New Analysis On June 1, U.S. hedge fund Elliot Management filed a suit against LME in the English High Court for $456 million over its controversial decision to suspend nickel futures contracts and cancel trades in early March. A few days later, on June 6, trading house Jane Street also filed its case against the exchange…
London Metal Exchange Faces Complaint from US Hedge Fund Group Over Cancelled Nickel Trades
June 15, 2022
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Business & MarketsChinacommoditiesCompaniesdemon nickelhedge fundHK BusinessHKEXHong KongInvestmentLMELondon Metal Exchange (LME)MarketsNickelTsingshan HoldingUKUSUS NewsWorld
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Another 45 Million Barrels of Crude Oil to be Released From Strategic Petroleum Reserve: DOE
June 15, 2022
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Business & Marketscommoditieseconomic policieseconomyExecutive BranchinflationMarketsNational SecurityPolicies & ImpactsPoliticsStrategic Petroleum ReserveUS
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The U.S. government is set to release another 45 million barrels of oil from the Strategic Petroleum Reserve over the coming months as part of the Biden administration’s efforts to combat nationwide shortages and sky-rocketing gas prices. The fourth notice of sale was announced by the U.S. Department of Energy (DOE) on Tuesday and is…
Biden Tells Big Oil That Record Profits ‘Not Acceptable’ Amid Soaring Gasoline Prices
June 15, 2022
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Business & MarketscommoditieseconomyExecutive BranchinflationJoe BidenMarketsoil companiesPoliticsprofitsUS
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President Joe Biden is looking to jawbone U.S. oil companies into boosting gasoline and diesel supply amid soaring prices, calling on executives to expand refining capacity while blasting refiners for enjoying record profits while American drivers face pain at the pump. Biden made the remarks in a letter to oil executives seen by The Epoch…
Oil Prices Stable Ahead of Expected US Interest Rate Hike
LONDON—Oil prices were stable on Wednesday as the market juggled fears of tight supply with concerns over fuel demand and global economic growth, ahead of an expected big hike in interest rates by the U.S. Federal Reserve. Brent crude futures for August were down 28 cents, or 0.2 percent, at $120.89 a barrel as of…
US Futures Rise Ahead of Fed Rate Hike Decision
NEW YORK—U.S. markets were poised to rebound Wednesday ahead of expected action from the Federal Reserve to raise interest rates in its ongoing effort to cool inflation. Futures for the Dow Jones Industrial Average rose 0.6 percent and futures for the S&P 500 gained 0.8 percent while oil prices dipped. Economists believe the Fed could…
US House Passes Ocean Shipping Bill to Allay Export Backlogs
WASHINGTON—The U.S. House of Representatives approved legislation Monday to improve oversight of ocean shipping, which supporters say will help curb inflation and ease export backlogs. The bill was approved 369–42 and will head to the White House for President Joe Biden’s signature. Biden said in a statement he looked forward to signing it into law….
Gasoline Prices Push Higher to New Record, Expert Predicts ‘Rise to Continue’
Gasoline prices across the United States continued to surge this week, reaching a new record-high of $5.016 a gallon on Tuesday, according to AAA, as experts warn that prices could rise further. The national average is up from Monday’s price of $5.014 per gallon, which shattered previous records, and up from $3.080 this time last year as Americans continue…
OPEC Keeps Forecast for 2022 Oil Demand to Exceed Pre-Pandemic Levels, Sees Risks
LONDON—OPEC has stuck with its forecast that world oil demand will exceed pre-pandemic levels in 2022, although the producer group said Ukraine’s conflict and developments around the coronavirus pandemic pose a considerable risk. In a monthly report released on Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) maintained its forecast that world oil demand…
US Stocks Open Higher a Day After Falling Into Bear Market
NEW YORK—Stocks are edging higher in early trading on Wall Street Tuesday, finding some stability a day after dropping into a bear market. A report showed that inflation at the wholesale level slowed unexpectedly last month, a rare bit of encouraging news about inflation, which has been slamming markets in recent days. The S&P 500…
Worries About South Korean Economy Grow Amid Truckers’ Strike
SEOUL—South Korea’s prime minister warned Tuesday that the disruption of cargo transport could cause “irrecoverable” damages on the country’s economy, as a nationwide truckers’ strike entered its eighth day. About 6,800 truckers were rallying Monday at various sites across South Korea, continuing to trigger a delay in the shipment and delivery of key items like…
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