Crude Oil

IEA Forecasts Fastest Oil Demand Growth In Two Years

The International Energy Agency, which advises most major economies on energy policy, forecast that global oil demand will climb this year by the most in two years amid stronger-than-expected consumption in Europe and the U.S. although it was unclear just how this will offset fading demand by the two biggest marginal consumers, China and India.

United Nations Unanimously Approves New Sanctions On North Korea

The United Nations Security Council unanimously adopted new, stepped-up sanctions on Monday afternoon against North Korea after the U.S. drastically watered down its original sanctions proposal in an attempt to win the endorsement of China and Russia.

Crackdown Begins: Chinese Banks Are Suspending North Korean Transactions

Japan's Kyodo reports that Chinese state banks have started suspending transactions through accounts held by North Koreans, making it nearly impossible to do business between the two countries.  At least three major state banks - Bank of China, China Construction Bank and Agricultural Bank of China - have banned North Koreans from opening accounts.

US To Propose Watered Down North Korea Sanctions To Appease China And Russia

In the latest indication that the US is desperate to reach a diplomatic compromise over North Korea, even if it means appeasing Beijing and Moscow, Reuters reports that while the UN is set to vote on Monday afternoon on a U.S.-drafted resolution to impose new sanctions on North Korea, the new draft no longer proposes blacklisting North Korean leader Kim Jong Un, while also dropping a proposed oil embargo.

All Eyes On Draghi: Futures Flat, Euro Surges, Dollar Slides; Yuan Breaches 6.50

S&P futures are flat, still spooked by the WSJ's report that Gary Cohn will not be the next Fed chair, while both European stocks and Asian shares gain in a quiet overnight session in which everyone is looking forward to today's main risk event: the ECB meeting. The dollar continued to weaken against all of its peers with the Yuan breaching 6.50 for the first time since May 2016.

Hurricane Irma Could Destroy Oil Demand

"The two storms’ impacts on the oil market could be drastically different... Irma’s effects on the energy sector would be felt pretty much only on the demand side of the equation. Florida has little to no supply-side infrastructure – negligible levels of oil production and refining capacity. "