10/7 Daily Report
Energy is worth watching today.
The IEA is expected to finalize a plan on Oct. 14–15 to release 100 million barrels from G7 oil reserves. Meanwhile, one organization says crude oil flows through the Strait of Hormuz are recovering, but diesel remains in severe shortage. Trump was also asked whether he would suspend the federal gasoline tax, and said he was considering it. Crude is coming back; refined products are what’s in short supply, and countries’ actions are focused on that area.
Another story is the Bank of Japan. Sources say the central bank may signal that underlying inflation has reached its 2% target. On the same day, Kazuo Ueda also said the bank would continue raising its policy rate depending on the situation. Note that the former is based on sources, not an official statement.
On the Middle East, Qatar says negotiations and exchanges of information are continuing, while the U.S. denied Iranian state media reports that a U.S. military helicopter had crashed in the Red Sea. The channels remain open, but the two sides’ accounts of events on the battlefield don’t match.
#Energy #BankOfJapan #MiddleEastSituation
Energy is worth watching today.
The IEA is expected to finalize a plan on Oct. 14–15 to release 100 million barrels from G7 oil reserves. Meanwhile, one organization says crude oil flows through the Strait of Hormuz are recovering, but diesel remains in severe shortage. Trump was also asked whether he would suspend the federal gasoline tax, and said he was considering it. Crude is coming back; refined products are what’s in short supply, and countries’ actions are focused on that area.
Another story is the Bank of Japan. Sources say the central bank may signal that underlying inflation has reached its 2% target. On the same day, Kazuo Ueda also said the bank would continue raising its policy rate depending on the situation. Note that the former is based on sources, not an official statement.
On the Middle East, Qatar says negotiations and exchanges of information are continuing, while the U.S. denied Iranian state media reports that a U.S. military helicopter had crashed in the Red Sea. The channels remain open, but the two sides’ accounts of events on the battlefield don’t match.
#Energy #BankOfJapan #MiddleEastSituation