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When Will Chinese Oil Imports Boost Oil Prices?
China’s sluggish crude oil trade in the first quarter of the year has added to macroeconomic concerns and banking sector jitters to keep oil prices around $80 a barrel so far in 2023, despite the Chinese reopening and expectations of stronger demand in the world’s top crude importer later this year. China’s imports of crude oil surged by 22.5% year-over-year in March to the highest monthly volumes in nearly three years since June 2020, official data showed in April as refiners were increasing fuel output to meet expected rising demand. China imported as much as 52.3 million tons of crude oil in March, per data ... (full story)
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The global oil map is being redrawn as the long-run impact of western sanctions channels more barrels from Russia to Asia’s largest economies, with China also taking crude from ...
post at 6:37pm: Fitch Places United States’ ‘AAA’ on Rating Watch Negative post at 6:37pm: Fitch: US’ ‘AAA’ Rating Watch Negative Reflects Increased Political Partisanship That is Hindering Resolution to Raise or Suspend Debt Limit post at 6:39pm: Fitch: Still expecting a resolution to debt limit before x-date, higher risks that debt limit won't be raised/suspended. Brinkmanship among factors that signal downside risks -BBG post at 6:40pm: Fitch: Would Expect US Country Ceiling to Remain at ‘AAA’ Even in Scenario of a Debt DefaultFitch Places United States' 'AAA' on Rating Watch Negative The Rating Watch Negative reflects increased political partisanship that is hindering reaching a resolution to raise or suspend the debt limit despite the fast-approaching x date (when the U.S. Treasury exhausts its cash position and capacity for extraordinary measures without incurring new debt). Fitch still expects a resolution to the debt limit before the x-date. However, we believe risks have risen that the debt limit will not be raised or suspended before the x-date and consequently that the government could begin to miss payments on some of its obligations. The brinkmanship over the debt ceiling, failure of the U.S. authorities to meaningfully tackle medium-term fiscal challenges that will lead to rising budget deficits and a growing debt burden signal downside risks to U.S. creditworthiness. Debt Limit Reached: The U.S. reached its $31.4 trillion debt limit on Jan. 19, 2023, and the Treasury began taking extraordinary measures in order to avoid breaching the ceiling. The Treasury has stated that these extraordinary measures could be exhausted as early as June 1, 2023. The cash balance of the Treasury reached USD76.5 billion as of May 23 and sizeable payments are due June 1-2, meaning that the x-date could arrive as the Treasury indicated and before an agreement is reached or finalized with votes in the House and Senate. X-Date Approaching: The failure to reach a deal to raise or suspend the debt limit by the x-date would be a negative signal of the broader governance and willingness of the U.S. to honor its obligations in a timely fashion, which would be unlikely to be consistent with a 'AAA' rating, in Fitch's view. Prioritization of debt securities over other due payments after the x-date would avoid a default. Similarly, avoiding default by non-conventional means such as minting a trillion-dollar coin or invoking the 14th amendment is unlikely to be consistent with a 'AAA' rating and could also be subject to legal challenges.
Iraqi export news, Goldman Sachs forecast and #EIA report lift WTI into the close. Larry Shover has more.
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- Posted: May 24, 2023 7:41pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 224