Slowing global jet fuel consumption adds to oil demand concern

NEW YORK (Reuters) -Global jet fuel demand is poised to soften as a slowdown in consumer spending hits travel budgets, a shift that could weigh on oil prices in the months ahead. Global oil demand has not met expectations in the first half of 2024 due to weaker-than-forecast consumption in the U.S. and China, the top two oil markets. Jet fuel makes up about 7% of global oil demand and was widely expected to be a pillar of growth this year as travel continued to rebound from the pandemic.

The job market is 'where the action is going to be' ahead of Fed rate cuts this fall

Economists argue that as inflation eases, the more concerning trend in the data lies in the labor market.

Bright Oil Future Bolsters Bonds of Tiny South America Nation

(Bloomberg) -- Anticipation of an oil windfall is making debt from Suriname, a tiny South American nation, one of the best performers in emerging markets this year. Most Read from BloombergManchester Is Giving London a Run for Its MoneyBoston’s Broke and Broken Transit System Hurts Downtown RecoveryA Warehouse Store Promises Housing for South LA, in BulkBiden Invests $100 Million to Fuel Housing ConstructionJohannesburg Mayor Quits Amid Infighting, Financial WoesBonds have jumped 3 cents on the

Core US Inflation Eases a Fourth Month, Sealing Fed Rate Cut

(Bloomberg) -- Underlying US inflation eased for a fourth month on an annual basis in July, keeping the Federal Reserve on track to lower interest rates next month.Most Read from BloombergManchester Is Giving London a Run for Its MoneyBoston’s Broke and Broken Transit System Hurts Downtown RecoveryA Warehouse Store Promises Housing for South LA, in BulkBiden Invests $100 Million to Fuel Housing ConstructionJohannesburg Mayor Quits Amid Infighting, Financial WoesThe so-called core consumer price

US CPI Steadies Around Estimates – USD and Treasuries Rise

The disinflationary process continues to make minor gains in the US as inflation data for July printed as expected for most measures. Dollar and treasuries rose, SPX futures oscillated

Pemex Strikes Deal with Driller to Redevelop Gulf Oil Fields

(Bloomberg) -- Petroleos Mexicanos has reached a deal with an oilfield-services provider to drill in the Gulf of Mexico as the heavily indebted state energy company turns to the private sector to boost crude production.Most Read from BloombergManchester Is Giving London a Run for Its MoneyBoston’s Broke and Broken Transit System Hurts Downtown RecoveryA Warehouse Store Promises Housing for South LA, in BulkBiden Invests $100 Million to Fuel Housing ConstructionJohannesburg Mayor Quits Amid Infig

Oil Patch M&A Wave Recedes While Majors Digest Deals

(Bloomberg) -- Some shale producers are seeking deals even as the biggest names in oil and gas, Exxon Mobil Corp. and Chevron Corp., remain on the sidelines digesting their mega mergers after a blistering run. Most Read from BloombergManchester Is Giving London a Run for Its MoneyBoston’s Broke and Broken Transit System Hurts Downtown RecoveryBiden Invests $100 Million to Fuel Housing ConstructionA Warehouse Store Promises Housing for South LA, in BulkJohannesburg Mayor Quits Amid Infighting, Fi

Oil Options Activity Leaps With Market Awaiting Iran Retaliation

(Bloomberg) -- Oil traders are returning to options contracts to hedge against the risk of a price spike as markets brace for a possible Iranian attack on Israel.Most Read from BloombergManchester Is Giving London a Run for Its MoneyBiden Invests $100 Million to Fuel Housing ConstructionBoston’s Broke and Broken Transit System Hurts Downtown RecoveryIn DNC, Chicago’s Embattled Transit System Faces a High-Profile TestJohannesburg Mayor Quits Amid Infighting, Financial WoesBullish call options hav

US junk debt investors cautious of leveraged loans as economy slows

Leveraged loan deals are expected to pick back up after a stabilization in markets over the past week, although some investors say they are cautious about junk-rated loans if the economy weakens. Borrowers pulled back on leveraged loan deals last week, following disappointing jobs data on Aug. 1 and Aug. 2 that raised forecasts for aggressive interest rate cuts and spurred concerns about lower-rated debt. A total of six leveraged loans worth $3.3 billion sold last week, which falls well short of the $10 billion weekly average this year and is the worst week for issuance outside the holiday-shortened first week of July, according to PitchBook LCD data.

UK Headline Inflation Rises by Less Than Expected, GBP/USD Now Eyes US CPI