The International Energy Agency (IEA) says it predicts that demand for oil could reach record levels this year, given mainland China’s reopening of its economy. Demand for crude fell in the second half of 2022, as China’s ruling Chinese Communist Party (CCP) maintained its “zero-COVID” policy stance. The combination of mild weather and weaker industrial…
IEA Says Predicting Oil Demand to Hit Record High This Year on China’s Reopening
January 18, 2023
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Russia Posts Record Current Account Surplus of $227 Billion in 2022
January 18, 2023
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Russia’s current account surplus hit a record high in 2022, the central bank said on Tuesday, as a fall in imports and robust oil and gas exports kept foreign money flowing in despite Western efforts to isolate the Russian economy. Russia’s current account—a measure of the difference between all money coming into a country through…
UN Chief Warns of Global Economic Crisis at World Economic Forum in Davos
United Nations Secretary-General Antonio Guterres offered a grim outlook on the global economic during the World Economic Forum’s 2023 summit in Davos, Switzerland, warning of a possible worldwide economic downturn. “We are looking into the eye of a Category 5 hurricane. Our world is plagued by a perfect storm on a number of fronts,” Guterres…
Mild Winter, Weaker US Dollar Support Euro Rally, as Analysts Abandon Bearish Outlook
Last year, the euro suffered a psychological barrier in the financial markets after it plummeted below parity with the U.S. dollar and cratered to its lowest level in about 20 years. From inflation to an energy crisis to recession fears, investors were ultra-bearish on the currency. In the first few weeks of 2023, however, the…
FTX Says $413 Million Worth of Cryptocurrency Was Stolen From Failed Exchange
Debtors for the bankrupt cryptocurrency exchange FTX have said that around $413 million worth of cryptocurrency was stolen from the company through “unauthorized transfers.” In a report to creditors on Jan. 17, the company said that FTX debtors have identified approximately $1.6 billion of digital assets associated with FTX.com, of which $323 million of which was “subject to unauthorized third-party…
ABB Chairman ‘Optimistic’ About Worldwide Chip Shortage Easing Down Soon
The chairman of Swedish-Swiss engineering giant ABB is expecting the global semiconductor shortage to ease soon, but believes diversifying the chip supply chain is “very important” as China–Taiwan tensions remain a “risk.” The semiconductor shortage was “really an issue” last year, specifically the first two to three quarters, Chairman Peter Voser said in an interview…
Yen Lower as BOJ Sticks to Ultra-Easy Policy, Losses Trimmed
LONDON—The yen dropped against major currencies on Wednesday after the Bank of Japan maintained ultra-low interest rates, although it recovered some ground on expectations for tighter policy in the coming months. The central bank stunned the market in December by raising its cap on the 10-year yield to 0.5 percent from 0.25 percent, doubling the…
Oil Prices Gain Around 1 Percent on Optimism Over China’s Recovery
January 18, 2023
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LONDON—Oil prices rose on Wednesday to their highest since early December on optimism that the lifting of China’s strict COVID-19 curbs will lead to a fuel demand recovery in the world’s top oil importer. Brent crude futures were up $1.21, or 1.41 percent, to $87.13 a barrel by 0942 GMT, while U.S. West Texas Intermediate…
World Shares Mixed, Yen Falls After BOJ Keeps Policy Intact
January 18, 2023
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BANGKOK—World shares were mixed Wednesday, with Tokyo gaining more than 2 percent after Japan’s central bank kept its lax monetary policy unchanged, dispelling speculation it would yield to pressure to tighten credit to counter rising inflation. Germany’s DAX lost 0.1 percent to 15,170.03 and the CAC 40 in Paris was down less than 2 points,…
Closing Prices for Crude Oil, Gold and Other Commodities (Jan. 17)
January 17, 2023
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Benchmark U.S. crude oil for February delivery rose 32 cents to $80.18 a barrel Tuesday. Brent crude for March delivery rose $1.46 to $85.92 a barrel. Wholesale gasoline for February delivery rose 2 cents to $2.55 a gallon. February heating oil fell 1 cent $3.25 a gallon. February natural gas rose 17 cents to $3.59…
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