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The yen erased more than half of its gains against the dollar following overnight intervention.July 31 – This morning, the National Development and Reform Commission (NDRC) held its July press conference. An NDRC spokesperson stated that the 109 major projects outlined in the 15th Five-Year Plan are being implemented at an accelerated pace. This year, a number of major projects have commenced, including the Three Gorges Waterway New Channel, the Guangzhou New Airport, and the Shangbaishi Water Conservancy Project in Fujian. Preliminary work on projects such as the east and west sections of the Xinjiang-Tibet Railway and the modernization of the Dujiangyan Irrigation System in Sichuan is being expedited, with the aim of starting construction and generating tangible results as soon as possible.The Central Bank of the Philippines predicts that the annual inflation rate in July is likely to be between 5.6% and 6.6%.On July 31, the National Development and Reform Commission (NDRC) held a briefing on the development and reform situation in the first half of 2026 on July 30. The meeting emphasized that the development and reform system must effectively carry out all aspects of development and reform work to promote sustained, innovative, and positive economic development and ensure the achievement of the annual targets. This includes accelerating the construction of a modern industrial system, adhering to the principle of tailoring measures to local conditions and implementing differentiated policies to cultivate and strengthen emerging and future industries; deeply implementing the "Eastern Data, Western Computing" project, coordinating the layout and orderly construction of computing facilities; accelerating the creation of a number of benchmark applications for artificial intelligence, providing rapid empowerment to key industries such as manufacturing, agriculture, and energy, and accelerating the legislative process for an artificial intelligence law; promoting the high-quality and efficient development of the service industry, and driving quality improvement, cost reduction, and carbon reduction in key industries.On July 31, Jiang Lue, spokesperson for the China Coast Guard, stated that the Xiushan frigate formation of the China Coast Guard conducted routine law enforcement patrols in the waters east of Taiwan on July 31. Since July, the Xiushan frigate formation has continuously strengthened control over the relevant waters, effectively ensuring normal navigation and operational order, and earnestly safeguarding the legitimate rights and interests, as well as the lives and property of Chinese citizens, including compatriots in Taiwan. The China Coast Guard will continue to strengthen law enforcement patrols in waters under Chinese jurisdiction and resolutely safeguard national territorial sovereignty and maritime rights.

Look at $83.88 on NYMEX crude oil

Oct 26, 2021 11:03

On Thursday (October 14), international oil prices rose. The reason is that with the advent of winter, high natural gas prices may prompt people to switch to oil to meet heating needs. NYMEX crude oil looks at $83.88.

At 14:15 GMT+8, NYMEX crude oil futures rose 0.85% to US$81.12/barrel; ICE Brent crude oil futures rose 0.90% to US$83.93/barrel.


Hiroyuki Kikukawa, general manager of Nissan Securities’ research department, said: “Investors are betting that with the arrival of the winter demand season, soaring natural gas prices will encourage power generators to switch to oil.”

The Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report released on Wednesday that soaring natural gas prices may boost demand for petroleum products as end users switch to refined oil.

Oil prices are also supported by concerns about tight supply. Earlier, the U.S. Energy Information Administration (EIA) stated in its monthly report that the decline in U.S. crude oil production this year will exceed previous expectations, but it will rebound in 2022.

Kikukawa said: "The current tight supply in the crude oil market and the prospect of increased short-term seasonal demand support investor confidence, overwhelming the impact of higher-than-expected growth in US crude oil inventories and weak OPEC forecast demand."

According to data from the American Petroleum Institute (API), as of the week of October 8, US crude oil inventories increased by 5.213 million barrels, gasoline inventories decreased by 4.575 million barrels, and distillate inventories decreased by 2.7 million barrels. The official U.S. Energy Information Administration (EIA) weekly inventory data will be released at 23:00 GMT+8 on Thursday.

On the daily chart, U.S. oil is in an upward ((3)) wave starting from $61.74, and the upper resistance is looking at the 38.2% target of $88.66. On the hourly chart, oil prices are in an upward ((iii)) wave that started from $79.43. The upper resistance looks at the 38.2% target of $82.18 and the 61.8% target of $83.88. ((iii)) Wave is a sub-wave of five upward waves that started from $74.97.

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