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☆ Asia stocks struggle as Xi's leadership team spooks markets
▼ + stars: | 2022-10-25 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares (.MIAP00000PUS) fell to the lowest since April 2020 before an attempted rebound in beaten-down Hong Kong tech shares dragged it back to flat. "A short-term technical rebound is the main factor for today's rise," said Kenny Ng, a strategist at China Everbright Securities in Hong Kong. "(The) cumulative decline of Hong Kong stocks is deep." CHINA FLIGHTChinese markets remained volatile and jittery following Monday's withering selloff in Hong Kong. Xi Jinping's new leadership team has raised worries that China will increasingly prioritise the state at the cost of the private sector.

☆ Oil gains as U.S. dollar eases though demand fears linger
▼ + stars: | 2022-10-25 | by ( Mohi Narayan | ) www.reuters.com time to read: +3 min

International benchmark Brent crude futures gained 27 cents to $93.53 per barrel by 0415 GMT, after falling 0.3% in the previous session. U.S. West Texas Intermediate crude futures for December delivery rose 36 cents to $84.94 per barrel, after a previous decline of 0.6%. Supply and demand fundamentals remain largely stable, leaving economic sentiment at the centre-stage for the oil market, Hari added. read moreU.S. crude oil inventories are also expected to rise this week, which may limit price gains. Analysts polled by Reuters estimated on average that crude inventories rose by 200,000 barrels in the week to Oct. 21.

☆ Asian stocks ease to 2-1/2-year lows, pound lifted by Sunak's victory
▼ + stars: | 2022-10-25 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

Sterling strengthened 0.3% to $1.13170, heading toward the high this month of $1.1493 from Oct. 5. MSCI's broadest index of Asia-Pacific shares (.MIAP00000PUS) lost 0.4% to 428.2 after dipping to 427.4 , the lowest since April 2020. ING economists noted widespread weakness in the Purchasing Managers' Index (PMI) published on Monday across the developed markets. The mainland Chinese benchmark index (.CSI300) shed 0.6 and the offshore yuan tumbled to yet another record low against the dollar, weakening to as much as 7.3650 per dollar. In commodities markets, gold prices rose 0.1% to $1,650.6 per ounce, while benchmark Brent crude futures were steady at $93.2 per barrel.

A pump is seen at a gas station in Manhattan, New York City, U.S., August 11, 2022. REUTERS/Andrew KellySummary U.S. business activity weakens in October -S&P Global surveyU.S. dollar index edges down in early tradeChina's Sept crude oil imports fallOct 25 (Reuters) - Oil prices edged higher on Tuesday, reversing some of the previous session's losses, as the U.S. dollar eased, while weaker U.S. business activity data lowered expectations for more aggressive interest rate hikes in the world's biggest economy. U.S. business activity contracted for a fourth straight month in October, with manufacturers and services firms in a monthly S&P Global survey of purchasing managers both reporting weaker client demand. A weaker dollar makes oil less expensive for non-U.S. buyers. Register now for FREE unlimited access to Reuters.com RegisterReporting by Stephanie Kelly; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Alexander ManzyukNEW YORK, Oct 12 (Reuters) - The United States is already starting to see success with discussions of a Russian oil price cap, as Washington has heard countries are negotiating deals with Russia to buy oil far below the benchmark Brent crude price, a top U.S. Treasury official said Wednesday. A price cap on Russian seaborne oil deliveries is being developed by the United States and other G7 countries to cut Russia's oil revenues, while encouraging Moscow to continue to produce oil. Governments and companies restricted purchases of Russian oil after Moscow invaded Ukraine in on Feb. 24. The price cap on Russian oil was agreed in principle last month by the Group of Seven rich countries. The United States will look at historical data for what Russia has earned in the past for their oil to set the price cap, Adeyemo said.

☆ Yellen says Russian oil price cap in $60 range would allow Moscow some profit
▼ + stars: | 2022-10-12 | by ( David Lawder | ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 12 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Wednesday that a price cap on Russian oil exports in the $60-a-barrel range would likely be sufficient to reduce Moscow's energy revenues while allowing profitable production. Backers of the cap, which would deny Western-supplied shipping insurance, finance other services to Russian oil cargoes above a specified price, aim to implement it on Dec. 5, as the European Union implements a phased ban on Russian crude. "So certainly a price in that range would be sufficient to feel that Russia could profitably produce and sell oil," Yellen said, adding that Russia's cost of production was "low." Russian Urals crude has recently traded at around $75 a barrel, or a $17 discount to benchmark Brent futures. "The objective is to protect the world from the consequences of a global spike in oil prices," Yellen said of the price cap.

Oil futures have risen over 7% since to five-week highs, as the move was seen as putting a floor under the market. However, the U.S. oil options market skewed toward buying of put options, used to either bet on or protect against downside movement. Trading volumes for U.S. crude futures puts and calls for November delivery gained over 40% to Wednesday, the day of the OPEC+ meeting, from Tuesday, data from CME Group showed. On Thursday and Friday, volumes in puts totaled 15,579 and 25,771, respectively, while volumes in calls totaled 16,087 and 42,291, CME Group data showed. In the futures market, crude spreads widened on Friday, with near-term contracts rising at a faster rate than later-dated contracts.

☆ Dollar climbs as case for U.S. rate hikes firms
▼ + stars: | 2022-10-09 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

U.S. unemployment unexpectedly fell last month, Friday figures showed, and inflation data due on Thursday is forecast to show headline inflation at a hot 8.1% year-on-year. Westpac strategist Sean Callow said the data and rising yields in response was a "robust combination for the dollar." Register now for FREE unlimited access to Reuters.com Register"It's further evidence that the U.S. economy is not cratering," he said. The U.S. dollar index was steady at 112.83, off lows around 110 last week and creeping back toward last month's 20-year high of 114.78. Chinese markets reopen after a week-long holiday, and ahead of that the offshore yuan was steady at 7.1310 per dollar.

Energy analysts believe the deep production cuts could yet backfire for OPEC kingpin and U.S. ally Saudi Arabia. Energy analysts believe the deep production cuts could yet backfire for OPEC kingpin and U.S. ally Saudi Arabia, particularly as Biden hinted Congress would soon seek to rein in the Middle East-dominated group's influence over energy prices. OPEC and non-OPEC allies, a group often referred to as OPEC+, agreed on Wednesday to reduce oil production by 2 million barrels per day from November. "In light of today's action, the Biden Administration will also consult with Congress on additional tools and authorities to reduce OPEC's control over energy prices," the White House said. While the group likes to say they keep politics out of their decisions, there's no denying that there are potential ramifications to this beyond the oil price.

☆ OPEC+ to cut oil production by 2 million barrels per day to shore up prices, defying U.S. pressure
▼ + stars: | 2022-10-05 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Oil prices have fallen to roughly $80 from over $120 in early June amid growing fears about the prospect of a global economic recession. OPEC and non-OPEC allies, a group often referred to as OPEC+, decided at their first face-to-face gathering in Vienna since 2020 to reduce production by 2 million barrels per day from November. Energy market participants had expected OPEC+, which includes Saudi Arabia and Russia, to impose output cuts of somewhere between 500,000 barrels and 2 million barrels. Oil prices have fallen to roughly $80 a barrel from more than $120 in early June amid growing fears about the prospect of a global economic recession. "In short, OPEC+ is prioritising price above stability at a time of great uncertainty in the oil market."

Oil prices rose around 4% on Monday morning. Crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco's Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018. "A further uptick in trading activity coupled with tightening near-term oil fundamentals could well push oil prices back to $100/bbl," Brennock said in a research note. Storage tanks and oil processing facilities operate beside the Arabian Sea at Saudi Aramco's Ras Tanura oil refinery and terminal in Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018. The upcoming OPEC+ meeting in Vienna will result in an oil production cut "of some historic kind", said CIO of Pickering Energy Partners, Dan Pickering.

☆ Factbox: Mixed fortunes for producers as petrodollars flow
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +6 min

Data on Saudi Arabia, Russia, Nigeria and Iraq shows how not all the big producers are cashing in on the oil price bonanza. In February 2022, oil and gas sales were $1.26 billion but NNPC remitted $0 in March. RUSSIARussia's oil and gas budget revenues in January-August increased by 43% compared with a year ago, providing authorities with room to step up public spending aimed at limiting the impact of sweeping Western sanctions. In January-August, Russia's oil and gas revenues totalled 7.3 trillion roubles ($121,7 billion), or 82% of such revenues it envisaged for 2022. But in July-August, oil and gas revenues fell year on year.

☆ Biden tells gas stations to bring down prices at the pump immediately, as he slams high profits and delays passing on cost cuts
▼ + stars: | 2022-09-27 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Biden urged gas station operators to cut prices at the pump to reflect declining global oil prices. The US president said "do it now", noting it takes a long time for lower prices to be passed on. He said Americans pay for the energy companies' record profits through the inflation they face. He has vowed to combat rising gas prices as inflation runs near 40-year highs in the US economy. Biden's remarks echo the criticisms he launched at oil and gas companies when energy prices prices peaked.

Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China October 22, 2018. Such a move would signal a reversal in China's oil products export policy, add to global supplies and depress fuel prices. After a recent slide in benchmark Brent crude prices to below $100 a barrel, Chinese refiners have taken arbitrage opportunities to boost stockpiles, traders said, booking supertankers to haul crude oil to China from the Americas and Middle East. A second official with another state refinery said his plant is also planning about an 8% hike in throughput next month, but added that the plan had been driven by firmer domestic margins. A third state refinery expects to restart a 60,000-bpd crude unit next month after maintenance, one of the sources said.

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