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WTI Oil nears $100 as Middle East tensions keep supply concerns elevated
West Texas Intermediate (WTI) Oil rallies nearly 5% on Thursday, climbing to its highest level since May 21 as escalating tensions in the Middle East raise fears of further disruption to already tight supplies. At the time of writing, WTI trades around $99 and is up about 10.50% so far this week.
United States EIA Heating Oil Stocks Change climbed from previous -0.033M to 0.01M in September 3
United States EIA Heating Oil Stocks Change climbed from previous -0.033M to 0.01M in September 3
United States EIA Distillate Stocks Change increased to 2.087M in September 3 from previous 0.796M
United States EIA Distillate Stocks Change increased to 2.087M in September 3 from previous 0.796M
United States EIA Crude Oil Stocks Change registered at -0.391M above expectations (-1.4M) in September 3
United States EIA Crude Oil Stocks Change registered at -0.391M above expectations (-1.4M) in September 3
Canadian Dollar firms as US Dollar loses momentum, Oil prices extend rally
USD/CAD pares earlier gains on Thursday as the US Dollar (USD) loses momentum after staging a modest recovery, despite US Producer Price Index (PPI) data showing that producer inflation picked up again in August. At the same time, higher Oil prices offer support to the Canadian Dollar (CAD).
WTI US Oil rebounds toward $97 as US-Iran conflict escalates
West Texas Intermediate (WTI) US Oil rises sharply on Thursday, trading around $97.00 per barrel at the time of writing, up 2.93% on the day.
US Treasury yields hit fresh long-term highs amid surging Oil prices, bond buybacks
The yield for the 30-year US Treasury note trades above 5.3%, nearing the 2007 high, when Lehman Brothers collapsed. The benchmark US 10-year hit a 4.865% high earlier on Thursday, accumulating a 25 basis point rally in less than two weeks and a whole half point since late June.
Brent: Geopolitical risk drives price surge – Deutsche Bank
Deutsche Bank’s Henry Allen and colleagues note Brent Oil has broken above $100 per barrel for the first time since July as US-Iran strikes escalate and concerns grow over the Strait of Hormuz reopening.
Euro: Second hike seen as energy clouds outlook – Societe Generale
Societe Generale’s Kenneth Broux expects a second 25bp ECB depo rate hike, stressing that wage dynamics and updated staff forecasts will determine how far tightening goes.
European Central Bank: Higher energy lifts rate hike expectations – Deutsche Bank
Deutsche Bank reports that rising Oil and natural gas prices are pushing European yields to multi‑year highs and prompting markets to price a more hawkish European Central Bank path.
WTI falls below $93.50 on profit-taking, continued US-Iran tensions in focus
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $93.20 during the early European trading hours on Thursday. WTI falls as traders book some profits.
Brent: Geopolitics keep rally supported – ING
ING analysts Warren Patterson and Ewa Manthey note that Brent has broken above $100/bbl for the first time since July, driven by persistent geopolitical risk in the Persian Gulf and limited prospects for de-escalation between the US and Iran.
Indian Rupee hits fresh 10-day low amid boiling oil prices
The Indian Rupee (INR) extends its losing run against the US Dollar (USD) for the third trading day on Thursday. The USD/INR pair posts a fresh 10-day high at 95.47 as the ongoing rally in oil prices continues to batter the Indian currency.