OIL: Ecuador’s Petroecuador Declares FM on Napo Crude Exports: Reuters
Ecuador’s Petroecuador has declared a force majeure over deliveries of Napo heavy crude exports due to the closure of a key pipeline and several wells, Reuters said.
- The closure is due to rains affecting the country, sources told Reuters.
- Petroecuador also told its customers that two tender results for July crude cargoes were due this week but have been delayed until later in June.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
FED: Instant Answers For FOMC Minutes
The FOMC noted disappointing readings on inflation over the first quarter and strong economic momentum and assessed it would take longer than previously anticipated for them to gain greater confidence that inflation was moving sustainably toward 2%, according to the minutes of the April 30-May 1 FOMC meeting published Wednesday.
- Did any participant mention the possibility of raising the fed funds rate? YES. "Various participants mentioned a willingness to tighten policy further should risks to inflation materialize in a way that such an action became appropriate."
- How many participants opposed the decision to begin tapering QT in June? Unclear. "Almost all participants" supported starting QT taper in June, but "a few participants indicated that they could have supported a continuation of the current pace of balance sheet runoff at this time or a slightly higher redemption cap on Treasury securities than was decided upon."
MNI: FED DISCUSSED KEEPING RATES HIGHER FOR LONGER IN MAY
- MNI: FED DISCUSSED KEEPING RATES HIGHER FOR LONGER IN MAY
- FED: VARIOUS OFFICIALS WILLING TO TIGHTEN MORE IF NEEDED
- NO MENTION OF RATES LIKELY AT PEAK IN MAY 1 MEETING MINS
- FED: UNCERTAIN ABOUT DEGREE OF POLICY RESTRICTIVENESS
- FED: POLICY WELL POSITIONED TO RESPOND TO RISKS
- FED: A FEW OFFICIALS OPEN TO SMALLER QT TAPER
EURGBP TECHS: Trades Through Support
- RES 4: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
- RES 3: 0.8674 1.0% 10-dma envelope
- RES 2: 0.8645 High Apr 23 and the bull trigger
- RES 1: 0.8571/8621 20-day EMA / High May 9
- PRICE: 0.8516 @ 16:40 BST May 22
- SUP 1: 0.8504 Low Mar 8 & May 22
- SUP 2: 0.8500 Psychological Support
- SUP 3: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
- SUP 4: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
EURGBP traded sharply lower on the UK CPI release. Wednesday’s move has resulted in a break of support at 0.8531, the Apr 30 low, and confirms an extension of the reversal that started May 9. The daily low intersects with 0.8504, the Mar 8 low and exposes 0.8498, the Feb 14 low. Note that a key support and bear trigger lies at 0.8493, the Aug 23 ‘23 low. On the upside, initial resistance is at 0.8571, the 20-day EMA.
