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A Reuters poll shows that two-thirds of Japanese companies are concerned about Prime Minister Sanae Takaichis fiscal discipline.Conflict Status: 1. Ukraine reportedly recaptured 201 square kilometers of land in five days. 2. Russian troops have taken control of Krinichny in eastern Ukraine. 3. Russian Foreign Ministry: Dutch mercenaries flying Ukrainian aircraft will be legal targets. Peace Negotiations: 1. Russian media: No documents were signed at the Geneva talks. 2. Head of the Russian delegation: The negotiations lasted about two hours, difficult but pragmatic. A new round of talks on the Ukraine issue will be held soon. 3. White House Press Secretary: The latest round of trilateral contacts "made meaningful progress," and all parties agreed to continue negotiations. 4. Zelensky: Differences remain in current positions; European participation in peace negotiations is crucial. 5. Zelensky: The talks at the military level were substantive; political issues need further study. He hopes the next round of negotiations will be held in February. 6. Zelensky: Ukraine and Russia are "close" to forming a document on how to monitor the ceasefire; the United States will play a leading role in monitoring the ceasefire. 7. Russian Foreign Minister: Russia and the United States have agreed to establish a bilateral economic working group to discuss trade and economic issues separately. 8. Zelensky: The next round of talks with Russia will be held in Switzerland. Other developments: 1. Zelensky: Sanctions have been imposed on Belarusian President Lukashenko. 2. Hungary and Slovakia have announced a suspension of diesel exports to Ukraine. 3. The EU has adopted a comprehensive strategy to support member states bordering Russia and Ukraine. 4. Russian oil drilling activity is projected to fall to its lowest level in three years by 2025. 5. Data shows that India imported 1.1 million barrels per day of Russian oil in January, the lowest level since November 2022. February 19th - According to CBS News, citing sources familiar with the matter, senior U.S. national security officials have informed Trump that the military could launch a strike against Iran as early as Saturday, but the timeline for any action could be extended beyond the end of the week. Trump has not yet made a final decision on whether to launch a strike. Several officials stated that the Pentagon will temporarily evacuate some personnel from the Middle East over the next three days, primarily to Europe or back to the United States, in preparation for potential U.S. actions or a potential Iranian retaliation following a U.S. strike. One source stated that moving assets and personnel in the lead-up to potential military action is routine Pentagon practice and does not necessarily indicate that a strike against Iran is imminent.The API reported that U.S. crude oil production increased by 134,000 barrels per day in the week ending February 13, compared with 141,000 barrels per day in the previous week.U.S. refined product imports for the week ending February 13 were down 18,000 barrels per day, compared with a previous weeks figure of down 179,000 barrels per 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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