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Crude Oil Edges Higher; Oil Majors to Meet With Biden Administration

By Peter Nurse AiVIF.com -- Oil prices stabilized Thursday, edging higher after the previous session's weakness with traders focusing on a meeting of major U.S. oil refiners...
Crude Oil Edges Higher; Oil Majors to Meet With Biden Administration © Reuters.

By Peter Nurse

AiVIF.com -- Oil prices stabilized Thursday, edging higher after the previous session's weakness with traders focusing on a meeting of major U.S. oil refiners with the Biden administration to discuss methods to bring down fuel costs.

By 09:20 AM ET (1320 GMT), U.S. crude futures traded 0.4% higher at $106.58 a barrel, while the Brent contract rose 0.6% to $112.36 a barrel. Both benchmarks plunged 3% on Wednesday and are near their lowest levels since mid-May.

U.S. Gasoline RBOB Futures were up 0.7% at $3.8626 a gallon.

The crude market weakened sharply on Wednesday following comments from U.S. Federal Reserve chief Jerome Powell that although the central bank was not trying to engineer a recession to stop inflation, such a slowdown remained a possibility.

“A slowdown in global growth is a risk to oil demand, which could help ease some of the tightness in the market,” said analysts at ING, in a note. “Already, we have seen demand estimates revised lower over the course of the year. While this may help to ease some of the tightness in the short to medium term, it does little to solve the longer-term supply shortfalls.”

It’s this supply tightness that the U.S. oil refiners will likely discuss with U.S. Energy Secretary Jennifer Granholm in an emergency meeting later Thursday as record-high fuel prices threaten to become a live political issue ahead of the midterm elections.

Refiners cut capacity during the COVID-19 crisis shutdowns and have been slow to restart plants, something which has annoyed the White House with the oil majors reporting bumper profits as the prices have soared.

However, these refiners say investing in reopening plants carries significant financial risks, and they are wary of the Biden administration’s green agenda.

Meanwhile, Russia’s war in Ukraine, which has upended oil flows, approaches its fifth month. China and India may be taking advantage of discounted prices to buy more Russian oil than before most of the West banned Moscow’s crude, but this is only having a limited impact on global supply.

The weekly U.S. petroleum inventory data from the American Petroleum Institute, released Wednesday, a day later than usual following Monday’s holiday, showed a surprise build of 5.6 million barrels last week.

Traders will have to wait for the official inventory data from the U.S. Energy Information Administration for confirmation, as this will be delayed due to technical problems, but a similar number would mean the largest crude build since early May. 

It’s not only the crude market where Russia’s invasion of Ukraine has disrupted the usual flow. A dozen European Union countries have now been affected by cuts to gas supply from Russia, EU climate policy chief Frans Timmermans said earlier Thursday.

This has resulted in Germany, the largest Eurozone economy, moving a step closer to rationing natural gas supply by activating the second stage of a three-part plan to ensure security of supplies.

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30-06-2022 05:44:45 (UTC+7)

EUR/USD

1.0445

+0.0006 (+0.05%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/USD

1.0445

+0.0006 (+0.05%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

GBP/USD

1.2124

-0.0001 (-0.01%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (4)

USD/JPY

136.57

-0.01 (-0.01%)

Summary

Neutral

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (4)

Sell (4)

AUD/USD

0.6880

-0.0001 (-0.01%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (0)

Sell (7)

USD/CAD

1.2893

+0.0002 (+0.02%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (5)

Sell (1)

EUR/JPY

142.64

+0.06 (+0.04%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

Buy (7)

Sell (1)

EUR/CHF

0.9974

+0.0003 (+0.04%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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Sell (0)

Gold Futures

1,818.90

+1.40 (+0.08%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (5)

Silver Futures

20.733

-0.139 (-0.67%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (1)

Sell (7)

Copper Futures

3.7763

+0.0046 (+0.12%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

Crude Oil WTI Futures

109.60

+0.07 (+0.06%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

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Brent Oil Futures

112.25

-1.55 (-1.36%)

Summary

↑ Buy

Moving Avg:

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Natural Gas Futures

6.439

+0.015 (+0.23%)

Summary

↑ Buy

Moving Avg:

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Sell (3)

Indicators:

Buy (9)

Sell (1)

US Coffee C Futures

228.05

+10.30 (+4.73%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (7)

Euro Stoxx 50

3,514.32

-34.97 (-0.99%)

Summary

Neutral

Moving Avg:

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Indicators:

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Sell (4)

S&P 500

3,818.83

-2.72 (-0.07%)

Summary

↑ Buy

Moving Avg:

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Sell (1)

Indicators:

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DAX

13,003.35

-228.47 (-1.73%)

Summary

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Moving Avg:

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Sell (12)

Indicators:

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Sell (7)

FTSE 100

7,312.32

-11.09 (-0.15%)

Summary

Sell

Moving Avg:

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Sell (11)

Indicators:

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Sell (4)

Hang Seng

21,996.89

-422.08 (-1.88%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (4)

US Small Cap 2000

1,713.32

-25.52 (-1.47%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (4)

Sell (4)

IBEX 35

8,188.00

-129.50 (-1.56%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (2)

BASF SE NA O.N.

41.580

-1.445 (-3.36%)

Summary

↑ Sell

Moving Avg:

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Sell (8)

Indicators:

Buy (0)

Sell (8)

Bayer AG NA

57.62

-2.61 (-4.33%)

Summary

Neutral

Moving Avg:

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Allianz SE VNA O.N.

183.72

+0.62 (+0.34%)

Summary

Buy

Moving Avg:

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Adidas AG

170.02

-0.30 (-0.18%)

Summary

↑ Sell

Moving Avg:

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Deutsche Lufthansa AG

5.813

-0.222 (-3.68%)

Summary

↑ Buy

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Siemens AG Class N

101.40

-2.74 (-2.63%)

Summary

↑ Sell

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Deutsche Bank AG

8.571

-0.292 (-3.29%)

Summary

Neutral

Moving Avg:

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Indicators:

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Sell (3)

 EUR/USD1.0445↑ Buy
 GBP/USD1.2124Neutral
 USD/JPY136.57Neutral
 AUD/USD0.6880Neutral
 USD/CAD1.2893Neutral
 EUR/JPY142.64↑ Buy
 EUR/CHF0.9974↑ Buy
 Gold1,818.90↑ Sell
 Silver20.733↑ Sell
 Copper3.7763Sell
 Crude Oil WTI109.60↑ Sell
 Brent Oil112.25↑ Buy
 Natural Gas6.439↑ Buy
 US Coffee C228.05↑ Sell
 Euro Stoxx 503,514.32Neutral
 S&P 5003,818.83↑ Buy
 DAX13,003.35↑ Sell
 FTSE 1007,312.32Sell
 Hang Seng21,996.89Neutral
 Small Cap 20001,713.32Neutral
 IBEX 358,188.00↑ Buy
 BASF41.580↑ Sell
 Bayer57.62Neutral
 Allianz183.72Buy
 Adidas170.02↑ Sell
 Lufthansa5.813↑ Buy
 Siemens AG101.40↑ Sell
 Deutsche Bank AG8.571Neutral
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Ngoại tệMua vàoBán ra
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Cập nhật lúc 18:53:49 29/06/2022
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