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On May 23, U.S. Director of National Intelligence Tulcie Gabbard announced on social media on May 22 that she had submitted her resignation to President Trump that day to care for her husband, who is battling cancer. U.S. media reports indicate that Gabbard was effectively "forced out" by the White House. In her resignation letter, Gabbard stated that her husband had recently been diagnosed with "an extremely rare form of bone cancer," and her resignation would take effect on June 30. Trump announced on social media that day that Deputy Director of National Intelligence Aaron Lucas would serve as acting Director of National Intelligence. According to multiple U.S. media reports, Gabbard had been marginalized within the White Houses national security decision-making system, and in recent months, Trump had expressed considerable dissatisfaction with her and considered replacements. Gabbard has long opposed U.S. government military intervention abroad and disagreed with Trump on the Iranian nuclear issue. After the U.S. and Israel launched a large-scale military operation against Iran in late February, she testified before Congress that Iran had not attempted to rebuild its nuclear program and refused to confirm that Iran posed an imminent threat as the U.S. claimed.According to the Wall Street Journal, sources say the United States has suspended visa issuance to people who have visited Ebola-affected areas. This policy applies to individuals planning to travel to the United States within 21 days in South Sudan, the Democratic Republic of Congo, or Uganda.According to the U.S. Commodity Futures Trading Commission (CFTC), in the week ending May 19, speculators reduced their net short positions in CBOT U.S. 2-year Treasury futures by 41,775 contracts to 1,560,837 contracts; increased their net short positions in CBOT U.S. 10-year Treasury futures by 66,885 contracts to 848,052 contracts; increased their net short positions in CBOT U.S. ultra-long-term Treasury futures by 15,470 contracts to 254,464 contracts; and reduced their net short positions in CBOT U.S. 5-year Treasury futures by 11,629 contracts to 1,350,516 contracts.According to the U.S. Commodity Futures Trading Commission (CFTC), in the week ending May 19, crude oil speculators increased their net long positions in WTI crude oil by 15,017 contracts, reaching 110,348 contracts.Hang Seng Index futures closed down 0.49% at 25,430 points in overnight trading, a discount of 176 points.

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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