Noor Trends News, Technical Analysis, Educational Tools and Recommendations

June, 2022

• 2 June 2022 5:59 pm

  OPEC+ agrees to raise output by 648K BPD in July and again in August

  

  Oil ministers from OPEC+ nations agreed on Thursday to lift output by 648K barrels per day (BPD) in both July and August, according to sources speaking to Reuters, in line with the recommendation made by the group’s Joint Ministerial Monitoring Committee earlier in the day. With Thursday’s meeting having now …

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• 2 June 2022 5:20 pm

  US: Private sector employment rises by 128K in May

  

  Private sector employment in the US rose by 128,000 in May according to US payroll company ADP’s latest estimate of employment change released on Thursday. That was below expectations for 300,000 rise and lower than April’s 247,000 gain. 

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• 2 June 2022 4:30 pm

  Russia calls the European Union’s decision to phase out its oil a “self-destructive” step

  

  Russia warned on Thursday that the European Union’s decision to partially and gradually abandon Russian oil would likely destabilize global energy markets, calling it a “self-destructive” move that could backfire on the bloc. European Union leaders agreed in principle on Monday to slash Russian oil imports by 90 percent by …

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• 2 June 2022 3:56 pm

  Oil prices fall on prospect of OPEC offsetting Russian output loss

  

  Oil prices fell on Thursday after speculation that Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries may increase crude production to offset any decline in Russian production. Brent crude fell $2.82, or 2.4 percent, to $113.47 a barrel, after rising 0.6 percent on Wednesday. US …

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• 2 June 2022 2:34 pm

  The euro stops a wave of losses and the Swiss franc is rising due to inflation

  

  The euro and the yen rose on Thursday, reversing a wave of recent losses incurred by the two currencies against the dollar, and the Swiss franc reached a one-month high against the euro after inflation in Switzerland climbed to a 14-year high. In Asian trading, the dollar rose to a …

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• 2 June 2022 1:04 pm

  Turkey’s trade deficit rises 157% in May

  

  Turkey’s Trade Ministry said on Thursday that the country’s trade deficit jumped 157 percent year-on-year in May to $10.68 billion, as energy import costs continued to rise. Russia’s invasion of Ukraine has sent global commodity prices soaring, jeopardizing Ankara’s New Economic Program that aims to tackle high inflation by running …

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• 2 June 2022 12:33 pm

  Japan’s Nikkei index closes flat

  

  Japan’s Nikkei gave up most of its gains to close flat on Tuesday, as worries about inflation and higher interest rates in the United States outweighed the rise of automakers and energy-related stocks. The index rose 0.1 percent to 27,943.95 points, after exceeding 28,000 points for the first time since …

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• 2 June 2022 5:34 am

  Market Drivers – US Session – June 1, 2022

  

  The US dollar surged during US trading hours as stocks plummeted while Treasury yields advanced. The catalyst was a slew of positive US data boosting the US dollar and concerns about a likely looming recession.Economic DataThe US ISM Manufacturing PMI rose to 56.1 in May from 55.4 in the previous …

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• 2 June 2022 2:58 am

  NFP, ADP Employment Change Preview: US labour market retreats

  

  Job growth is predicted to be 300,000 up from 247,000 in April. ADP average for the fourth quarter in 2021 was 582,000, first was 530,000. NFP forecast for 320,000 in May, down from 428,000. Economists and observers see that market sensitivity to the labour market has retreated.Private payrolls from Automatic …

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• 2 June 2022 2:05 am

  WTI Crude falls on recession concerns, gossip on Russian exit from OPEC+

  

  The WTI crude oil flirts with intraday low amid accelerating concerns over recession in the China and the United States. These concerns currently impact the overall global energy demand outlook.WTI crude is still laggard for the third successive day, despite the latest bounce off intraday lows, as fears surrounding growth …

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• 2 June 2022 1:12 am

  Fed’s Beige Book: Most districts exhibited slight to modest growth

  

  The Federal Reserve’s Beige Book report was released on Wednesday indicating that the status of the US economy continued to grow in recent weeks, with most Fed districts achieving slight to modest growth, down from the moderate activity reported in the April.the US dollar is higher, lifted by higher Treasury …

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• 2 June 2022 12:37 am

  US Shares Retreat After Key Economic Data

  

  The stock market fell Wednesday following still-strong economic data and the start of the Federal Reserve’s QE. The Dow Jones Industrial Average fell 177 points, or 0.5%, while the S&P 500 dropped 0.8%, and the Nasdaq Composite declined 0.7%. Stocks tried to rally in the afternoon but ultimately stumbled into …

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• 1 June 2022 11:47 pm

  Biden: Cannot instantly reduce gasoline cost

  

  US President Joe Biden is focused on knocking down sky-high fuel prices, but he has a limited influence to do that and the US President said he cannot take immediate action to bring them down. The oil markets were paying attention to Biden’s plans in March when he announced a …

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