EU gas surges by 10%

After four straight days of losses due to concerns about future Russian supply, EU gas futures spiked 8% near €190. This may be due to the Nord Stream report of a pressure reduction at the two lines of Nord Stream and one line of Nord Stream 2.

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WTI oil rises after touching 1-year low

WTI crude oil jumped by 4% to $75.5, bouncing back from a one-year low of $71.8 from yesterday. Optimism about the Chinese economy reopening drives the commodity higher after it has been trending downward for several months.

WTI crude oil drops further

WTI crude oil fell almost 2% to $73, the lowest level reached since December 2021. Worries about weak global demand keep the bearish momentum going. The US and Europe, in particular, are seeing a drop in manufacturing activity because of tighter financial conditions.

Wheat price slides lower

Wheat futures continue to tumble to $7, reaching levels not seen since September 2021. This is the direct result of strong supply from the world’s top producers and signs of smaller demand. Wheat is down 45% from its peak since Ukraine started exporting the commodity again after a long shutdown.

US natural gas falls below $6

US natural gas decreased by almost 5% below $6, the lowest since late October. The price drop is caused by forecasts of warmer weather and expectations of higher supply. The restart of Freeport’s LNG export plant will be put off again until the end of the year, leaving more gas on the domestic market.

Silver reaches May’s high 🔥

Silver rose to almost $23, the highest since May, amid expectations for a slowdown in the Fed’s tightening policy. Fed stated that it is likely to slow the pace of rate hikes, easing demand for USD and driving investors toward bullion. Softer US rate hikes and a cut in the reserve ratio by the PBoC supported expectations of higher demand for silver.

WTI crude oil rises 🛢

WTI crude oil rose 3% above $83, extending gains on expectations of a rebound in demand and additional supply cuts from OPEC+. Following massive protests, China has signaled a softening of its stance in the fight against COVID. This raised hopes that the world’s top crude importer would reopen its economy quicker.

More market movers

WTI oil rises after touching 1-year low

WTI crude oil jumped by 4% to $75.5, bouncing back from a one-year low of $71.8 from yesterday. Optimism about the Chinese economy reopening drives the commodity higher after it has been trending downward for several months.

BoC raises interest rates to 4.25%

The Bank of Canada (BoC) increased its key rate by 50 basis points, from 3.75% to 4.25%, in its final meeting of 2022. This rate hike brought borrowing prices to their highest level since 2008, up 4% since March. Policymakers affirmed that they would keep their tightening policy in the near future.

Tether created new stablecoin

Tether (USDT) as the largest stablecoin provider is expanding on Tron network by adding a Chinese Yuan. Bitfinex plans to be the first to offer Chinese Yuan stablecoin (CNHT) on its crypto exchange.

EU economy rises 0.3% in Q3

The economy of the Eurozone grew by 0.3% in the Q3 2022, which was a bit more than the initial estimate of 0.2%. This is 0.5% less than in the previous quarter as the economy grew by 0.8% in Q2.

WTI crude oil drops further

WTI crude oil fell almost 2% to $73, the lowest level reached since December 2021. Worries about weak global demand keep the bearish momentum going. The US and Europe, in particular, are seeing a drop in manufacturing activity because of tighter financial conditions.

RBI lifts interest rate by 35 bps

The Reserve Bank of India (RBI) raised its key interest rate by 35 basis points, from 5.9% to 6.25%. This was the fifth rate hike in a row, and it was widely anticipated. As a result of continuous rate hikes, inflation slowed to 6.7% in October, down from a high of 7.4% in September.

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Bitcoin payment app Strike expands to Africa

Strike and Bitnob will collaborate by using the Lightning Network to empower African nations with a better payment system.
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USD/JPY at critical technical crossroads

The greenback is trying to recover from the recent selling pressure. However, it stays below previous lows, implying the weakness of bulls.
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WTIOIL
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Does the crude oil bloodbath have an end?

The inventories data from the US shows weaker demand for gasoline and crude oil. Black gold sinks under the $73 price tag.
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SP500
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Markets full of fear as data suggests recession is close

US dollar faces selling on all fronts as data suggests there may be a recession coming soon. Markets all in red, except gold, which holds its value.