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☆ Oil steadies as U.S. crude draw offset by Russian supplies, stronger dollar
▼ + stars: | 2023-03-30 | by ( Laila Kearney | ) www.reuters.com time to read: +1 min

Companies United States of America FollowMarch 29 (Reuters) - Oil steadied in early Asian trade on Thursday as a surprise draw in U.S. crude oil stockpiles that supported prices was offset by a smaller-than-expected cut to Russian supplies and stronger dollar. West Texas Intermediate U.S. crude fell 6 cents, or 0.1%, to $72.91 a barrel. Helping to support prices, U.S. crude oil stockpiles fell unexpectedly last week as refineries ramped up production after maintenance season and imports fell to a two-year low, the U.S. Energy Information Administration said on Wednesday. Crude inventories (USOILC=ECI) fell by 7.5 million barrels in the week to March 24 to 473.7 million barrels, compared with analysts' expectations in a Reuters poll for a 100,000-barrel rise. Meanwhile, reports about Russian crude production falling by around 300,000 barrels a day in the first three weeks of March, less than the targeted cuts of 500,000 bpd, and strength in the U.S. dollar, erased oil price gains.

The dollar index , which tracks the currency against six peers, gained 0.15% to 102.64. It has fallen for the past two sessions, and is set for a 2.1% monthly fall, a victim of the market ructions induced by problems in the banking industry. The dollar touched a one week high and was last up 0.8% to 131.99 yen , while the euro gained 0.6% against the yen to 142.9. The dollar had dropped 0.5% against the yen the previous day, when it uncharacteristically moved in the opposite direction to long-term U.S. Treasury yields, which have been rising as calm returns to markets. Reporting by Kevin Buckland; Editing by Shri Navaratnam, Jamie Freed and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ Gold steadies, Fed pause bets brighten outlook
▼ + stars: | 2023-03-24 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

Spot gold was little changed at $1,996.19 per ounce at 1202 GMT, holding a relatively narrow $20 range. U.S. gold futures rose 0.1% to $1,997.50. U.S. 10-year Treasury yields fell for the third straight session, while the dollar index rose 0.7%. Commerzbank raised its year-end gold forecasts to $2,000, joining similar upward revisions by Goldman Sachs, Citi and ANZ. Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Sohini Goswami and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Oil steadies as investors take stock of banking crisis
▼ + stars: | 2023-03-17 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

SINGAPORE, March 17 (Reuters) - Oil prices were little changed on Friday after a meeting between Saudi Arabia and Russia calmed markets, but crude benchmarks were still headed for a second weekly fall after a banking crisis sparked a sell-off in global financial markets this week. Brent crude futures edged up 2 cents to $74.72 a barrel by 0133 GMT, having snapped three days of losses to settle 1.4% higher on Thursday. U.S. West Texas Intermediate crude was at $68.33 a barrel, down 2 cents after closing 1.1% higher in the previous session. Contagion risks among banks are still keeping investors on edge, curbing their appetite for assets such as commodities as they fear a further rout could trigger a global recession and cut oil demand. "The sudden failure of SVB and Signature Bank forced a rethink about the health of the broader economy and spooked markets," JPMorgan analysts said in a note.

LONDON, March 9 (Reuters) - Bitcoin steadied on Thursday near its lowest since mid-February, after U.S. crypto-focused bank Silvergate said it would voluntarily liquidate, the latest in a series of high-profile crypto collapses triggered by the collapse of the FTX exchange. Silvergate Capital Corp (SI.N) said on Wednesday it planned to close and voluntarily liquidate, after warning last week that it was evaluating its ability to operate as a going concern. Bitcoin was last down 0.4% at $21,624 , having fallen 2.2% on Wednesday to a 3-1/2 week low of $21,590. Multiple partners of the bank, including major crypto exchange Coinbase Global Inc (COIN.O), severed ties with Silvergate last week. Others, including Binance, said they did not have any asset losses at Silvergate.

☆ Oil steadies after dipping on China outlook; investors await Fed clues
▼ + stars: | 2023-03-06 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

SummarySummary Companies China's growth outlook down from last year's targetFed chair speaks to Congress this weekU.S. February jobs report also in focusHOUSTON, March 6 (Reuters) - Oil prices were steady on Monday as top oil executives debated supply tightness at an oil conference in Houston. Oil market and logistics are tight and vulnerable to any unexpected supply disruption, as Russian oil is still getting to the market, but at different costs, oil major Chevron Corp (CVX.N) Chief Executive Mike Wirth said at the CERAWeek energy conference. Trading company Gunvor's CEO Torbjorn Tornqvist said crude prices may rise in the second half of the year as Chinese demand returns to the market, adding that the oil market has stabilised. China's closely watched growth outlook, announced on Sunday, was lower than last year's 5.5% target for gross domestic product (GDP) growth. At the same time, oil prices are likely to be affected by increases to interest rates across the world as global central banks tighten policy over fears of rising inflation.

Brent crude futures for April , due to expire on Tuesday, gained 14 cents to $82.59 per barrel by 0443 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 21 cents to $75.89 a barrel. Brent and WTI futures were both on track for monthly losses of around 2.2% and 3.8% respectively, with WTI likely to hit a four-month streak of declines. JPMorgan's oil analysts maintained their 2023 average price forecast on Brent crude futures at $90 per barrel. A preliminary Reuters poll showed analysts expected crude stocks grew by 400,000 barrels in the week to Feb. 24, which would mark the tenth consecutive week of builds.

☆ Oil steadies after fall on fear of rate hikes, rising inventories
▼ + stars: | 2023-02-28 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

"The stronger than expected inflation numbers raised concerns about further hikes in interest rates, which has already curbed demand in the U.S.," ANZ analysts said in a client note. The possibility that slower-growing wages might help limit inflation, however, kept crude from moving lower. The market will be looking out for the latest U.S. oil stocks data due from the American Petroleum Institute industry group on Tuesday and the government's Energy Information Administration on Wednesday for further demand indicators. A preliminary Reuters poll showed analysts expected crude stocks grew by 400,000 barrels in the week to Feb. 24, which would mark the tenth consecutive week of builds. Helping to put a floor on prices, distillate inventories, which include diesel and heating oil, were expected to have decreased by about 500,000 barrels last week.

☆ Oil steadies as investors await U.S. Fed Reserve comments
▼ + stars: | 2023-02-22 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Brent crude futures for April delivery were up 2 cents to $83.07 a barrel by 0242 GMT after falling 1.2% on Tuesday. read moreOther economic reports from the U.S., the world's biggest oil consumer, showed some troubling signs however. "Further rate hikes could dampen oil demand." Higher interest rates tend to lift dollar prices, making dollar-denominated oil more expensive for holders of other currencies. Expectations of tighter global supplies and rising demand from China have recently lent support to oil prices.

☆ Gold steadies after steep sell-off, but bound for weekly drop
▼ + stars: | 2023-02-03 | by ( ) www.cnbc.com time to read: +2 min

Gold bullion bars are pictured after being inspected and polished at the ABC Refinery in Sydney on August 5, 2020. Gold prices steadied on Friday after a sharp sell-off in the previous session, as traders digested rate-hike remarks from global central banks, but the metal was set for its first weekly drop in seven amid a strong dollar. Therefore, it may trigger some near-term profit-taking, "but for gold prices, a greater conviction for sellers could be a break below the $1,895 level, where dip-buyers were seen stepping in this week just before the meeting," the analyst added. Gold prices have gained about $300 since November on expectations of softer rate hikes from the U.S. central bank, as a lower interest rate environment reduces the opportunity cost of holding non-yielding bullion. The U.S. dollar, meanwhile, was up 0.1%, keeping a leash on gold prices.

☆ Oil steadies after falling on rate hike worries, Russian crude flows
▼ + stars: | 2023-01-31 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

SummarySummary Companies OPEC+ seen sticking with oil output policy at Feb. 1 meetingRussian oil supply appears to remain strongInvestors watch for central bank rate hikesJan 31 (Reuters) - Oil prices steadied in early Asian trade on Tuesday after falling by more than 2% in the previous session on the threat of further interest rate hikes and continued Russian crude flows. Brent crude futures gained 28 cents to $85.18 per barrel by 0155 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 9 cents to $77.99. The panel is expected to recommend keeping the oil producer group's current output policy unchanged when it meets this week, five OPEC+ delegates told Reuters on Monday. Lending some support to oil prices, the U.S. dollar index has fallen by 1.3% in January so far. Reporting by Laila Kearney in New York; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Gold steadies near nine-month peak with spotlight on U.S. data
▼ + stars: | 2023-01-26 | by ( ) www.cnbc.com time to read: +1 min

Gold prices hit a nine-month high on Thursday before trading steady, as investors hunkered down for U.S. economic data that could influence the Federal Reserve's policy tightening path. Spot gold was flat at $1,944.96 per ounce, as of 0244 GMT, after hitting its highest since April 2022. "The key question for investors will be how much dollar will strengthen and how this will impact gold prices in near-term." Investors will also scan the U.S. weekly initial jobless claims data due later in the day and U.S. personal consumption expenditures (PCE) data on Friday. Spot silver fell 0.2% to $23.85 per ounce, platinum lost 0.4% to $1,035.16, and palladium was down 0.2% to $1,695.29.

☆ Gold steadies near 9-month peak on hopes of slower Fed rate hike
▼ + stars: | 2023-01-16 | by ( ) www.cnbc.com time to read: +2 min

A five hundred gram gold bar, left, and a a one kilogram gold bar, produced by Swiss manufacturer Argor Hebaeus SA, in Budapest, Hungary. Gold prices steadied after climbing to their highest in nearly nine months on Monday, as a softer dollar and expectations of slower interest rate hikes from the U.S. Federal Reserve added to bullion's shine. Earlier in the session, prices hit $1,929 per ounce, a peak since late April. "The growing adoption of green energy sources continues to favor fabrication demand for silver ... Silver bar and coin demand continued to be high," ANZ said in a note. "We expect silver to perform well, in tandem with gold, as investors look for cheaper alternatives to gold."

☆ Oil steadies amid China demand hopes, caution ahead of U.S. inflation data
▼ + stars: | 2023-01-12 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Summary China reopening leads to optimism demand will riseLooming EU ban on Russian oil products imports in focusComing up: U.S. CPI data, 1330 GMTLONDON, Jan 12 (Reuters) - Oil steadied on Thursday as optimism over China's demand outlook was tempered by caution over whether upcoming inflation data from the United States will point to a slower increase in interest rates. Top oil importer China is reopening its economy after the end of strict COVID-19 curbs, boosting optimism that demand for fuel will grow in 2023. The market is also bracing for an additional curb on Russian supply due to sanctions over its invasion of Ukraine. The U.S. Energy Information Administration said the upcoming EU ban on seaborne imports of petroleum products from Russia on Feb. 5 could be more disruptive than the EU ban on seaborne imports of crude oil from Russia implemented in December 2022. Additional reporting by Laura Sanicola and Emily Chow; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

The euro was at $1.0731, little changed on the day, trading just below its seven-month high of 1.07605 hit Monday. The China-sensitive Australian dollar spiked at a more than four-month peak of $0.6950 in the previous session. The offshore yuan last traded at 6.7878 per dollar, after hitting its strongest in five months of 6.7590 earlier in the session. The dollar also steadied against the Japanese yen at 131.7 yen. The currency has been broadly strengthening firm after the Bank of Japan's (BOJ) surprise tweak to its yield curve policy late last year.

☆ Dollar steadies as optimism over China reopening turns to caution
▼ + stars: | 2022-12-29 | by ( Rae Wee | ) www.reuters.com time to read: +2 min

SINGAPORE, Dec 29 (Reuters) - The dollar steadied on Thursday after riding long-end U.S. Treasury yields higher overnight, as initial optimism over China's reopening fizzled. Following China's removal of its quarantine rule for inbound travellers beginning Jan. 8, countries such as the United States, Japan and India said they would require COVID tests for travellers from China. Sterling rose 0.19% to $1.2040, but was similarly not far off its three-week trough of $1.1993 hit last week. The uncertainty over the global economic outlook, along with mounting worries about a recession in the U.S., saw the two-year Treasury yield , which typically moves in step with interest rate expectations, slip overnight. Meanwhile, the yield on the benchmark U.S. 10-year Treasury last stood at 3.8656%, after rising to a more than one-month high of 3.8920% overnight.

☆ Oil steadies after falls as weak economy offsets supply risks
▼ + stars: | 2022-12-12 | by ( Dmitry Zhdannikov | ) www.reuters.com time to read: +2 min

China, the world's biggest crude oil importer, continued to loosen its strict zero-COVID policy, though streets in the capital Beijing remained quiet and many businesses stayed shut over the weekend. UBS said it believed Brent should recover to above $100 per barrel in the coming months amid supply constraints and rising demand while OPEC+ would keep supply tight. On Sunday, Canada's TC Energy (TRP.TO) said it had not yet determined the cause of the Keystone oil pipeline leak last week in the United States. "The emergent EU embargo on Russian crude... may add moderate upside energy price risks in the next few months. But supply uncertainty should ease by spring 2023, after the embargo on oil products (on Feb.5) plays out," Deutsche Bank said in a note.

☆ Asia shares take comfort in China property rally
▼ + stars: | 2022-11-29 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

Shares of Chinese property companies surged after the country's securities regulator lifted a ban on equity refinancing for listed property firms. read moreThat helped Chinese blue chips (.CSI300) bounce 1.1%, while MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) added 0.7%. Markets were still nervous that the widening web of restrictions in China would lead to more public unrest and further undermine growth. read more"The zero China COVID policy has been an absolute gut punch to Apple's supply chain," said Daniel Ives, an analyst at Wedbush. The dollar index rallied to 106.57 , having been as low as 105.31 overnight.

☆ Oil steadies as China COVID hopes offset by OPEC+ output concerns
▼ + stars: | 2022-11-29 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Summary China to speed up COVID-19 vaccinations for elderlyOPEC+ to weigh rollover or oil output cut at Sunday meetingEU fails to agree on Russian oil price cap, say diplomatsNEW YORK, Nov 29 (Reuters) - Oil steadied on Tuesday as gains on hopes for a loosening of China's strict COVID-19 controls were later offset by concerns that OPEC+ would keep its output unchanged at its upcoming meeting. Brent crude futures were up 48 cents at $83.67 a barrel by 11:24 a.m. 1624 GMT. Five OPEC+ sources said OPEC+ is likely to keep oil output policy unchanged at its Sunday meeting, while two sources said an additional production cut was also likely to be considered. OPEC+ started to lower its output target by 2 million barrels per day (bpd) in November, aiming to shore up oil prices. Markets are also assessing the impact of a looming Western price cap on Russian oil.

"What's going on in China is going to take centre stage," said Joseph Capurso, head of international and sustainable economics at Commonwealth Bank of Australia. MUFG analysts noted that more cautious remarks from Fed officials were also been a factor in the dollar losing some momentum on Tuesday. The major factor driving dollar moves in recent months has been market expectations of how aggressively the Federal Reserve will raise rates. The dollar fell 0.5% on the offshore yuan to 7.1412, having gained 0.7% overnight. The lending unit suspended redemptions last week, citing fallout from the collapse of FTX, which filed for bankruptcy on Nov 11.

☆ Dollar steadies as China COVID fears linger
▼ + stars: | 2022-11-22 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

China's capital warned on Monday that it was facing its most severe test of the COVID-19 pandemic, with a surge in COVID cases sparking fresh restriction measures. The offshore yuan traded 0.1% higher at 7.1665 per dollar in early Asia trade on Tuesday, after falling more than 0.7% overnight. The Japanese yen slumped more than 1% to the weaker side of 142 per dollar overnight and last traded 142.01. "It's more like a cork in the ocean, subject to risk aversion as well as movements in 10-year Treasury yields." "Fed comments remained in line with the recent slant of rhetoric," said economists at ING in a note.

☆ Dollar steadies as China Covid fears linger
▼ + stars: | 2022-11-22 | by ( ) www.cnbc.com time to read: +3 min

The dollar pared some of its strong overnight gains on Tuesday after investors flocked to the safe-haven currency on nerves over China's Covid flare ups, though cautious risk sentiment kept the greenback in demand. China's capital warned on Monday that it was facing its most severe test of the Covid-19 pandemic, with a surge in Covid cases sparking fresh restriction measures. The offshore yuan traded 0.1% higher at 7.1665 per dollar in early Asia trade on Tuesday, after falling more than 0.7% overnight. The Japanese yen slumped more than 1% to the weaker side of 142 per dollar overnight and last traded 142.01. "It's more like a cork in the ocean, subject to risk aversion as well as movements in 10-year Treasury yields ."

☆ Dollar steadies as U.S. spending points to rate hikes
▼ + stars: | 2022-11-17 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

The Australian and New Zealand dollars fell slightly overnight, in response to the U.S. data, and were steady in morning trade on Thursday. The Japanese yen hovered at 139.25 per dollar, while the Chinese yuan nursed losses at 7.1033 per dollar after China's central bank promised to keep local liquidity ample and to guide commercial loan growth. The Aussie dollar didn't catch much of an immediate boost from stronger-than-expected jobs data. Comments from a number of Fed and other central bank officials will also be closely watched. Indonesia's central bank meets to set policy and a 50 basis point hike is expected.

Kris Marszalek, CEO of Singapore-based crypto exchange Crypto.com, refuted suggestions it could be in trouble, saying in a YouTube livestream address the platform would prove all naysayers wrong. Crypto.com is among the top 10 exchanges by turnover globally, but smaller than FTX and market leader Binance. Former CEO and FTX founder Sam Bankman-Fried has previously told Reuters some of the transfers out of FTX were a result of "confusing internal labelling". Another crypto exchange Kraken said on Twitter on Sunday it had frozen the accounts of FTX, affiliated crypto trading firm Alameda Research and their executives. The logo of FTX is seen at the entrance of the FTX Arena in Miami, Florida, U.S., November 12, 2022.

☆ Dollar steadies as Fed cautions on inflation
▼ + stars: | 2022-11-14 | by ( ) www.cnbc.com time to read: +2 min

Global equities soared as investors poured into risky assets on hopes that peaking inflation means less aggressive rate hikes from the Fed. Waller, however, did add that the Fed could now start thinking about hiking at a slower pace. U.S. inflation will likely remain high and keep the Fed on its monetary tightening path, Kong said. The Japanese yen weakened 0.24% versus the greenback to 139.12 per dollar, having strengthened 5.4% last week against the dollar. The offshore Chinese yuan fell 0.23% versus the greenback to stand at $7.0723 per dollar on the day.

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