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GFZ (German Center for Geosciences): A 5.6-magnitude earthquake struck the Peru-Brazil border region.S&P 500 futures rose 0.3%, while Nasdaq futures extended their gains to 1.1%.The main Shanghai silver futures contract rose 2.00% intraday, currently trading at 14,428.00 yuan/kg.As of 8:30 AM Beijing time, spot platinum rose 0.13% and spot palladium rose 0.19%.July 31 – Tokyos inflation accelerated for the second consecutive month, raising hopes that the Bank of Japan will raise interest rates again in the coming months, although the market widely expects the bank to hold rates steady today (July 31). Data released by Japans Ministry of Internal Affairs and Communications on Friday showed that Tokyos core CPI rose 1.9% year-on-year in July, higher than the market expectation of 1.8%. The "core-core CPI" (closely monitored by the Bank of Japan as a measure of underlying inflation), excluding fresh food and energy, rose 2%, and the overall CPI also rose 2%. The rise was driven by a narrowing decline in electricity and natural gas costs, coupled with a steady increase in processed food prices. Gasoline prices saw a wider decline due to government measures. "Given the ongoing situation in the Middle East, I think prices – especially energy-related goods – will continue to rise, and the costs of food and other items will also increase further," said Takeshi Minami, chief economist at the Norinchu Kinpo Research Institute. "Therefore, inflation is likely to remain above 2% starting this fall."

Oil decreases due to demand concerns and increased supply

Haiden Holmes

Aug 11, 2022 11:14


Thursday morning Asian trade saw a dip in oil prices as traders anticipated an increase in oil production and a decrease in demand.


Brent oil prices fell 53 cents, or 0.5%, to $96.87 a barrel by 00:05 GMT, while U.S. West Texas Intermediate crude futures fell 61 cents, or 0.7%, to $91.32.


The U.S. Energy Information Administration stated that crude oil stockpiles rose by 5.5 million barrels in the most recent week, above the forecasted increase of 73,000 barrels.


The gasoline product supply grew to 9.1 million barrels per day in the most recent week, despite a 6% reduction in demand over the previous four weeks compared to the same time in the previous year.


Flows on the Russia-to-Europe Druzhba pipeline resumed earlier this week.


The Russian oil pipeline monopoly Transneft has restarted oil transport along the southern portion of the Druzhba oil pipeline. Since the start of this month, Ukraine has restricted Russian oil pipeline exports to parts of central Europe because Western sanctions prevented it from receiving transit payments from Moscow, Transneft said on Tuesday.


Later on Wednesday, the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) will announce their respective monthly oil statistics.

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