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Market news: Serbian oil company NIS has been granted another exemption by the United States.On April 18, the U.S. Department of Energys Strategic Petroleum Reserve Program Management Office announced on its website that it would lend more than 26 million barrels of crude oil from the Strategic Petroleum Reserve to nine oil companies. This is the third batch of oil reserves released by the Trump administration to stabilize oil prices since the start of the Iraq War on February 28.On April 18th, ahead of tense trade negotiations, U.S. Commerce Secretary Rutnick fiercely criticized Canada, calling the USMCA a "bad deal" that needs to be revised. Rutnick stated that President Trump believes the USMCA "needs to be reconsidered and properly reimagined" when new negotiations begin in July. Rutnick said reports that Canada is delaying trade negotiations with the U.S. are "the worst tactic Ive ever heard of. Its absolutely terrible." Trump signed the 2020 trade agreement during his first term to replace NAFTA.Five Iranian oil tankers attempted to circumvent a U.S. blockade by concealing their navigation data. A U.S. destroyer forced three Iranian tankers to return to port and is pursuing the remaining two.On April 18th, two State Council decrees were issued in quick succession over the past two weeks: Decree No. 834 promulgated the "Regulations of the State Council on the Security of Industrial and Supply Chains," and Decree No. 835 promulgated the "Regulations of the Peoples Republic of China on Combating Undue Extraterritorial Jurisdiction by Foreign Countries." These two administrative regulations share a strong commonality in content, both clearly targeting improper foreign conduct. An official from the Ministry of Justices Bureau of Foreign-Related Legal Affairs stated that the "15th Five-Year Plan" explicitly points out the need to accelerate the construction of a legal system and capacity for foreign-related affairs. It is imperative to strengthen the rule of law mindset, utilize legal methods, effectively address challenges and prevent risks, and comprehensively employ legislative, law enforcement, and judicial means to resolutely safeguard national sovereignty, dignity, and core interests. This means that in dealing with complex international struggles, legal means will be given a more prominent position. These two new regulations already embody this spirit.

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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