News

(1) Analysis: The reopening of navigation in the Strait of Hormuz has brought supply back into the market, easing concerns over a disruption in Middle Eastern supply and causing risk premiums to continue to retreat. At the same time, indirect communications between the US and Iran remain uncertain, but short-term expectations of supply surplus dominate pricing. EIA inventory and US travel season demand provide partial support, but are unlikely to change the overall pressured structure. Technically, prices are oscillating around $70, with direction yet to be confirmed.(2) Key focus: Geopolitical situation, inventory data, US Dollar Index(3) Resistance: 70.50, 71.00, 71.80(4) Support: 69.50, 69.00, 68.50

BlockBeats News, July 1st, a man from Florida, USA, Christopher Alexander Delgado, pleaded guilty to multiple charges including telecom fraud and money laundering. The prosecution stated that he carried out a Ponzi scheme under the name of "Cryptocurrency Liquidity Pool Investment Return" through Goliath Ventures (formerly Gen-Z Venture Firm), attracting approximately $4 billion in investment funds, resulting in actual losses of around $2.5 billion. The related funds were used to purchase multiple million-dollar mansions, Lamborghinis and Rolls-Royces, as well as a large amount of luxury goods and jewelry, and were spent on high-end parties and travel. Currently, he has agreed to forfeit multiple assets, including real estate, vehicles, and luxury goods.

Golden Ten Data July 1 – Marcel Thieliant, Head of Asia-Pacific at Capital Economics, stated that the Bank of Japan’s Tankan survey released earlier has reinforced the case for a rapid interest rate hike. He pointed out that the headline index measuring sentiment among large manufacturers surged to +22, the highest level since the global financial crisis. “The sentiment among large non-manufacturing firms in the first quarter was already at its highest level since the early 1990s, but still edged up further from +36 to +37,” he added. In addition, companies’ inflation expectations for the next five years climbed from 2.5% to 2.6%. This figure “supports the view of those members within the Bank of Japan who warn of upside risks to inflation.”