USDT ventures into $10 trillion Oil market

Tether financed a $45 million crude oil deal to make its commodities market debut. A commodity trader and a publicly traded oil company entered into a deal as stated by a Nov. 8 announcement,

670,000 barrels of Middle Eastern crude oil were transported thanks to the October completion of the Tether USDT transaction. Tether financed the deal with its earnings.

Tether’s Trade Finance division, which specializes in incorporating blockchain technology into conventional trade finance operations, spearheaded the transaction.

The stablecoin issuer lent billions of dollars to commodities trading firms in early October to offer financing options to a sector heavily reliant on traditional banks, Tether estimates that the trade finance sector is worth $10 trillion.

Tether CEO Paolo Ardoino said, “With USDT, we’re bringing efficiency and speed to markets that have historically relied on slower, more costly payment structures.”. This deal is the first step toward our goal of supporting a wider variety of goods and sectors, promoting greater diversity and creativity in international finance.’

The company’s overall earnings for the year came to $7.7 billion after reporting a $2.05 billion profit for the third quarter of 2024. , its assets totaled $134.04 billion as at the end of September

The business expanded its operations by investing in startups in several sectors, such as artificial intelligence, telecommunications, education, Bitcoin mining, and renewable energy.

Forex Signals Brief November 8: Canada Employment Closing A Week Full of Action

The USD also weakened yesterday, erasing some of the gains from Wednesday’s sharp increase. The greenback experienced an average depreciation of nearly 1% against major currencies. As expected, the Bank of England (BOE) cut rates by 25 basis points at the start of the US session, followed by the FOMC’s 25-basis-point rate cut.

Unemployment rate expected to tick higher in Canada
Unemployment rate expected to tick higher in Canada

Continue reading “Forex Signals Brief November 8: Canada Employment Closing A Week Full of Action”

Forex Signals Brief November 7: BOE Rate Cut and FED Meeting Minutes on Agenda Today

Yesterday the economic calendar was light so markets had time to digest US elections, while today the BOE meeting and the FOMC minutes will highlight the day. The final Services PMI readings from the Eurozone came slightly higher for October, while UK Construction PMI and Canadian Ivey index came below expectations, however, traders had already embarked the Trump trade.

The BOE is expected to deliver another rate cut today

Continue reading “Forex Signals Brief November 7: BOE Rate Cut and FED Meeting Minutes on Agenda Today”

Crude Oil Prices Jump $3 above $72, Despite EIA Inventory Draw

Oil prices were retreating in the last few sessions, with WTI crude falling below $70, but we have seen a strong jump of nearly $3 in the last few hours. The EIA Oil inventory showed a decent buildup for last week, which should have weighed on prices further, but Oil is ignoring it totally.

EIA crude Oil inventories showed a buildup for last week
EIA crude Oil inventories showed a buildup for last week

Continue reading “Crude Oil Prices Jump $3 above $72, Despite EIA Inventory Draw”

Forex Signals Brief November 6: Quiet Calendar after US Elections

Today the economic calendar is pretty light, so traders will focus more on the US presidential election aftermath. Yesterday the day started with the Reserve bank of Australia meeting, which held the Cash Rate unchanged once again at 4.35%, while giving the market the idea that they’re not cutting anytime soon. So, this was a hawkish meeting after all, which supported the Aussie, sending AUD/USD 60 pips higher yesterday, also helped by the retreat in the USD on election day.

Markets will focus on election outcome today

Continue reading “Forex Signals Brief November 6: Quiet Calendar after US Elections”

Forex Signals Brief November 5: The US Election Day Is Here!

Today is the big event of the month, the US presidential elections, which will likely have a sizeable impact on the USD, as indicated by yesterday’s price action. Yesterday the economic calendar was light to start the week, however markets opened with a gap after the weekend, as the USD retreated on presidential polls. However, in the US session USD buyers returned and most currencies gave back most of the gains against the USD.

Prepare for elevated volatility this week as election results come out Continue reading “Forex Signals Brief November 5: The US Election Day Is Here!”

Oil Prices Above $71 As OPEC Delays Production Hike

Oil prices climbed around $2.5 higher today, with OPEC delaying the production hike as the rumors suggested last week. WTI closed last week below $70, but opened with a 50-cent gap higher last night and climbed higher, peaking at $71.80 where sellers returned, pushing the price to $70 in the last two hours.

OPEC+ continues to put arbitrary Oil prices

Continue reading “Oil Prices Above $71 As OPEC Delays Production Hike”

Gold Volatility Increases As We Approach US Elections

Gold has been extremely volatile this year, increasing around 40% from the opening price at $2,000 in January and the price action remains so as US presidential elections approach. Both sides are at risk in either scenario, with a status quo from the Democrats easing the uncertainty which could be followed by a correction lower, while a Republican win could send it further, most likely alongside the USD, as we have seen in October. Continue reading “Gold Volatility Increases As We Approach US Elections”

Forex Signals Brief November 4: US Elections, FED and BOE Rate Cut Highlight the Week

This week the economic calendar is light apart from the Bank of England meeting, but the US presidential elections will likely make up for it with volatility. Last week started with the general elections in Japan, which produced no clear winner, and offered some volatility for the Yen.

We have two more central bank meetings this week

Continue reading “Forex Signals Brief November 4: US Elections, FED and BOE Rate Cut Highlight the Week”

Chevron posts $51 billion in revenue in third quarter, stock surges high

Chevron returned a record amount of cash to shareholders after exceeding third-quarter revenue and earnings projections. The energy firm’s third-quarter 2023 net income of $6.53 billion, or $3.48 per share, was 31% more than its current net income of $4.49 billion, or $2.48 per share.

The company posted earnings of $2.51 per share, exceeding Wall Street’s quarterly projections.

Chevron reported $50.67 billion in sales, 6% less than the $54.1 billion it recorded in the third quarter of last year but still exceeded street estimates.
The oil company distributed a record $7.7 billion to shareholders during the quarter, which included $2.9 billion in dividends and $4.7 billion in share buybacks. The company’s stock was up over 4% in early trading.

The American oil firm produced 3.36 million oil-equivalent barrels daily during the quarter, a 7% increase over the third quarter of 2023, driven by record output in the Permian Basin.

However, the oil major’s quarterly earnings decreased dramatically from the same quarter in 2023 due to lower prices, reduced refined product sales margins, and the absence of favorable tax periods.

The Oil Major is trying to streamline its holdings as asset deals in Canada, the Congo, and Alaska are expected to finish in the fourth quarter of 2024. The company also intends to reduce expenses by $2–3 billion from 2024 to the end of 2026.

At $6.53 billion, or $3.48 per share, Chevron’s third-quarter 2023 net income was 31% more than its present net income of $4.49 billion, or $2.48 per share. After excluding foreign exchange effects, the company reported earnings of $2.51 per share, much higher than Wall Street’s quarterly forecasts.