News

Nick Timiraos, the Fed's mouthpiece: US CPI data shows that core goods prices rose 0.20% month-over-month in July, ending two consecutive months of decline. This is the largest monthly increase since September 2025. Housing costs rose modestly, increasing 0.14% month-over-month in July. Core services prices, excluding housing, rose 0.19% month-over-month (this level is still lower than in May due to a significant drop in June).

Ross Mayfield, investment strategist at Baird Private Wealth Management: The fact that core inflation in the U.S. is weaker than overall inflation, coupled with the lack of wage pressure across the system, should form the cornerstone for the Fed to hold rates steady in September.

Goldman Sachs: The U.S. July Consumer Price Index performance was "encouraging".

Nasdaq 100 futures rose 1%; S&P 500 futures rose 0.5%.

Traders continue to bet on a 45% chance of a Fed rate hike in September.

Hungarian Prime Minister Majol: Nuclear security is of paramount importance.

Norwegian Petroleum Fund: The fund received 89 billion Norwegian kroner in inflows in the first half of the year.

Norwegian Oil Fund: The fund's return was 12% in the second quarter.

Norway's sovereign wealth fund: The return on equity investments was 16% in the second quarter.

OPEC's monthly report maintains its 2027 oil demand forecast for OPEC at 43.6 million barrels per day.

OPEC's monthly report shows that refining margins across the world's three major refining hubs (the US Gulf Coast, Rotterdam, and Singapore) surged in July. Rotterdam's refining margin jumped $17.88 per barrel month-on-month to $42.13 per barrel, marking its largest monthly increase. The report indicates that the profit expansion was primarily driven by a strong rebound in middle distillate (diesel) crack spreads, due to refinery shutdowns in Eastern Europe, a Russian diesel export ban, and geopolitical tensions in the Middle East, all of which tightened global diesel supply. US Gulf Coast refining margins reached their highest level since October 2022, at $45.70 per barrel.

OPEC's monthly report shows that Saudi Arabia's crude oil production in July was 8.2 million barrels per day, up from 7.1 million barrels per day in the previous month.

OPEC's monthly report shows that the global crude oil freight market experienced significant volatility in July due to disruptions in trade flows. Although VLCC (Very Large Crude Carrier) spot freight rates fell 18% month-on-month, they still surged 432% year-on-year, reaching historical highs. Freight rates on the Middle East to East Asia route soared 731% year-on-year. In contrast, Suezmax and Aframax tanker freight rates strengthened month-on-month, rising 28% and 44% respectively, with Aframax tanker freight rates on the Mediterranean route jumping an even more dramatic 61% month-on-month. OPEC noted that despite high freight rates, global refinery utilization rates remained above 78%, driven by strong refining margins.

OPEC monthly report: Global crude oil demand is projected to be 107.9 million barrels per day in 2027.

OPEC monthly report: Global crude oil demand is projected to be 105.74 million barrels per day in 2026.

OPEC Monthly Report: Second-hand data shows that OPEC+ crude oil production increased by 1.4 million barrels per day in July, reaching 37.65 million barrels per day.

OPEC Monthly Report: Second-hand data shows that OPEC crude oil production increased by 1.66 million barrels per day in July, reaching 23.6 million barrels per day.

OPEC Monthly Report: Maintains forecast of non-OPEC oil-producing countries' supply increase in 2027 at 620,000 barrels per day.

OPEC Monthly Report: Maintains forecast of non-OPEC oil-producing countries' supply increase in 2026 at 640,000 barrels per day.

OPEC monthly report: The 2027 Eurozone economic growth forecast has been lowered from 1.2% to 1%.