President Inaugurates 60 Projects in Its Free Trade, Industrial Zones
President Hassan Rouhani officially inaugurated 60 projects in the country’s free trade-industrial and special economic zones.
Iran’s crude steel output rises 13%
Production of crude steel (steel ingot) in Iran has risen 13 percent from January-November, 2020, according to a report released by the World Steel Association (WSA).
OPEC+ Compliance With Production Cuts Slips To 75%
OPEC+ group’s compliance with the oil production cuts fell to 75 percent in December 2020—one of the lowest levels since the pact was enacted in May 2020, tanker tracking firm Petro-Logistics said on Tuesday.
Oil Price Fundamental Weekly Forecast, Probably Due for a Correction
Oil prices are ripe for a correction in coming weeks if speculator-driven rallies are not backed by stronger fuel demand soon.
$170 billion wiped off as bitcoin pulls back
Bitcoin and other digital coins tanked on Monday wiping off some $170 billion from the entire cryptocurrency market. Bitcoin, the largest cryptocurrency, fell over 11% from a day earlier to $35,828.06, at around 12:15 p.m. Singapore time.
Asian Buyers Rush To Secure North Sea Oil After Saudi Surprise Cut
Saudi Arabia’s surprise announcement that it would cut 1 million barrels per day (bpd) beyond its share of OPEC+ cuts in February and March has refiners in Asia scrambling to secure supplies from Europe.
The Real Crisis For Oil is Yet To Come
Italian energy major, Eni, described 2020 as a “year of war”, regarding the energy crisis experienced in the face of a global pandemic. But it may be too soon to see the issues faced last year as a thing of the past.
EUR/USD bounces gently from brief trip below 1.2200
EUR/USD briefly dropped below 1.2200 in recent trade but has since recovered back to trade in the 1.2220s. EUR/USD has broken below a short-term upwards trend channel that had been in play since December 2020.
Natural Gas Markets Stall
Natural gas markets shot higher during the week but have ended up forming a shooting star. It sits just above the 200 week EMA, so that could attract attention.
Gold price getting crushed
Trillions of dollars were pumped into financial markets in 2020 and that won't come without consequences. Economists expect that investors will be Bracing For Inflation in 2021.