EUR/USD 1.14633
0.000%
Gold 4293.56
0.695%
Oil 97.635
0.159%
USD/JPY 156.083
-0.123%
GBP/USD 1.33771
-0.020%
GBP/JPY 208.801
-0.141%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On September 17th, Robert Sorkin, chief U.S. economist at PGIM, stated that the latest Federal Reserve meeting signaled that the Fed could implement three rate hikes, or even more if necessary, with just a slight push. This rate hike was hawkish, signaling another rate hike this year. Of the 18 Fed officials who submitted forecasts, eight expect three rate hikes in this cycle by the end of 2027. In a report, Sorkin noted that Fed Chairman Warshs mention of the Fed "withdrawing some easing measures" suggested that he and other participants viewed Wednesdays action as merely a small step towards tightening financial conditions, implying further action is possible. Sorkin added that the risk of further Fed rate hikes remains high if inflation continues to be high.On September 17th, Futures News reported that Zhang Guoqing, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, stated in his concluding remarks that it is essential to thoroughly study and implement the spirit of General Secretary Xi Jinpings important instructions and the requirements of Premier Li Qiangs speech, and to earnestly enhance the sense of urgency, responsibility, and mission in developing advanced manufacturing. He emphasized the need to focus on key areas and crucial aspects, deeply implement the high-quality development action plan for key industrial chains, vigorously develop next-generation intelligent manufacturing, accelerate the upgrading and integrated development of the industrial system, and solidly promote the implementation of various tasks. He also stressed the importance of better leveraging the role of market mechanisms, accelerating the construction of a high-quality standard system, continuously rectifying disorderly and irrational competition, actively helping enterprises solve practical difficulties, and striving to create a favorable ecosystem for the development of advanced manufacturing.On September 17, the Pakistani Foreign Ministry issued a statement on the evening of the 16th, saying that Pakistan summoned the Chargé dAffaires ad interim of the Indian High Commission in Pakistan that day to lodge a strong protest against the "highly provocative and unacceptable behavior" taken by an Indian Navy vessel in Pakistans Exclusive Economic Zone on the 15th. The statement said that during the Pakistani Navys biennial routine exercises, the Indian warship took provocative actions at extremely close range towards a Pakistani warship, resulting in a contact between the two vessels. This action seriously violated the relevant agreements signed by both sides and could escalate regional tensions. The statement urged India to strictly abide by international law and bilateral agreements, especially those aimed at preventing maritime conflicts. The Chargé dAffaires ad interim of the Pakistani High Commission in India will lodge the same protest with the Indian Ministry of External Affairs.Japanese Finance Minister Satsuki Katayama: No comment on the Bank of Japans policy.Japanese Finance Minister Satsuki Katayama: The Bank of Japan is expected to work closely with the government to implement appropriate monetary policy in order to achieve the 2% price target.

NYMEX crude oil expected to fall to $75.12

Oct 26, 2021 10:59

On Thursday (October 7), international oil prices were under pressure for the second consecutive trading day, and US crude oil inventories unexpectedly increased, triggering concerns about demand. Earlier, OPEC+ has expressed concern that demand and prices may weaken. NYMEX crude oil is expected to fall to $75.12.

GMT+8 14:05, NYMEX crude oil futures fell 0.49% to 77.04 US dollars/barrel; ICE Brent crude oil futures rose 0.04% to 81.14 US dollars/barrel.


Overnight, NYMEX crude oil and Brent crude oil closed down 2.52% and 2.10%, respectively, despite the intraday highs of $79.78/barrel since November 10, 2014 and $83.47/barrel since October 10, 2018.

ANZ Bank said in a report: “According to EIA data, US commercial crude oil inventories rose last week and gasoline inventories also surged, raising concerns about weak demand.”

The U.S. Energy Information Administration (EIA) said on Wednesday (October 6) that as of the week of October 1, crude oil inventories increased by 2.345 million barrels to 420.9 million barrels, an increase much higher than market expectations of 796,000 barrels. Gasoline inventories unexpectedly soared by 325.6 million barrels, which is expected to decrease by 69,000 barrels; distillate stocks fell by 396,000 barrels, which was less than the expected decrease of 844,000 barrels.

Global oil prices have jumped by more than 50% this year, increasing inflationary pressure, which may slow the recovery of the economy from the new crown epidemic and affect consumer demand. Natural gas and coal prices are also climbing.

Sources said on Wednesday that as oil prices hit multi-year highs, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided earlier this week to stick to a plan to gradually increase oil production, partly because of concerns that demand and prices may weaken.

On the daily chart, U.S. oil is in an upward ((3)) wave that started from $61.74 and broke through the 23.6% target of $78.37. The upper resistance looks at the $80 mark and the ((3)) wave 38.2% target of 88.66. Dollar.

On the hourly chart, oil prices are in the 4 downward waves that started from 79.78 US dollars, falling below the 3 waves 23.6% Fibonacci retracement level of 76.90 US dollars, and the lower support looks to the 3 waves 38.2% Fibonacci retracement level of 75.12 US dollars. Waves 3 and 4 are both sub-waves of the upward (1) wave that started from $61.74. (1) Waves are the sub-waves of ((3)) waves.

Suggestion