EUR/USD 1.16645
-0.118%
Gold 4663.09
1.001%
Oil 84.991
-1.505%
USD/JPY 159.101
0.067%
GBP/USD 1.36391
-0.055%
GBP/JPY 217.004
0.012%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
August 24th - According to the Ministry of Transport, in the first seven months of this year, my countrys cross-regional passenger flow reached 39.79 billion person-times, a year-on-year increase of 0.8%. Among them, road passenger flow was 36.39 billion person-times, a year-on-year increase of 0.6%; waterway passenger flow was 150 million person-times, a year-on-year increase of 0.6%. In terms of freight volume, in the first seven months, my country completed 32.97 billion tons of commercial freight, a year-on-year increase of 2.8%. Among them, road freight volume was 24.98 billion tons, a year-on-year increase of 2.9%; waterway freight volume was 4.93 billion tons, a year-on-year increase of 3%.US President Trump: Factories built in the US will enjoy zero tariffs.US President Trump: Starting January 1, 2027, tariffs on all Canadian cars, trucks (both large and small), auto parts, and steel will be increased to 50%.US President Trump: We dont need Canada, they need us.On August 24, the General Office of the National Energy Administration issued a notice on establishing a "Artificial Intelligence + Energy" working group within the Belt and Road Energy Partnership Cooperation Network. The working group aims to strengthen policy communication and experience sharing among member countries in areas such as AI-assisted energy transition and green energy supporting sustainable computing power development; analyze technological trends and governance issues; and build consensus on multilateral cooperation. It will focus on scenarios such as new energy power forecasting, power system optimization, new energy storage regulation, and multi-energy synergistic optimization, as well as green energy supporting computing power infrastructure construction, promoting joint research and development, technology exchange, and demonstration cooperation. The working group will conduct joint research on cutting-edge issues such as digital energy standards and specifications, technology certification, green computing power evaluation, and energy data cooperation and governance, promoting the alignment and coordination of rules and standards in the energy and digital fields. It will also provide specialized training, seminars, and talent development for member countries to enhance their technological capabilities and governance levels in the digital and intelligent development of energy.

Oil Prices Decline As U.S. Stocks Rise And China Anxiety Rises

Haiden Holmes

Dec 30, 2022 11:24

8.png


On Thursday, U.S. crude oil prices closed down as a result of an unexpected increase in U.S. weekly crude inventories and continued concerns about the demand outlook in the wake of intensifying cases in China.


On the New York Mercantile Exchange, oil futures settled at $78.40 per barrel, down $0.56, while Brent futures settled at $84.66 per barrel, down $0.53.


Contrary to expectations of a decrease of 1.5 million barrels, U.S. oil inventories grew by 718,000 barrels for the week ending December 23, as reported by the Energy Information Administration (EIA).


Inventories of gasoline unexpectedly declined by 3.1 million barrels, the highest decrease since September, above forecasts for a rise of 520,000 barrels, while distillate supplies grew by 282,000 barrels, below estimates for a decrease of 2.05 million barrels.


The EIA's mixed petroleum data comes at a time when numerous nations are poised to impose new travel restrictions on Chinese tourists, dimming some of the euphoria that had followed the month-long removal of COVID restrictions. Multiple nations, including the United States, Italy, and Japan, imposed testing requirements on Chinese tourists.


It is anticipated that the efforts of the Biden administration to replenish the Strategic Petroleum Reserve by acquiring crude oil in the first quarter of 2016 will increase demand.


According to Craig Erlam, a senior market analyst at OANDA, efforts to replenish strategic petroleum stocks "should be positive for the market and should have provided some support."


Goldman Sachs decreased its price forecast for Brent crude in 2023 to $90/bbl from $110/bbl before, citing the recent decline in commodity prices, but highlighted that it remained bullish on oil prices in the medium term.


Goldman Sachs commented, "For oil prices, we remain bullish on oil prices in the immediate future due to the prospect of rising China demand, decreased supply growth from US shale due to discipline/tight service markets, and OPEC+ quota reduction."

Suggestion