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On April 16, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A Reuters reporter asked, "US President Trump said yesterday that he believes China will not stop buying Iranian oil. He also said he would impose sanctions on countries that buy Iranian oil. What is Chinas comment on this?" Guo Jiakun stated that China has consistently opposed illegal unilateral sanctions that have no basis in international law and are not authorized by the UN Security Council.On April 16th, Suren Thiru, an economist at the Institute of Chartered Accountants, stated that the unexpectedly strong growth in the UK in February would soon be overshadowed by the impact of the war with Iran. GDP grew by 0.5% that month, higher than the expected 0.2%. He said, "Given that the unexpectedly strong growth in February has been far outpaced by new energy and supply chain shocks, these figures are unlikely to alleviate stagflation concerns." This is expected to affect investment and consumer spending over the next year, thus dampening economic growth. Thiru indicated that the Bank of England is likely to keep interest rates unchanged for the time being, as the squeeze on growth will suppress inflation.Ukrainian President Zelensky: Aid supplies to Ukraine should be delivered on time.Ukrainian President Zelensky: Pressure on Russia must work.Futures News, April 16th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes: 1. Pulp futures warehouse receipts: 181,417 tons, unchanged from the previous trading day; 2. Pulp futures mill warehouse receipts: 15,000 tons, unchanged from the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged from the previous trading day; 4. Offset paper futures mill warehouse receipts: 4,160 tons, unchanged from the previous trading day; 5. Fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day. 6. Warehouse receipts for petroleum asphalt futures totaled 32,010 tons, a decrease of 1,860 tons compared to the previous trading day; 7. Factory warehouse receipts for petroleum asphalt futures totaled 48,300 tons, a decrease of 500 tons compared to the previous trading day; 8. Warehouse receipts for medium-sulfur crude oil futures totaled 3,511,000 barrels, unchanged from the previous trading day; 9. Warehouse receipts for low-sulfur fuel oil futures totaled 13,500 tons, a decrease of 4,100 tons compared to the previous trading day; 10. Factory warehouse receipts for low-sulfur fuel oil futures totaled 0 tons, unchanged from the previous trading day.

In a risk-on environment with a weaker US dollar, WTI consolidates weekly losses above $83,000

Alina Haynes

Sep 09, 2022 17:17

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The price of WTI crude oil is higher for the second day in a row while paring the weekly losses at the eight-month low on Friday during the Asian session. However, by the time of publication, the black gold has reached a new intraday high of around $83.50.

 

Recent news reports from the US Treasury Department regarding the oil price cap appear to have helped drive up energy prices together with stronger sentiment and a weaker US dollar. According to the US Treasury source, "the oil price cap should be set above the marginal production cost, taking into account past Russian oil prices."

 

In other news, stronger sentiment and slow US Treasury yields cause the US Dollar Index (DXY) to fall intraday by 0.55%, to 109.05 at the latest. It's interesting to see that after a solid day, the US 10-year Treasury yields are still stuck around 3.32%, while the S&P 500 Futures tracks Wall Street's gains at approximately 4,020.

 

Recent market sentiment appeared to be aided by remarks made by US Treasury Secretary Janet Yellen, which suggested that trade relations between the US and China were set to improve. The market's attitude also appeared to have been aided by recently stronger US statistics and expectations that global central bankers will be able to offset the shock caused by inflation with a comprehensive strategy and higher rates. The Wall Street Journal (WSJ) article, on the other hand, raises some concerns about the future of China's technological enterprises and casts some doubt on the optimism.

 

A price document examined by Reuters on Friday revealed that Kuwait has decreased the official selling prices for its oil grades for the month of October from the previous month. Before the present program ends in October, US Energy Secretary Jennifer Granholm said the administration of US President Joe Biden is considering whether additional releases of crude oil from the country's emergency stockpiles are necessary. Prior to that, a Department of Energy official reportedly told Reuters that the White House was only considering releasing the 180 million barrels from the US Strategic Petroleum Reserve (SPR) that the president had already stated.

 

It should be highlighted that the recent decline in China's inflation data, coupled with the hawkish central bank activities, presents a challenge to oil purchasers. Both China's Producer Price Index (PPI) and Consumer Price Index (CPI) show unfavorable results for August. However, compared to 2.8% market expectations and 2.7% in the prior year, the headline CPI declined to 2.5% YoY, and the PPI fell to 2.3% from 3.1% projected and 4.2% in the preceding year.


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