Demand for gold surged to an 11-year high last year. This is due to large-scale purchases on the back of high activity by retail investors and a slowdown of ETF outflows.
Druzhba pipeline accident boosts oil prices
Oil prices rose on Tuesday to a higher level after reports that oil supplies to Hungary via the Druzhba pipeline were temporarily halted due to a drop in pressure.
The International Energy Agency said Tuesday that the European Union's ban on Russian oil shipments by sea, which will take effect Dec. 5, requires compensation of 1.4 million barrels a day.
Phil Flynn, an analyst at Price Futures Group, said that if you pay attention to what the IEA said about global oil stocks, the situation is quite optimistic.
In addition, support for oil prices was provided by the fact that in October the growth of prices for products of U.S. oil refiners was less than forecasted, which indicates that the inflation rate is beginning to decline, and this may give reason for the Federal Reserve to slow down aggressive interest rate increases.
The IEA predicts that the gloomy economic outlook will trigger a decline in global oil consumption by nearly a quarter of a million bpd in the fourth quarter of 2022 on an annualized basis, with demand growth slowing to 1.6 million bpd in 2023 from 2.1 million bpd this year.
U.S. government data on oil inventories will be released Wednesday.
Latest news
Last year recorded an increased demand for gold up to the levels of 2011
1 February
Exxon Mobile is criticized for $56 billion profit
1 February
The White House expressed a negative assessment of the record profit of Exxon Mobile in 2022. The company earned $56 billion, and it’s a maximum for both itself and the whole oil industry of Western countries.
White House Supports Alaska Oil Project
1 February
The US Interior Department’s Bureau of Land Management supports an accelerated plan of oil production. It includes 3 new wells across the Willow site in the Petroleum Reserve-Alaska, instead of having 5 wells predetermined earlier.
Energy and Precious Metals Market events for February 2-3, 2023
2 February
On February 2, the focus is on natural gas reserves in the United States. On February 3, data on oil rigs from Baker Hughes and speculative positions on oil and gas, gold, silver, aluminum and copper are on the agenda.
Aluminum buyers from Japan agreed to pay extra charges in the first quarter
1 February
Japan was buying aluminum at a surcharge. Shipments from January to March were at $85-86 per ton, which is 13-14% less than in the previous quarter. Resources report weak demand and strong reserves of aluminum.