POWELL: PROSPECTS OF CORE INFLATION RISE ARE REAL

U.S. housing starts in March totaled 1.502 million units at an annualized rate, the highest level since December 2024.

Energy 1. my country discovers 13 new oil fields with reserves exceeding 100 million tons and 26 new gas fields with reserves exceeding 100 billion cubic meters. 2. New South Wales, Australia, resumes natural gas exploration. 3. Surveys indicate Saudi Arabia may lower its June crude oil prices for Asian markets. 4. The UAE announces its withdrawal from OPEC and the OPEC+ mechanism, effective May 1st. 5. Saudi Aramco extends the suspension of liquefied petroleum gas (LPG) deliveries until the end of May. 6. US Energy Secretary: The US is not considering an export ban on US energy products. 7. The head of the Swedish Energy Agency stated that the worst-case scenario would mean considering rationing aviation fuel. 8. World Bank: If the worst of the Middle East wars ends in May, energy prices are projected to surge by 24% by 2026. 9. According to data from the American Automobile Association (AAA), the average price of regular gasoline in the US rose to $4.18 per gallon, a new wartime high. 10. Iraqi oil official: Iraq has no intention of withdrawing from OPEC or OPEC+, and needs a strong organization to maintain price stability. 11. The CEO of Abu Dhabi National Oil Company (ADNOC) of the UAE discussed cooperation directions between the UAE and Qatar in the energy sector with the Qatari Energy Minister. Precious Metals and Mining 1. World Gold Council: Global gold demand (including OTC transactions) reached 1,231 tons in the first quarter, a year-on-year increase of 2%. Total gold demand surged to a record $193 billion, a significant year-on-year increase of 74%. Despite a significant increase in global central bank gold sales in the first quarter, overall net purchases of gold were still 244 tons (year-on-year +3%). 2. Commerzbank: If oil prices continue to rise, gold prices may fall back to around $4,500/ounce; lead prices have little room for recovery, and the price is likely to be $2,100 per ton by the end of the year. 3. Hong Kong SAR Government: Net gold exports to mainland China in March were 47.866 tons, compared to 46.249 tons previously. Gold exports to mainland China totaled 79.576 tons in March, up from 63.818 tons previously. 4. USGS: Appalachian lithium mines are sufficient to supply 130 million electric vehicles. Agriculture 1. The Argentine government stated it has raised serious concerns about Dutch testing methods after a shipment of soybean meal was rejected due to GMO violations. 2. Zelensky: Ukraine is preparing a sanctions package targeting those directly transporting and profiting from "stolen" Ukrainian grain. Strait of Hormuz Situation 1. Trump: The US is prepared for a long-term blockade of Iran. 2. Iran reiterated its right to take measures to maintain security in the Strait of Hormuz. 3. Iranian Revolutionary Guard: Absolute control of the Strait of Hormuz has been achieved. 4. The US military stated it has ordered 39 ships to turn back during the blockade of Iranian ports. 5. US Energy Secretary: The Strait of Hormuz can be opened without clearing all mines. 6. Satellite images show multiple oil tankers in the waters near the Iranian port of Chabahar. 7. The United States has banned individuals and entities from paying passage fees to Iran for passage through the Strait of Hormuz. 8. The first liquefied natural gas (LNG) carrier to transit the Strait of Hormuz since the start of the US-Israel-Iran conflict. 9. According to Iran's Fars News Agency, citing satellite monitoring data, 52 vessels crossed the US blockade in the past 72 hours, including 31 oil tankers and 21 cargo ships.