PREVIOUS TRADING DAY EVENTS 17 April 2023

Announcements 

The Federal Reserve Bank of New Yorks general business conditions index jumped over 35 points to 10.8 this month. New York state manufacturing activity unexpectedly expanded in April for the first time in five months.

Economists had expected a reading of negative 15, according to a survey by the Wall Street Journal. Any reading above zero indicates improving conditions. This is the first reading in positive territory in five months.

USD appreciated at the time of the release.

Source httpswww.bloomberg.comnewsarticles20230417newyorkfactoryactivityexpandsforfirsttimeinfivemonths

Source httpswww.morningstar.comnewsmarketwatch20230417150newyorkfactoryindexshowsincreaseinactivityforfirsttimeinfivemonths

In March, OPEC including Russia announced supply cuts for oil. That caused market turmoil with surging prices. It seems that Russias exports are currently increasing as flows from Russian ports rose by 540,000 barrels a day, climbing back above 3 million barrels a day, in the latest fourweek period, according to tankertracking data compiled by Bloomberg.

Output was indeed cut for a while but the increase in flows last week shows that the size of the output reduction is rather minimal or shortlived.

Crude flows in the week to April 14 rose by 540,000 barrels a day from the previous week to 3.43 million barrels a day. On a fourweek average basis, overall seaborne exports increased by 50,000 barrels a day to…