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On September 6th, TankerTrackers reported on Saturday that Iraqs oil exports in August fell by 36% compared to pre-war levels, making it one of the Middle Eastern oil-producing countries with the largest decline in exports. The comparison is based on export levels in January and February before the conflict. Iran saw the largest drop, with crude oil exports plummeting by 100%. Qatar and Saudi Arabia followed closely, both experiencing a 48% decline in exports. Kuwaits crude oil exports also fell by 36% in August, matching Iraqs decline, placing these two countries tied for third place among those tracked by TankerTrackers. The UAE saw the smallest decline, with crude oil exports falling by only 0.02% compared to pre-war levels.OpenAIs Head of Applied Research: Spatial reasoning ability was one of the last areas where humans far surpassed computers, but with Astra, that will no longer be the case.September 6th - According to foreign media reports, a White House official stated on Saturday that US and Russian officials discussed a "substantial" plan for the next steps in negotiations aimed at ending Russias military operations in Ukraine, and that the plan will be released in the coming weeks. The White House official stated, "Witkov and Kushner met with Russian President Putin to advance President Trumps peace agenda in the Russia-Ukraine conflict. Officials from the National Security Council, the State Department, and the Treasury Department also participated in the discussions, exploring proposals to bring peace to this conflict. The two sides discussed a substantial plan for the next steps, the details of which will be released in the coming weeks. We look forward to equally productive talks in Ukraine tomorrow."A White House official said that U.S. and Russian officials discussed the next substantive steps in negotiations on the Russia-Ukraine conflict, and the plan will be released in the coming weeks.On September 6th, the Hunan Provincial Department of Housing and Urban-Rural Development, the Provincial Department of Natural Resources, and the Provincial Department of Finance jointly issued the "Notice on Supporting the Independent Renewal of Old Housing," supporting the independent renewal of eligible old housing on state-owned land in urban (including county) built-up areas of Hunan Province. The notice is effective from the date of issuance and will be valid for five years. Regarding funding, the principle of "mainly funded by property owners, supplemented by government subsidies, and supplemented by social capital" will be adhered to. Eligible projects can apply for relevant policy-based funds according to procedures. The notice supports social capital participation in the independent renewal of old housing and encourages policy banks and commercial financial institutions to provide medium- and long-term, low-interest special loans in accordance with laws and regulations. For property owners with financial difficulties and no other housing, basic housing needs can be met through the allocation of affordable housing during the construction period.

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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