2023-10-31 20:56

Copyrighted Image by: Reuters. Investing.com - US crude stockpiles possibly rose as much as 1.3 million barrels last week, resulting in another build as well at the storage hub tied to the delivery of oil contracts traded on the New York Mercantile Exchange, petroleum trade group API said Tuesday. Declines were seen in inventories of gasoline, the premier US motor fuel product, and distillates — a feedstock for diesel and heating fuel, the weekly inventory report from the API, or American Petroleum Institute, showed. Typically at this time of year, demand for motor fuels is softer in the United States as Americans do less driving with the weather transitioning from fall to winter. But with the refinery industry on seasonal maintenance, larger-than-usual declines in fuel stocks are also common with limited replenishments coming in. The U.S. crude inventory balance fell by 1.347M barrels during the week ended Oct. 27, according to the API. That contrasted with a 2.668M-barrel slump in the prior week to Oct. 10 led largely by a sharp decline in exports. The headline crude build aside, the API noted a second straight weekly inventory gain at the Cushing, Oklahoma storage hub which serves as delivery point for US West Texas Intermediate crude futures traded on the New York Mercantile Exchange. Cushing storage levels have dropped drastically this year, prompting concerns they might reach such critical lows to complicate operations at the storage hub. Last week, however, the storage hub saw a net gain of 0.375M barrels, adding to the prior week’s build of 0.513M. On the fuel side, the petroleum trade group reported a gasoline inventory slide of 0.357M barrels and distillate stock drop of 2.313M barrels. In the prior week, gasoline saw a 4.169-M barrel deficit while distillates experienced a 2.313M drop. The API data serves as a precursor to official inventory data on the same due from the US Energy Information Administration, or EIA, on Wednesday. https://www.investing.com/news/commodities-news/us-crude-stocks-up-13m-barrels-cushing-storage-hub-sees-build-again--api-3216043

2023-10-31 20:34

Copyrighted Image by: Mundo Crypto PR Bitcoin's value could see a significant surge, driven by the U.S.'s future borrowing plans and the increase in circulating money since the pandemic, according to predictions made by several prominent figures. Max Keiser, Bitcoin maximalist and host of the Orange Pill podcast, maintains his prediction of Bitcoin hitting $220,000. He referenced a tweet by @zerohedge about the U.S.'s plan to borrow an additional $1.5 trillion in future quarters. Keiser believes this growing U.S. debt will trigger a sharp rise in Bitcoin's value. The increase in circulating money since the pandemic began in 2020, including "survival checks" and over $6 trillion printed by the U.S government, has significantly influenced Bitcoin's price surge. Anthony Scaramucci, founder of SkyBridge Capital, also holds a bullish outlook on Bitcoin. He anticipates a bull run pushing Bitcoin to between $150,000-$200,000 and potentially reaching as high as $750,000 by decade's end. Similarly, Robert Kiyosaki, author of "Rich Dad, Poor Dad," predicts Bitcoin reaching $135,000 next and potentially hitting "$500,000 by 2025." His forecast is based on BRICS nations' plans for a new gold-backed trade currency. These optimistic forecasts reflect a growing belief among some investors that Bitcoin and other cryptocurrencies can act as a hedge against inflation and currency devaluation amid expansive monetary policies. https://www.investing.com/news/cryptocurrency-news/bitcoin-bulls-predict-substantial-growth-influenced-by-us-borrowing-plans-93CH-3216014

2023-10-31 19:47

Copyrighted Image by: Reuters. Cryptocurrency XRP, currently ranked fifth in market capitalization, registered a 10% price increase within an hour on Tuesday, sparking interest among the digital asset community. The reason for this sudden surge is yet to be revealed. Jeremy Hogan, a lawyer and avid XRP advocate, pointed out that the price movement of XRP was not in line with Bitcoin's trend. Bitcoin, the leading cryptocurrency, saw a marginal decline of 0.13% during the same timeframe. The surge in XRP's price was accompanied by a remarkable 145% increase in trading volumes. Transactions valued at $2.15 billion were executed in one day, an event that could suggest investors are expecting further price gains. The digital currency had previously hit a low of $0.533 on Sunday, October 27. However, recent trades saw XRP successfully surpass the significant resistance level of $0.586 and even briefly reach a high of $0.62. https://www.investing.com/news/cryptocurrency-news/xrp-breaks-resistance-level-surges-10-amid-increased-trading-volumes-93CH-3215908

2023-10-31 19:40

Crypto exchange platform Bittrex has been granted court permission to cease its US operations following its Chapter 11 bankruptcy protection filing. The move comes in response to allegations from the Securities and Exchange Commission (SEC) that the company was operating without proper registration. In an effort to address these claims, Bittrex has agreed to pay a substantial fine of $24 million. Despite the halt in US operations, Bittrex Global, the international division of the company, remains operational. CEO Oliver Linch has assured that services for overseas users will continue without interruption. This comes as a crucial development for the firm which once held a significant market share of 23% in the US crypto market in 2018, but saw it plummet to less than 1% by 2021. The court-approved liquidation plan represents a significant step towards managing Bittrex's outstanding financial liabilities and resolving its ongoing legal disputes with the SEC. The plan's execution will likely impact the firm's future operations and its standing within the global crypto market. https://www.investing.com/news/cryptocurrency-news/bittrex-halts-us-operations-following-chapter-11-filing-amid-sec-allegations-93CH-3215905

2023-10-31 19:37

Copyrighted Image by: Reuters The ongoing conflict between Israel and Hamas could lead to a disruption in the Middle East oil supply, potentially causing an energy price surge that might exacerbate global food insecurity, according to a recent World Bank report. This comes on the heels of Russia's invasion of Ukraine, an event that Chief Economist Indermit Gill described as a shock to commodity markets not seen since the 1970s. However, the impact of these events has been relatively modest so far due to global economic resilience. In contrast to the energy crisis of the 1970s, when Arab oil producers imposed an embargo and supply declined after the Iranian revolution, today's oil market conditions are different. Decreased reliance on oil, diversified suppliers, and strategic reserves are now helping to mitigate risks. Moreover, oil intensity has fallen due to improved transport efficiency and the increased use of alternative energy sources. Despite these protective measures, any disruptions could cause initial price increases ranging from 3% to 75%. The World Bank projects Q4 2023 oil prices at $90 a barrel and $84 overall for 2023, down from $100 in 2022. Deputy Chief Economist Ayhan Kose emphasized that sustained high oil prices would inevitably lead to higher food prices. The number of severely food-insecure people globally has risen from 624 million in 2017 to an estimated 900 million in 2022. An increase in oil prices could further inflate food prices by raising production and transportation costs for food and fertilizers, worsening this global food insecurity. Oil supply disruptions could also impact other commodities through increased production costs. Natural gas, which is vital for fertilizer production, could see price increases as well. Furthermore, the ongoing conflict could raise the price of gold, often considered a safe-haven asset. The U.S. benchmark West Texas Intermediate crude and global benchmark Brent crude have experienced fluctuations in response to these global events. OPEC+ production cuts are expected to balance supply increases until the end of the year. The International Energy Agency (IEA) plays a crucial role in formulating responses to such energy shocks, a responsibility that has become increasingly important in light of these potential disruptions. https://www.investing.com/news/commodities-news/israelhamas-conflict-poses-risk-to-oil-supply-world-bank-warns-93CH-3215901

2023-10-31 19:02

Copyrighted Image by: Reuters Bitcoin's prominence in mainstream finance is being further solidified, with the cryptocurrency rebounding to $35,000 and fortifying its position in the investment landscape. This rebound is particularly noteworthy given last year's severe slump that saw Bitcoin fall below the $16,000 mark due to FTX's financial downfall and ensuing legal charges against Sam Bankman-Fried. As Bitcoin recovers, so does its acceptance as an effective portfolio diversification instrument. This shift in perspective comes amid sinking stocks and skyrocketing bond yields, as well as the Federal Reserve's steadfast adherence to high-interest rates and geopolitical instabilities impacting global financial landscapes. The increased acceptance of Bitcoin is reflected in the launch of an ETF that mirrors its price. Investors are predicting a 28% rise in October due to potential U.S. sanctions for spot Bitcoin ETFs. The capital projections for this fund range from an initial $3 billion to $55 billion over five years. Dave Mazza of Roundhill Investments likens this development to the transformation of the gold market following the approval of spot ETFs. He anticipates a wave of purchasing similar to when the inaugural gold ETF was launched in 2006 or the Bitcoin futures ETF in 2021. Major entities such as BlackRock (NYSE:BLK), Fidelity, and Grayscale have submitted applications for spot Bitcoin ETFs. Currently, eight to 10 filings are under review by the U.S. Securities and Exchange Commission. However, not all investors are on board with these new forms of investment. Traditional investors like George Gagliardi from Coromandel Wealth Management continue to express skepticism, dismissing cryptocurrencies due to their perceived lack of intrinsic value. https://www.investing.com/news/cryptocurrency-news/bitcoin-etfs-gain-traction-amid-28-projected-october-rise-93CH-3215881