Day: April 13, 2022

The trade volume on Turkiye’s spot natural gas market showed an increase of 888.1% to 66.01 million Turkish liras on Tuesday, Turkiye’s Energy Exchange Istanbul (EXIST) data showed on Wednesday.

Total trade on Monday amounted to 6.68 million liras.

On Tuesday’s spot market, 1,000 cubic meters of natural gas cost 11,676.66 liras, while the cumulative natural gas trade volume amounted to around 5.65 million cubic meters.

Turkiye received 146.5 million cubic meters of pipeline gas on Tuesday.

US$1 equals 14.59 liras at 1145 GMT on Wednesday.

Source: Anadolu Agency

US stock market reversed earlier gains and closed lower Tuesday as a surge in oil prices fueled fears of higher inflation which is already at a 40-year high.

The Dow Jones industrial average was down 88.2 points, or 0.26%, to close at 34,219.

The S&P 500 fell 14.5 points, or 0.33%, to end at 4,389.

The tech-heavy Nasdaq was off 40.4 points, or 0.30%, to finish at 13,371.

Annual consumer inflation in the US rose 8.5% in March — the largest 12-month increase since December 1981, according to the US Department of Labor.

Crude oil prices spiked more than 6% because of easing demand fears after China relaxed strict lockdown measures and OPEC signaled supply risks if Russian oil is fully banned.

Global oil benchmark Brent crude was trading at $104.76, jumping 6.38%, while US benchmark West Texas Intermediate (WTI) was at $100.72 — a 6.82% hike.

The VIX volatility index, known as the fear index, rose 0.45% to 24.48. The dollar index increased 0.38% to 100.3 while the yield on 10-year US Treasury notes fell 0.055% to 2.727%.

Precious metals were on the rise with gold up 1.07% to $1,969 per ounce and silver gaining 2.45% to $25.60.

Source: Anadolu Agency

UK annual consumer inflation soared to a new 30-year high as it hit 7% in March, exceeding market estimates, according official figures released on Wednesday.

The reading was up from 6.2% registered in February.

The hike was led by broad price rise across the country, such as electricity, gas, motor fuels, second-hand cars, restaurant meals, and hotels, said the Office for National Statistics.

On a monthly basis, the consumer prices index rose 1.1% in March 2022, versus a rise of 0.3% in March 2021.

Source: Anadolu Agency

Turkiye’s benchmark stock index opened at 2,482.66 points on Wednesday, up 0.77% or 18.9 points from the previous close.

Borsa Istanbul’s BIST 100 index was up 0.6% to close at 2,463.76 points on Tuesday, hitting a record-high close with a daily trade volume of 60.4 billion Turkish liras ($4.1 billion).

The US dollar/Turkish lira exchange rate fell to 14.5760 as of 10 a.m. local time (0700GMT), from 14.5870 at Tuesday’s close.

The euro/lira exchange rate dropped to 15.7795 from 15.8710, while a British pound traded for 18.9360 Turkish liras, down from 19.0760 at the previous close.

Brent crude oil was sold for around $104.7 per barrel as of 10 a.m. local time, while the price of an ounce of gold was $1,970.

Source: Anadolu Agency

New Zealand’s central bank increased its interest rate – official cash rate – by 50 basis points to 1.5% on Wednesday.

It has been the biggest interest rate hike since May 2000, according to data by the Reserve Bank of New Zealand (RBNZ).

The bank’s monetary policy committee agreed to continue tightening monetary conditions to ensure price stability and support maximum sustainable employment.

“They agreed that moving the official cash rate to a more neutral stance sooner will reduce the risks of rising inflation expectations,” it added.

The recent global developments regarding the COVID-19 pandemic and the Russia-Ukraine war increase inflation pressures and deepen supply disruptions, the bank said.

“The Committee will remain focused on ensuring that current high consumer price inflation does not become embedded into longer-term inflation expectations,” it added.

Source: Anadolu Agency

Algerian energy company Hyproc Shipping’s LNG carrier, Lalla Fatma N’Soumer, reached Turkiye on Wednesday, according to ship tracking data.

The vessel, which has a capacity of 144,888 cubic meters, left Algeria’s port of Arzew on April 8 and arrived at its final destination, the Aliaga LNG Terminal on Wednesday at 07.44 local time (0444 GMT).

The ship is sailing under the flag of the Bahamas.

Source: Anadolu Agency

The International Energy Agency (IEA) on Wednesday revised down its global oil demand estimates for 2022 by around 260,000 barrels per day (bpd) compared to last month’s assessment.

Global oil demand is now estimated to reach 99.4 million bpd in 2022, although the forecast still marks a year-on-year rise of 1.9 million bpd, according to the IEA’s latest oil market report.

The agency said a surge in COVID-19 cases and severe new lockdowns in China have led to a downward revision to global demand in the second quarter of 2022 and for the year as a whole.

According to the IEA, weaker-than-expected demand in OECD countries at the start of the year also added to the decline.

“More complete data for the first quarter of 2022, especially in the US, were weaker than preliminary estimates, adding to the downgrade,” the IEA explained.

Global supply rises in March

Global oil supply increased by 450,000 bpd in March to 99.14 million bpd, led by non-OPEC+ producers who more than offset small decreases from OPEC+ members Russia, Kazakhstan and Libya, the IEA said.

Daily crude oil production of the Organization of Petroleum Exporting Countries (OPEC) rose to 28.54 million bpd in March, with an increase of 60,000 bpd compared to the previous month.

During this period, OPEC natural gas liquids were recorded as 5.35 million bpd, increasing OPEC’s total oil production to 33.89 million bpd last month.

Non-OPEC production also saw an increase of 310,000 bpd to 65.25 million bpd in March.

According to the agency, the OPEC+ group’s long-running struggle with capacity constraints and technical issues pushed the supply gap compared to official output targets during March to 1.5 million bpd.

The IEA said the supply gap is “the widest since record cuts of nearly 10 million bpd were enforced in May 2020 to counter Covid-induced demand destruction.”

Global output set to rise by 3.9 million bpd from March through December

According to the agency’s projections, Russia’s oil supply will fall by 1.5 million bpd in April, with shut-ins projected to accelerate to around 3 million bpd from May.

The IEA noted that despite the magnitude of the Russian oil supply disruption, weaker demand growth and steady output increases from Middle East OPEC+ members along with the US and other countries outside the OPEC+ alliance (non-OPEC+) should prevent a severe deficit from developing.

The IEA estimated that excluding Russia, output from the rest of the world is set to rise by 3.9 million bpd from March through December.

“OPEC+ is expected gradually to increase output by 1.9 million bpd, assuming it fully unwinds OPEC+ cuts in line with existing policy. Middle East members of the group account for most of the increase. Saudi Arabia is projected to add 780,000 bpd while Iraq, Kuwait and the UAE between them could add a similar amount,” the agency explained.

According to the IEA, non-OPEC+ producers are expected to pump 2 million bpd more and the US is set to lead the gains, rising by 1.27 million bpd, while Canada, Brazil and Guyana will also post substantial increases.

“For the year as a whole, production is forecast to rise 5.5 million bpd (excluding Russia) – with OPEC+ accounting for 3.5 million bpd and non-OPEC+ 2 million bpd. The US accounts for 62% of the non-OPEC+ expansion,” the agency added.

Source: Anadolu Agency