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Energy Morning Highlights – 5/19/2023
by Brynne Kelly
TFA Energy Morning Highlights – 5/19/2023
Oil prices rebounded on Friday from losses of more than 1% the previous day as investors turned cautiously optimistic over the fading risk of a U.S. debt default.
Earlier this week, U.S. President Joe Biden and Speaker of the House of Representatives Kevin McCarthy reiterated their aim to strike a deal to raise the $31.4 trillion federal debt ceiling, agreeing to talk as soon as Sunday.
"Traders were reluctant to go into the weekend short, on the off chance that an agreement to raise the U.S. government’s debt ceiling is struck over the weekend," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
Sentiment remains mixed as investors juggle optimism over avoidance of a U.S. debt default with inflation data that could portend more interest rate hikes from global central banks.
Today’s July WTI Pivot Level = $72.14
NOTABLE OVERNIGHT HEADLINES
* The Biden administration is aiming for a debt-hike extension into 2025 during talks with House GOP negotiators, according to multiple sources involved in the discussions - PunchBowl News.
* Biden Likely To Get Another Update From Team On Budget Negotiations On Friday Night -Spokesperson
* G7 powers step up Russia sanctions in bid to slow war effort
* Ukraine says Russia trying to recapture land around Bakhmut, Kyiv repels attacks
* Biden Seeking Joint Military Planning With Israel On Iran
* Libya’s Oil Chief Sees Output Hitting Decade High By Year End - BBG
* BofA: Oil Prices To Head Higher In H2 On Supply Deficit
* BofA: OPEC Is Likely To Take More Barrels Out Of The Market
* BofA Strategist Says Sell US Stocks As AI Seen Forming A Bubble - BBG
* German producer prices post smallest increase in two years
* Natural gas at 2-month high as storage injection underwhelms; Up 14% on week
* Offshore Yuan gains after the PBoC vows to curb FX speculation.
* How ‘serious’ can US really be on Indonesia green energy if it pumps cash into oil site? - SCMP
* Brazil’s environmental regulator has rejected a license for a controversial offshore oil drilling project near the mouth of the Amazon River that had drawn strong opposition from activists who warned of its potential for damaging the area.
