DIRS.INFO The most relevant business & tech news

Retail fuel prices in the U.S. and Europe have risen to multi-month highs as crude prices have rallied. "If energy prices increase and stay high, that'll have an effect on spending, and it may have an effect on consumer expectations for inflation, things like that. High interest rates are already curbing demand across Western economies, including for oil. The U.S. Federal Reserve on Wednesday pressed pause on interest rates, but did not rule out one more hike this year. President Joe Biden has already promised to cut prices, though has not said how, and in the short term the impact of autumn refinery maintenance on supplies could keep prices high.

Persons: Mike Segar, Brent, Jerome Powell, Morgan Stanley, Goldman Sachs, Goldman, PVM's Tamas Varga, I'm, Craig Erlam, Ajay Parmar, Joe Biden, Gordon Balmer, Natalie Grover, Robert Harvey, Mark John, Balazs Koranyi, Dan Burns, Simon Webb, Barbara Lewis Organizations: Exxon, REUTERS, . West Texas Intermediate, Reuters, Retail, Federal, International Energy Agency, Organization of, Petroleum, U.S . Federal Reserve, HSBC, Energy Information Administration, U.S, Diesel, Energy, Petrol Retailers, Thomson Locations: Edgewater , New Jersey, U.S, OPEC, Europe, Brazil, Guyana, United States, Russia, Saudi Arabia, Ukraine, Britain, France, London, Frankfurt, New York

Oanda analyst Craig Erlam said prices were mainly at the mercy of "the ever-changing expectations for interest rates". European Central Bank President Christine Lagarde said on Tuesday that stubbornly high inflation will require the bank to avoid declaring an end to rate hikes. Higher interest rates can weigh on economic activity and oil demand. But the upbeat data suggested the Federal Reserve will likely have to continue raising interest rates to slow demand in the overall economy. The U.S. central bank, which has raised its policy rate by 500 basis points since March 2022, signaled this month that two additional rate hikes were warranted this year.

Persons: Brent, Craig Erlam, Christine Lagarde, Phil Flynn, Wagner, PVM's Tamas Varga, Saudi Arabia's, Li Qiang, Stephanie Kelly, Shadia Nasralla, Trixie Yap, Jan Harvey, David Goodman, Ed Osmond, Deepa Babington, Mark Heinrich Our Organizations: Brent, . West Texas, European Central Bank, Price Futures, Reserve, American Petroleum Institute, Reuters, Saudi, Thomson Locations: contango, Europe, United States, U.S, Russia, China

SummarySummary Companies Oil price structure implies demand bulls are retreating2-mth Brent spread in contango, implying oversupply concernECB poised for further rate hikesLONDON, June 27 (Reuters) - Oil prices slipped on Tuesday ahead of data shedding light on U.S. appetite for fuel during the summer driving season, with the Brent benchmark's price structure indicating bulls are retreating. U.S. inventory data from the American Petroleum Institute industry group is expected after 2000 GMT, followed by government data on Wednesday. For the two-month spread , the market is in shallow contango, the opposite price structure, indicating traders are factoring in a currently slightly oversupplied market. The oil market has shrugged off a clash between Moscow and Russian mercenary group Wagner which was averted on Saturday. Russian oil loadings have kept on schedule.

Persons: Brent, Craig Erlam, Christine Lagarde, Wagner, PVM's Tamas Varga, Saudi Arabia's, Premier Li Qiang, Trixie Yap, Jan Harvey, Louise Heavens Organizations: Brent, U.S, West Texas, Central Bank, American Petroleum Institute, Reuters, Saudi, Premier, Thomson Locations: contango, U.S, Moscow, Russian, China

☆ Oil stable after smaller ECB hike, demand woes linger
▼ + stars: | 2023-05-04 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

Brent futures were up 28 cents, or 0.39%, to $72.61 a barrel at 1228 GMT. The European Central Bank (ECB) eased the pace of its interest rate hikes on Thursday and kept its options open on future moves as it continues its fight against stubbornly high inflation in the euro zone. The 25-basis-point increase to the ECB's three policy rates was the smallest since it started lifting them last summer. "Today's decision signals that the ECB has entered the final stage of its current tightening cycle," ING said in a note. Prices have plunged this week on concerns about the U.S. economy and signs of weak manufacturing growth in the world's largest oil importer China, sliding further after the U.S. Federal Reserve raised interest rates on Wednesday.

☆ Oil slips on weak China data and rate hike expectations
▼ + stars: | 2023-05-02 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

May 2 (Reuters) - Oil prices fell on Tuesday on weak economic data from China and expectations of interest rate hikes by the U.S. Federal Reserve and European Central Bank (ECB) this week. Brent crude fell 42 cents, or 0.53%, to to $78.89 a barrel by 1037 GMT while U.S. West Texas Intermediate (WTI) crude lost 46 cents, or 0.61% to $75.20. Price pressure followed official data on Sunday showing manufacturing activity in China, the world's top crude importer, fell unexpectedly in April. Investors will look for market direction from expected interest rate hikes by inflation-fighting central banks, which could slow economic growth and dent energy demand. A poll on Monday showed that U.S. crude oil stockpiles, meanwhile, are expected to have fallen for a third consecutive week, providing some oil price support.

☆ Oil slumps 5% to five-week low amid US debt default fears
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: +2 min

Oil prices sank about 5% to a five-week low on Tuesday on concerns about the economy as U.S. politicians discuss ways to avoid a debt default and investors prepare for more rate hikes this week. Oil prices and Wall Street's main indexes both fell after U.S. Treasury Secretary Janet Yellen said the government could run out of money within a month. Later this week, investors will look for market direction from expected interest rate hikes by central banks still fighting inflation. Concerns about diesel demand in recent months, meanwhile, has pressured U.S. heating oil futures to their lowest level since December 2021. Over the weekend, data from China, the world's top crude importer, showed manufacturing activity fell unexpectedly in April.

Oil prices dropped almost 4% on Wednesday as jitters about a U.S. economic downturn overshadowed a larger-than-expected fall in U.S. crude inventories. The OPEC+ group of leading oil producers does not see the need for further oil output cuts but is always able to adjust its policy, Novak said. Data on Thursday showed U.S. economic growth slowed by more than expected in the first quarter, although jobless claims fell in the week ending April 22. Oil prices were also pressured as weak risk sentiment spread from the banking sector after First Republic Bank's continued slump. Analysts see weak refinery margins as a major contributor to the recent oil price decline, with oil broker PVM's Tamas Varga pointing to heating oil and gasoil as "the main possible culprit for the outsized weakness".

☆ OPEC+ announces surprise oil cuts, while U.S. calls the move inadvisable
▼ + stars: | 2023-04-02 | by ( ) www.cnbc.com time to read: +2 min

Crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco's Ras Tanura oil refinery and oil terminal in 2018. Saudi Arabia and other OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable. Oil prices last month fell towards $70 a barrel, the lowest in 15 months, on concern that a global banking crisis would hit demand. The latest reductions could lift oil prices by $10 per barrel, the head of investment firm Pickering Energy Partners said on Sunday, while oil broker PVM said it expected an immediate jump once trading starts after the weekend. The Saudi energy ministry said the kingdom's voluntary reduction was a precautionary measure aimed at supporting the stability of the oil market.

Search resuls for: "PVM's Tamas Varga"

8 mentions found