EUR/USD 1.15535
0.096%
Gold 4191.78
-1.589%
Oil 87.072
-0.319%
USD/JPY 160.371
0.005%
GBP/USD 1.33883
0.073%
GBP/JPY 214.714
0.079%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
According to the latest data from the Fujairah Oil Industrial Zone in the UAE, as of the week ending June 8, total refined product inventories at the port of Fujairah were 5.377 million barrels, an increase of 165,000 barrels from the previous week. Specifically, light distillate inventories decreased by 205,000 barrels to 2.057 million barrels; middle distillate inventories increased by 40,000 barrels to 1.268 million barrels; and heavy residual fuel oil inventories increased by 330,000 barrels to 2.052 million barrels.June 10th Futures News: On June 10th, the Shanghai Futures Exchanges energy and chemical warehouse receipts and changes are as follows: 1. Pulp futures warehouse receipts: 235,809 tons, unchanged from the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 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: 6,640 tons, unchanged from the previous trading day; 5. Fuel oil futures warehouse receipts: 34,160 tons. 6. Petroleum asphalt futures warehouse receipts: 21,120 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 96,220 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 2,961,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.On June 10, residents of Mississippi filed a lawsuit against SpaceX, Elon Musks SpaceX company, and its newly merged subsidiary xAI, alleging that a power plant operated by the defendants to supply data centers is emitting persistent noise pollution that is causing significant disturbance to residents. Court documents released on June 9 show that three groups of Mississippi residents, representing more than 10,000 people, filed a class-action lawsuit in a federal court in the state, accusing the two companies of failing to take measures to curb the excessive noise pollution from the power plant, causing not only emotional distress but also financial losses such as property depreciation, and demanding compensation from the companies.National Highway Traffic Safety Administration: Honda recalls some vehicles in the United States.On Wednesday, June 10th, the German DAX 30 index opened 86.27 points higher, or 0.35%, at 24,504.34; the UK FTSE 100 index opened 22.72 points higher, or 0.22%, at 10,250.05; and the French CAC 40 index opened 15.23 points higher, or 0.19%, at 8,218.66. (European...) The Stoxx 50 index opened 14.01 points higher, or 0.23%, at 6063.75 on Wednesday, June 10; the Spanish IBEX 35 index opened 74.05 points higher, or 0.41%, at 18260.75 on Wednesday, June 10; and the Italian FTSE MIB index opened 238.74 points higher, or 0.47%, at 50501.50 on Wednesday, June 10.

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

Alina Haynes

Sep 09, 2022 17:17

 153.png

 

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.


Suggestion