Strike in Norway will cut oil and gas output

  • Industrial action will begin at midnight local time (2200 GMT) at three fields – Gudrun, Oseberg South and Oseberg East – and will then expand at three other fields – Kristin, Heidrun and Aasta Hansteen – from midnight on Wednesday.
  • A seventh field, Tyrihans, will have to shut because its output is processed from Kristin.

Supply is already tight.

Brent update, hourly candles:

brent 05 July 2022

A supersize rate hike is expected from the Bank of Canada

  • Consumer inflation expectations surged in Canada, hitting fresh highs in the short-term and up “significantly” over the long-term … bolstering calls for a very rare 75-basis point rate increase

With remarks from Andrew Grantham, senior economist at CIBC Capital Markets:

  • “In particular, long-term (consumer) inflation expectations increased dramatically,”
  • adding the across-the-board jumps were “not good news” for the central bank

A 75bp rate hike is expected at the next Bank of Canada monetary policy meeting,

  • statement due on Wednesday, July 13 at 1400 GMT
  • It will be accompanied by an updated Monetary Policy Report
  • Bank of Canada Governor Macklem will speak at this press conference, following at 1500 GMT
Bank of Canada
Go to top