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Israel Defense Forces: Initial reports indicate that alarms have been raised regarding enemy aircraft infiltration in the Miskaf-Am area. Further details are under investigation.On May 17th, it was reported that the USS Gerald R. Ford aircraft carrier returned to Naval Station Norfolk, Virginia, on May 16th, concluding its 11-month deployment. According to US sources, the USS Gerald R. Fords deployment lasted 326 days, breaking the record for the longest deployment by a US aircraft carrier since the Vietnam War. Since June of last year, the USS Gerald R. Ford has participated in US military operations against Venezuela and Iran. The extended deployment has led to fatigue among the USS Gerald R. Ford and its crew, resulting in numerous ship malfunctions. It is reported that the USS Gerald R. Ford issued 32 requests for wastewater treatment system maintenance by 2025. In March of this year, a fire broke out in the ships stern laundry room, injuring three sailors and requiring treatment for smoke inhalation by more than 200 others. The USS Gerald R. Ford was subsequently forced to withdraw from the Middle East theater of operations, undergoing repairs and maintenance in ports in Greece and Croatia.According to CNBC, Estonias defense minister warned that prices for European defense products have risen by more than 50%, complicating NATOs rearmament efforts and the urgent aid to Ukraine to counter Russia.The South Korean presidential office said on Sunday that South Korean President Lee Jae-myung will hold a summit with Japanese Prime Minister Sanae Takaichi next Tuesday.On May 17th, Hongqiao Holdings stated at its earnings conference on May 15th that, according to publicly available industry data, aluminum rod inventory has been continuously decreasing since mid-March 2026. This year, due to factors such as the later Spring Festival, the delayed off-season, and the impact of high aluminum prices on downstream restocking, the destocking pace of aluminum ingots has been relatively slow. However, recently, there have been signs of a marginal decline in electrolytic aluminum social inventory. The destocking trend still needs to be continuously observed in conjunction with subsequent downstream production, spot transactions, and delivery status. The relatively high level of aluminum ingot social inventory this year is mainly likely related to the following factors: First, the recovery of demand after the Spring Festival was somewhat delayed, leading to relatively cautious downstream delivery and restocking; second, the relatively high aluminum prices have had a certain impact on downstream procurement, resulting in a temporary accumulation of inventory in the upstream and distribution links; third, the inventory performance of different product forms varies, with the destocking pace of aluminum rods, aluminum ingots, and processed materials not being entirely consistent. Overall, with the continued release of downstream demand, there are signs of marginal improvement in aluminum ingot social inventory, but the specific timing and extent of destocking still depend on market supply and demand, price levels, and delivery schedules.

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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