- Oil is trading lower by more than $1/Bbl after Chinese stimulus disappoints
- Despite significant headlines this week, price action has been muted, with Brent and WTI heading for the narrowest weekly ranges in several months
- Yesterday, Fed Chair Powell said that Trump's proposed tariffs, deportations, and tax cuts are unlikely to impact the U.S. economy in the near term, though the Fed will evaluate their potential effects on inflation and employment
- The Federal Reserve reduced interest rates by 0.25% on Thursday
- Chinese stimulus underwhelms again (BBG)
- China unveiled a plan to refinance local government debt, among other measures aimed at boosting the economy
- Many investors expected more significant stimulus, with the program unveiled disappointing the market
- Gulf of Mexico sees 22% of oil production shut-in (PGJ)
- Hurricane Rafael has caused the shutdown of over 22% of crude oil production and 9% of natural gas output in the U.S. Gulf of Mexico
- This is the equivalent of about 391 MBbl/d
- The storm strengthened to a category three hurricane last night but is expected to break up in the Gulf over the next few days
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