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Norwegian gas transportation management company Gassco has significantly increased its forecast for planned gas supply disruptions on September 18-19 from 18 million cubic meters to 55.1 million cubic meters.On September 17th, according to Shanghai Customs statistics, Shanghais total import and export volume reached 3.44 trillion yuan in the first eight months of this year, a year-on-year increase of 17.1%. In August, despite the adverse effects of two typhoons, Shanghais foreign trade continued the growth momentum of the first seven months, with imports and exports increasing by 13.1%, exports by 16.1%, and imports by 10.5%. In the first eight months, Shanghais imports and exports with ASEAN reached 546.2 billion yuan, an increase of 30.6%. ASEAN has remained Shanghais largest trading partner for four consecutive months since May, with imports to Vietnam and Singapore increasing by 78.3% and 31.4% respectively. Imports and exports with South Korea increased by 64.3%, with exports increasing by 1.3 times. In August alone, Shanghais imports from Africa increased by 21.8%, with the zero-tariff policy continuing to benefit the region. During the same period, exports to the United States increased by 13.2%, maintaining a growth trend since April. Looking at key commodities, in the first eight months, the total imports and exports of five AI-related products—integrated circuits, servers, memory, hard drives, and semiconductor manufacturing equipment—increased by 90.7%, accounting for 24.9% of Shanghais total import and export value during the same period. During the same period, exports of the "new three items" increased by 78.2%.Ukraines Ministry of Infrastructure: A Russian drone strike on a Tanzanian-flagged ship bound for a Ukrainian port has killed one person and injured three crew members.ECB Governing Council member Machrouf: The ECB must focus on its 2% medium-term target.The CEO of shipping company Frontline said that Saudi Arabia will likely need to be more involved in the matter after the suspension of the East-West pipeline.

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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