Iran Mistakenly Shot Down Ukranian Passenger Jet
January 13th, 2020
Iran has now admitted that it mistakenly shot down the Ukrainian passenger jet carrying 176 people. As a result, the country has seen protest again from its people.
The United States and China are set to sign the initial “Phase 1 “ trade agreement this week here in the US.
The US jobs number on Friday was 145,000 new jobs in December compared with market expectations for 164,000 jobs.
US Treasury Secretary, Steven Mnuchin, said the US is imposing additional sanctions on Iran as a result of its attacks on Iran’s attack on US troops in Iraq last week. The US has imposed sanctions on Iran’s manufacturing, textiles, mining and other sectors.
The Baker Hughes Rig Count showed that oil producers cut rigs for the third consecutive week as oil rigs were down 11 bringing the total number of oil rigs to 659. That total oil rigs number is down 214 oil rigs compared to last year at this time.
The IEA’s Executive Director, Fatih Birol, expects US shale production growth to slow down.
The Commitment of Traders report showed that managed money funds continued to increase their net long position in the latest week. The funds increased their net long position by 5,077 contract to 331,553 contracts in the week ending January 7th on a combined NYMEX and ICE futures and options basis.
The InterContinental Exchange reported that speculators in the Brent market increased their net long positions by 15,233 contracts to 425,763 in the week ending January 7th.