Energy News
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Some traders working for Exxon Mobil Corp. are set to lose their jobs because they don’t want to move from Brussels to London, according to a statement from its unions. The majority of Brussels-based trading staff at the oil giant said in an internal union-led survey that they won’t move to the British capital because of “uncompetitive” pay and a “lack of ...
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A shadow-fleet oil tanker that crashed in Denmark’s vital straits produced a set of insurance documents that weren’t valid, a stark example of how there’s little clarity about who would pay the bill if such a ship had a major disaster. The Andromeda Star, an 820-foot vessel capable of transporting about 730,000 barrels of oil, was involved in a collision ...
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The past century has been a wild ride for investors. This article explores ten of the most dramatic plunges the stock market has witnessed, from the tech-fueled Dot-com bubble burst to the global economic shock of the COVID-19 pandemic. Each crash offers a unique story, exposing vulnerabilities in the system and highlighting the interconnectedness of ...
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Spain’s manufacturing economy expanded at an accelerated rate in April as firms bolstered production and employment levels in response to an uplift in market demand. Buoyed by positive output projections, manufacturers also increased their buying activity and sought to rebuild inventories at their plants. Price pressures picked up slightly, with the ...
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The economic calendar’s highly anticipated event, the Federal Reserve’s rate decision and outlook, is looming on the horizon with markets pricing in potential contractionary effects. Consumer sentiment statistics reported a drop yesterday from the 103 level towards 97, highlighting a drop in overall financial confidence. With bearish anticipations on the ...
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Some traders working for Exxon Mobil Corp. are set to lose their jobs because they don’t want to move from Brussels to London, according to a statement from its unions. The majority of Brussels-based trading staff at the oil giant said in an internal union-led survey that they won’t move to the British capital because of “uncompetitive” pay and a “lack of ...
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The Federal Reserve left its policy rate unchanged and argued its policy stance is “in a good place”, but officials are concerned about the recent lack of progress on inflation. ...
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The May FOMC meeting brought little by way of surprises – rates unchanged, guidance unchanged, albeit with a marginally quicker QT taper than some had expected. Clearly, the next ...
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Semiconductor selling, an unsure FOMC, and a downright shocking ISM report make today the biggest of the year, argues OJ. Two changes on his Risk Radar, one more surprising than ...
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Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. In recent months, there has been a lack of further progress toward the Committee's 2 percent inflation objective. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. The Committee judges that the risks to achieving its employment and inflation goals have moved toward better balance over the past year. The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks. In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. Beginning in June, the Committee will slow the pace of decline of its securities holdings by reducing the monthly redemption cap on Treasury securities from $60 billion to $25 billion. The Committee will maintain the monthly redemption cap on agency debt and agency mortgage‑backed securities at $35 billion and will reinvest any principal payments in excess of this cap into Treasury securities. The Committee is strongly committed to returning inflation to its 2 percent objective. In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation e post: FOMC STATEMENT COMPARE pic.twitter.com/eNQfsvqMI8 post: FED VOTE IN FAVOR OF POLICY WAS UNANIMOUS. post: *FED HOLDS BENCHMARK RATE IN 5.25%-5.5% TARGET RANGE *FED: LACK OF FURTHER PROGRESS TOWARD 2% GOAL IN RECENT MONTHS post: THE FED DOES NOT EXPECT IT WILL BE APPROPRIATE TO CUT RATES UNTIL IT HAS GAINED GREATER CONFIDENCE INFLATION IS MOVING SUSTAINABLY TOWARD 2%.
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Available as: PDF Good afternoon. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss our recent policy announcement and the Bank of Canada’s Monetary Policy Report. In April, we maintained our policy interest rate at 5% and published a revised outlook for the Canadian economy. We had three key messages. First, monetary policy is working. Total consumer price index (CPI) and core inflation have eased further in recent months, and we expect inflation to continue to move closer to the 2% target this year. Second, growth in the economy looks to be picking up. We expect GDP growth to be solid this year and to strengthen further in 2025. Third, as we consider how much longer to hold the policy rate at the current level, we’re looking for evidence that the recent further easing in underlying inflation will be sustained. Before taking your questions, let me take a moment to discuss recent economic data and the outlook for growth and inflation. In Canada, growth stalled in the second half of last year and the economy moved into excess supply. The labour market also cooled from very overheated levels. With employment growing more slowly than the working-age population, the unemployment rate has risen gradually over the last year to 6.1% in March. There are also some signs that wage pressures are beginning to ease. Economic growth is forecast to strengthen in 2024. Strong population growth is increasing consumer demand as well as the supply of workers, and spending by households is forecast to recover through the year. Spending by governments also contributes to growth, and US strength supports Canadian exports. Overall, we forecast GDP growth in Canada of 1.5% this year and about 2% in 2025 and 2026. The strengthening economy will gradually absorb excess supply through 2025 and into 2026. CPI inflation was 2.9% in March, and price increases are now slowing across most major categories. However, shelter cost inflation is still very high and remains the biggest contribution to overall inflation. Looking ahead, we expect core inflation to cont post: BOC'S GOV. MACKLEM: MONETARY POLICY IS WORKING. post: BOC'S GOV. MACKLEM: GROWTH IN THE ECONOMY LOOKS TO BE PICKING UP. post: BOC'S GOV. MACKLEM: WE ARE GETTING CLOSER TO BEING ABLE TO CUT RATES.
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Spain’s manufacturing economy expanded at an accelerated rate in April as firms bolstered production and employment levels in response to an uplift in market demand. Buoyed by ...
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video Natural gas pulls back again to test recent support around the top trendline of a symmetrical triangle bottom consolidation pattern. Today’s low was 1.91 and the four-day low was also 1.91. Tuesday’s high of 2.09 was the highest price for natural gas since February 7 and indicates that demand may be improving overall. Characteristics of the pullback ...
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The economic calendar’s highly anticipated event, the Federal Reserve’s rate decision and outlook, is looming on the horizon with markets pricing in potential contractionary effects. Consumer sentiment statistics reported a drop yesterday from the 103 level towards 97, highlighting a drop in overall financial confidence. With bearish anticipations on the ...
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Intercontinental Exchange, Inc. (NYSE:ICE) today announced that its ICE Midland WTI futures contract is now further aligned with Midland WTI crude oil deliverable into Dated Brent and the rest of the Brent complex after ICE updated the quality specifications of the crude deliverable into the contract. The underlying crude oil quality of HOU futures now ...