyo's inflation accelerated in December 2024, with the headline consumer price index posting at 3.4% after a lower increase of 3.1% in the prior month, data released by Statistics of Japan on Friday showed. The reading, which includes all items, is the highest since April 2023. The core CPI, which doesn't count fresh food items, was up 2.5% over the same month in the previous year after a 2.4% gain in November 2024. Food prices, excluding perishables, climbed 4.7% in December, faster compared with the 4% rise a month before. Rent prices, on the other hand, have been growing steadily by...
The European Central Bank cut interest rates on Thursday and policymakers guided for a further reduction in March as concerns over lacklustre economic growth supersede worries about persistent inflation. It was the fifth ECB rate cut since June and markets expect two or three more this year, driven by arguments that the biggest inflation surge in generations is nearly defeated and the flagging economy needs relief. "We know the direction of travel," ECB President Christine Lagarde told a press conference after the decision. "At which pace, with what sequence, what magnitude, will be...
US citizens filing new applications for unemployment insurance rose to 207K for the week ending January 25, the US Department of Labor (DoL) reported on Thursday. The reading missed the preliminary estimate and was lower than the previous week's unrevised reading of 223K. The report also highlighted the seasonally adjusted insured unemployment rate at 1.2%, while the four-week moving average eased to 212.50K, marking a decrease of 1K from the previous week's unrevised average. Furthermore, Continuing Jobless Claims fell by 42K to 1.858M for the week ending January 18.(AL) Source: FXstreet
Gold rises in the early Asian trade. There's a broad commodities uptrend, driven by macro uncertainty, a weaker dollar, and persistent demand for "hard" assets, says Fawad Razaqzada, market analyst...
Oil extended declines after OPEC+ agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook.
Brent...
The Japanese Yen (JPY) weakened against its US counterpart and reversed part of Friday's recovery from the lowest level since July 23 following Bank of Japan (BOJ) Governor Kazuo Ueda's remarks....