Boris Johnson To Resign As Party Leader, To Stay On As PM: Reports

Shell Sees Q2 Integrated Gas Production Lower Than Q1

Energy and petrochemical major Shell Plc (SHEL) on Thursday provided an update on the second quarter ahead of the release of the final results on July 28.

The company expects the integrated gas segment’s performance to be lower than the exceptionally good first quarter. Production is seen between 930 and 980 thousand barrels oil equivalent per day.

The upstream production is expected between 1,850 and 1,950 thousand barrels of oil equivalent per day, on account of the higher scheduled maintenance.

Marketing results are expected to be higher than the first quarter 2022 and in line with the second quarter of 2021.

The Chemicals and Products segment is expected to be strong in the second quarter of 2022 although lower than the first quarter of 2022.

The indicative refining margin is $28.04/bbl, compared to $10.23/bbl in the first quarter 2022. The increased margin is expected to have a positive impact of between $800 and $1,200 million on the second quarter results of Products compared to the first quarter 2022.

Renewables and Energy Solutions Adjusted Earnings are expected to be between $400 and $900 million for the second quarter, benefiting from higher trading and optimization margins for gas and power due to continued exceptional market environment in various markets.

Shares of Shell closed Wednesday’s trading at $48.01, down $0.59 or 1.21 percent from the previous close.

TSB savers can now get 2.5% interest rate on savings as bank increases rates today

Bank of England increases interest rate to 1.25%

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From today, the Monthly Saver is increasing from two percent to 2.5 percent, with the monthly limit on payments to go up from £125 to £250.

The rate on Fixed Rate Bonds will also go up from today, from 0.81 percent to two percent for 12 months, one percent to 2.2 percent for two years, and 1.1 percent to 2.5 percent for three-year accounts.

TSB is also upping its Fixed Cash Rate Isa, from 0.81 percent 1.25 percent for 12 months, one percent to 1.5 percent for two years and 1.1 percent 1.9 percent for three-year terms.

The Young Saver will increase from 0.75 percent to one percent, for balances of below £20,000.

Customers with a Business Banking account are also getting a better rate, from 0.3 percent to 0.55 percent, on balances over £5,000.

This last increase came in on June 30.

More to follow…

Oil Rebounds Ahead Of EIA Inventory Data

Oil prices recovered some lost ground on Thursday after seeing heavy losses in the previous two sessions on recession worries.

Benchmark Brent crude futures rose 0.8 percent to $101.45 per barrel, while WTI crude futures were up 0.8 percent at $99.31.

The upside remained supported by concerns of tight supply amid lower OPEC output.

The Biden administration has announced fresh sanctions on Iran late Wednesday amid continuing diplomatic efforts to revive the 2015 nuclear deal with Tehran.

The new measures target “an international network of individuals and entities” that the Department of the Treasury said facilitated the sale of U.S.-sanctioned Iranian petroleum and petrochemical products to East Asia.

Meanwhile, the American Petroleum Institute reported U.S. crude stockpiles rose by 3.825 million barrels last week, while analysts predicted a draw of 1.1 million barrels.

The build came after the Department of Energy released 5.9 million barrels from the Strategic Petroleum Reserves in the week ending July 1.

Closely-watched weekly government data on U.S. oil inventories will be released later in the session.

Gold Inches Higher In Cautious Trade

Gold prices inched higher in cautious trade on Thursday after suffering sharp losses in the previous two sessions. A softer dollar also offered some support.

Spot gold edged up 0.3 percent to $1,743.35 per ounce, while U.S. gold futures were up 0.3 percent at $1,742.15.

The dollar index eased slightly while U.S. Treasury yields extended gains after minutes from the Fed’s June meeting suggested that another interest rate increase of 50 or 75 basis points is likely at the July meeting to tame inflation.

James Bullard, the St Louis Fed President, and Fed Governor Christopher Waller are both due to speak later today as investors await Friday’s monthly jobs report, which is currently forecast to show the economy added 265,000 payrolls in June.

The British pound strengthened against the dollar in the wake of unconfirmed reports that Prime Minister Boris Johnson will resign today, following an unprecedented wave of resignations from his government over the past two days.

Boris Johnson To Resign As Party Leader, To Stay On As PM: Reports

As more ministers of his cabinet tendered their resignation, British prime minister Boris Johnson is set to resign as leader of the Conservative party on Thursday, media reports say.

But he is not likely to resign as Prime Minister to allow election to party leadership in the summer, BBC reported.

The crisis deepened Thursday morning as Northern Ireland Secretary Brandon Lewis and newly appointed Education Secretary Michelle Donelan resigned.

In addition, three of his aides – Caroline Johnson and Luke Hall, deputy chairs of the Conservative Party, and Rob Butler, a Parliamentary Private Secretary at the Foreign Office, announced they are quitting.

This brings the number of government ministers and Joohnson’s aides who have resigned to more than 50.