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TFA Energy Morning Highlights – 5/26/2023
via Brynne Kelly
TFA Energy Morning Highlights – 5/30/2023
The U.S. dollar steadied after climbing to a two-month high and European stocks flattened on Tuesday as relief that a possible default by the U.S. government had been averted gave way to concern that the deal could face a rocky path through Congress.
The U.S. dollar index and longer-dated U.S. Treasuries rallied as traders welcomed the deal to suspend Washington's borrowing limit until January 2025 in exchange for caps on spending and cuts in government programs.
Crude oil prices retreated today in Asian trade following modest gains made on Monday on the news that President Biden and House Speaker and top Republican Kevin McCarthy had sealed a deal to raise the debt ceiling.
However, reports have now emerged that some Republican hardliners in Congress will not support a deal that involves a higher debt ceiling, putting the successful passing of the deal in peril, Reuters has reported.
Besides the debt ceiling troubles in the U.S., another factor that has been pressuring prices is potentially conflicting messages from the two leaders of OPEC+, Saudi Arabia and Russia.
While Saudi Arabia, through Energy Minister Abdulaziz bin Salman, has supposedly suggested further output cuts, Russia, via Deputy Prime Minister Alexander Novak, has said there was no need for further cuts.
Today’s July WTI Pivot Level = $72.40
NOTABLE OVERNIGHT HEADLINES
* Japan's Top Currency Diplomat Kanda: We are closely watching FX moves and we will respond appropriately if required.
* Japan's Top Currency Diplomat Kanda when asked whether today's meeting was meant to function as verbal intervention against yen weakening: There was no such intention.
* Drones attack Moscow residential areas for first time since Russia invaded Ukraine
* Russia's Novak says to discuss oil market situation with oil companies on 30 May
* Saudi-Russia Tensions Growing Ahead Of Key OPEC+ Meeting
* ECB's Simkus: I expect a 25 bps ECB rate increase in June and July.
* The EU balks at calling out China in joint trade strategy with US.
* Hong Kong lowers response level for Covid-19 pandemic from ‘emergency’ to ‘alert’
* Shenzhou 16 docks with Tiangong space station while carrying China’s first civilian astronaut
