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Market news: Boeing (BA.N) 777 freighter production has been halted since August due to disputes with parts suppliers. Production of the Boeing (BA.N) 767 has also been interrupted due to disputes over wing components.On October 24th, Moodys maintained Frances sovereign credit rating at Aa3, refraining from a downgrade, but warned that slowing economic growth, a widening fiscal deficit, rising financing costs, and social protests could hinder fiscal consolidation. Frances fiscal deficit this year is projected to reach 5.4% of GDP, and the government plans to reduce the deficit to 5% by 2027, but the budgets passage remains uncertain due to a lack of parliamentary majority support. The French National Assembly rejected the revenue portion of the 2027 social security budget on Friday, and the main budget will continue to be reviewed next week. French bond market pressures persist, with yields rising among the highest of developed economies this month, reaching a 24-year high; the spread between French and German 10-year bond yields widened to 178 basis points on Thursday, compared to 85 basis points in early September. France has also recently been downgraded by Scope, and Morningstar DBRS revised its outlook to negative; S&P is expected to update its rating on November 27th.Barclays: Inventory depletion and recovering demand are tightening the spot market. Despite policy efforts to ease diesel supply shortages, short-term oil price risks remain clearly skewed to the upside.Barclays: The conflict with Iran is unlikely to subside quickly, further tightening the already tense spot oil market.On October 24th, Cuban Foreign Minister Rodriguez refuted the USs claim that Cuba would be "settled incidentally" after the war with Iran, stating on the 23rd that Cuba rejects all threats from the US. Rodriguez stated on social media that Cubas coast has beautiful beaches as well as jagged reefs, and it will not be friendly to those who come with hostility and a desire for conquest. Earlier that day, US President Trump, at a campaign rally in Florida, claimed that the US was prepared to "settle down" the Cuban issue after ending the war with Iran.

Oil prices fall as rising COVID cases in China reignite fuel demand concerns

Skylar Williams

Jul 18, 2022 11:00

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Oil prices fell $1 in early trade in Asia on Monday, erasing Friday's gains, as attention reverted to rising COVID-19 cases in China and the likelihood of gasoline consumption restrictions in the world's top oil importer.


Futures for August delivery of U.S. West Texas Intermediate (WTI) oil declined $1.54, or 1.6%, to $96.05 a barrel at 00:55 GMT on Saturday, after gaining $1.91 on Friday.


Brent oil futures for September delivery fell $1.47, or 1.5 percent, to $99.69 a barrel, paring Friday's gain of 2.1%.


China, the second-largest oil consumer in the world, reported 691 new COVID cases on Saturday, up from 547 the previous day, and the highest number of locally transmitted cases since May 23.


"Oil opens the week lower as the market digests the demand impact of the increase in new COVID cases in China and as the market cautiously awaits the monumental event risk of whether Nord Stream 1 gas flow from Russia to Europe will resume later this week," said Stephen Innes, chief executive officer of SPI Asset Management.


The largest system carrying Russian natural gas to Germany, the Nord Stream 1 pipeline, commenced 10 days of annual maintenance on July 11. Due to the war in Ukraine, governments, markets, and companies are afraid that the shutdown might be prolonged.


This gas loss would have a devastating impact on Germany, the fourth-largest economy in the world, and raise the possibility of a recession.


As predicted, Vice President Joe Biden's trip to Saudi Arabia generated no pledge to raise oil output from the biggest OPEC producer. Prior to Biden's meeting with Saudi Crown Prince Mohammed bin Salman, this belief in an impending oil scarcity led to last Friday's price increase.


Biden wants Gulf oil firms to raise output in an effort to lower oil prices and inflation.


Amos Hochstein, a senior counselor for energy security at the U.S. State Department, indicated on CBS' Face the Nation on Sunday that the trip will result in oil producers taking "a few more steps" in terms of supply, but he did not identify which nation(s) will raise output.


As their current output agreement expires in September, the August 3 meeting of the Organization of Petroleum Exporting Countries (OPEC) and its partners, including Russia, known collectively as OPEC+ will be closely watched.

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