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TFA Energy Morning Highlights – 5/26/2023
via Brynne Kelly
Oil prices were broadly stable overnight, as the market weighed in on conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting, a stronger U.S. dollar and worries of weaker-than-expected demand growth.
The higher dollar, which has strengthened for a fifth session against a basket of major peers, with U.S. data pointing to a resilient economy even after an aggressive interest rate hike cycle by the Federal Reserve, kept a lid on upward price movement.
Worries of weaker-than-expected demand growth globally weighed on investor outlook.
"There are multiple signs that global demand growth is unlikely to come close to earlier year forecasts. China, which constitutes about half of most estimates, looks increasingly unlikely to reach anyone's estimates for 2023," Citigroup (NYSE:C) said in a client note.
Today’s July WTI Pivot Level = $72.39
NOTABLE OVERNIGHT HEADLINES
* After a closed meeting Thursday, Democratic Caucus says they don't like what they've heard about emerging debt limit deal - PunchBowl Morning Newsletter.
* An aide said "The deal is bad enough that Dems don't feel compelled to support it, and it isn't good enough for the GOP to bring 200 Republicans on board" - PunchBowl Morning Newsletter.
* White House, Republicans All But Finalised Spending Portion Of US Debt Limit Discussions - Politico
* U.S. warns China could hack infrastructure, including pipelines, rail systems
* US debt-ceiling: Chinese agency first to downgrade US credit rating, after Fitch warning
* ECB’s Lane: The fall in energy prices will feed into core but the timeframe is uncertain.
* Russia's Medvedev: Negotiations with Ukraine are impossible as long as the Zelenskiy regime is in power - TASS.
* Russia's Medvedev warns West is underestimating risks of nuclear escalation over Ukraine
* US House Democrat Leadership Warns Biden Can’t Assume 80-100 Democrats Will Back Any Debt Limit Deal - Punchbowl News
* Japan To Wind Down Gasoline Subsidy From June, End In Sept - Jiji
* China steel prices hit three-year low on demand woes
* German Economy Ministry Spokesperson: The Russian war is the main cause of economic weakness in the winter.
* German Economy Ministry Spokesperson: Overall consumer development in Germany is positive.
CTA Analysis and Commentary Below
