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On March 12th, Eli Lee, Chief Investment Strategist at Bank of Singapore, stated in a report that disruptions to oil shipments through the Strait of Hormuz, damage to Middle Eastern infrastructure, and increased volatility in crude oil prices could translate into greater risks to equity valuations. This prompted Bank of Singapore to downgrade its asset allocation for Asian (excluding Japan) equities from "overweight" to "neutral." Within the region, Lee remains optimistic about mainland China, Hong Kong, and the Singapore primary market. Lee specifically pointed out that China has accumulated one of the worlds largest strategic oil reserves, enabling it to buffer against the impact of disruptions to exports through the Strait of Hormuz. He added that oil and gas account for only about 4% of Chinas electricity mix, far below the 40%-50% average in many Asian countries and regions.The SC crude oil futures contract surged 16.00% intraday, currently trading at 753.60 yuan per barrel.The main fuel oil contract surged 14.00% intraday, currently trading at 4858.00 yuan/ton.On March 12, INGs commodities strategy team stated in a report that the IEAs plan to release 400 million barrels of oil reserves is insufficient to offset supply losses in the Persian Gulf region. As part of a coordinated effort, the United States will begin releasing 172 million barrels of its strategic petroleum reserves next week. ING estimates this will take approximately 120 days to complete, equivalent to a daily release of about 1.4 million barrels by the US. ING added, "If we assume other countries follow a similar timeline, the daily release would be approximately 3.3 million barrels, far below the current supply losses we are seeing in the Persian Gulf."March 12th - The China Federation of Logistics and Purchasing officially released the "China Logistics Technology Development Report (2025)" today. According to the report, 2025 will see frequent hot topics in my countrys logistics technology development, with new logistics equipment achieving large-scale application. In particular, the deep integration of "artificial intelligence+" into logistics will improve operational efficiency and effectively help reduce overall social logistics costs. In 2025, the ratio of total social logistics costs to GDP will drop to 13.9%, the lowest level on record, meaning that the logistics costs required to achieve a unit of GDP are decreasing. Embossed robots are beginning to enter warehouses and factories, completing a significant leap from "automated guided vehicles" to intelligent agents that can "perceive, think, and operate."

After Soaring in The Previous Session Due to Russia's Sanctions, The Price of Oil Declines

Aria Thomas

May 12, 2022 09:37

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Oil prices declined in early Asian trading on Thursday, taking a breather after gaining more than 5 percent in the previous session in response to fresh Russian sanctions against some European gas firms.


On Wednesday, Russia sanctioned 31 enterprises located in nations that placed sanctions on Moscow during the February invasion of Ukraine.


At the same time, Russian gas flows to Europe via Ukraine decreased by a quarter, causing market concern. It was the first time since the invasion when exports via Ukraine were interrupted.


At 00:13 GMT, Brent crude futures decreased 9 cents to $107.42 a barrel. WTI crude prices dropped 13 cents per barrel to $105.58.


As a result of supply concerns following Russia's invasion of Ukraine in February, prices have climbed by roughly 35 percent so far this year.


The European Union continues to negotiate an embargo on Russian oil, which analysts say will tighten the market more and alter trade flows. The vote requires unanimity, but it has been delayed due to Hungary's staunch resistance.


As a result of China's efforts to stop the spread of coronavirus, fears of a decline in demand have curbed price increases.


Stephen Innes, managing partner of SPI Asset Management, predicts that oil prices will be capped in the near future unless China provides substantial policy support or policymakers embrace a different strategy to COVID, both of which seem highly improbable.

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