Crude Oil Prices Surge 2.05% to Close at 6381 on Reserve Requirement Cut
Crude oil prices rose 2.05%, closing at 6381, as a result of several factors that supported a bullish outlook for the market. A major catalyst was China’s surprise lowering of the reserve requirement for banks in an effort to promote economic recovery. The action increased market liquidity and raised hopes for a rise in crude
Silver Prices Slide by -0.13% to 71773 Amid Strong Dollar and US Economic Growth
Silver prices saw a slight decrease of -0.13%, ultimately landing at 71773. This was largely due to the strong dollar due to strong U.S. economic growth. The European Central Bank (ECB) committed to fighting inflation even in the face of disinflation signals and possible recessionary risks by keeping interest rates unchanged. The current strength of
Aluminium Prices Dip by -0.05% to 203.05 Amidst Chinese Policy Speculations
Aluminium prices fell by -0.05% to 203.05, owing to gain booking after a period of support driven by hope about Chinese policy measures afterwards a seasonal lull. Pan Gongsheng, the governor of China’s central bank, announced the first reduction in reserve requirements for banks this year—50 basis points—beginning on February 5. According to the World
Zinc Prices Hold Steady at 228.1, Bolstered by China’s Bank Reserve Reduction
Zinc prices stayed unchanged at 228.1, with support from a reduction in bank reserves in China, the world’s largest metals consumer. With an estimated $140 billion injected into the banking system, China’s central bank announced an important cut in the cash reserves that banks are required to hold. The Chinese cabinet promised more steps to
Copper Prices Dip Slightly by -0.05% to 729.5 Amidst China’s Economic Policy Boost
Copper prices saw a slight decrease of -0.05%, ultimately settling at 729.5, due to positive developments in China’s economic policy support. With the announcement of a significant reduction in bank reserves. China’s central bank sent a strong signal of support for the nation’s fragile economy by pumping approximately $140 billion into the banking system. Furthermore,
Spring Surge Looms: US Petrol Prices Set to Rise, GasBuddy Warns
According to GasBuddy’s Patrick De Haan, the lowest petrol price days of the season are now behind drivers in the US, with the spring surge in petrol prices just around the corner.The head of petroleum analysis at GasBuddy tweeted on Thursday morning, encouraging people to “buckle up” and adding that the price bottoms were “nearly
Russian Crude Stranded off South Korea Due to U.S. Sanctions
US sanctions have left about 10 million barrels of Russian crude oil stranded off the coast of South Korea, traders or shipping data. Due to Western sanctions, the 10 million barrels—of the Sokol variety—from Sakhalin-1. Which are being transported by 14 tankers, are still unsold. That is roughly 45 days’ worth of Sakhalin-1 output at
Scrap Exports from Ukrainian Companies are on the Rise in 2023
In 2023, Ukrainian scrap companies increased their scrap exports by 3.4 times compared to 2022, to 182.48 thousand tons. Export revenue increased 2.8 times y/y over the year. This is evidenced by the data of the State Customs Service. In December 2023, Ukraine exported 21.5 thousand tons of scrap, up 52.2% compared to November and 85.4% compared
Gazprom’s 9% Decrease in Natural Gas Production in 2023
Russia’s Gazprom GAZP.MM produced 404 bcm of natural gas in 2023, decreased around 9% from the previous year due to lower exports to Europe, the Kommersant newspaper reported late on Thursday. The biggest producer of natural gas in Russia has not revealed its output figures and has not offered any commentary on its output. In an
Crude Oil Prices Surge 1.21% to 6253, Fueled by Chinese Fiscal Stimulus
Crude oil prices rose 1.21% to 6253, boosted by a Chinese fiscal stimulus a package or geopolitical tensions. The announcement by the Chinese central bank to lower the reserve requirement ratio starting on February 5 as a means of supporting the fragile economic recovery has caused oil prices to rise. Further bolstering the market was