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Goldman Sachs: We expect Persian Gulf oil exports to recover to pre-war levels by the end of July, up from the previous forecast of the end of August.On June 16th, JPMorgan Chase released a research report analyzing Chinas large-scale AI model industry. The report points out that as the monetization path for large models converges towards enterprise workflows, API consumption, code, and intelligent agents, investors will increasingly focus on the actual capabilities, task completion rates, and pricing power of the models. Given that AI adoption demand still exceeds inference computing power supply, if developers quickly withdraw from premium pricing, it reflects a lack of market recognition of their model capability improvements. The bank is relatively optimistic about Zhipu (02513.HK) within the sector, reiterating its "Overweight" rating. The bank is optimistic about Zhipu AIs pricing power, noting that its ability to double API prices this year while maintaining continuous business growth fully validates the markets recognition of its large-scale model value. The bank raised its revenue forecasts for Zhipu AI by 26% to 42% for fiscal years 2026 to 2030, while lowering its adjusted net loss forecast, significantly increasing its target price from HK$950 to HK$1400.On June 16, Fu Linghui, spokesperson for the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that the equipment manufacturing industry has played a significant supporting role in industrial production, becoming a crucial force driving accelerated industrial growth. In May, the added value of the equipment manufacturing industry increased by 9.5% year-on-year, contributing nearly 80% to the growth of the added value of industries above a designated size.According to the National Bureau of Statistics, caustic soda (100% purity) production in May was 3.9 million tons, up 2.2% year-on-year. From January to May, the cumulative production of caustic soda (100% purity) was 19.85 million tons, up 5.1% year-on-year.According to the National Bureau of Statistics, sulfuric acid (100% purity) production in May was 8.37 million tons, a year-on-year decrease of 1.6%. From January to May, the cumulative sulfuric acid (100% purity) production was 44.29 million tons, a year-on-year increase of 1.9%.

Oil prices fall as inflationary concerns overshadow anticipated OPEC+ output reductions

Charlie Brooks

Aug 30, 2022 10:49

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Oil prices dropped on Tuesday, a day after reaching their highest level in more than a month during the previous session, as inflation fears trumped the potential of OPEC+ production cuts.


At 00:12 GMT on Tuesday, Brent crude futures fell 39 cents, or 0.3%, to $104.70 a barrel after gaining 4.1% on Monday. Following a 4.2% increase in the prior session, U.S. West Texas Intermediate crude traded at $96.79 per barrel, a decrease of 21 cents or 0.2%.


Inflation is hitting double digits in several of the world's top economies, a level not seen in nearly half a century, and investors are concerned that the United States and Europe may seek more aggressive interest rate hikes.


In the wake of the Ukraine conflict, Russia's oil output has exceeded expectations, the president of the International Energy Agency (IEA) said on Monday, adding to the downward pressure on prices. Moscow, which refers to its actions in Ukraine as a "special operation," will find it increasingly difficult to maintain production as Western sanctions take effect, he warned.


According to the agency's chairman, when the current system ends, IEA member nations may release more oil from their strategic petroleum reserves (SPR) if they think it necessary.


Saudi Arabia, the Organization of the Petroleum Exporting Countries (OPEClargest )'s producer, discussed the possibility of production cuts last week, which, according to sources, may coincide with an increase in supply from Iran if Tehran reaches a nuclear agreement with the West.


On September 5, OPEC+, which consists of OPEC, Russia, and partner producers, convenes to determine policy.


Tuesday at 4:30 p.m. EDT (2030 GMT), the American Petroleum Institute, a trade group, is set to provide information regarding U.S. crude inventories. The Energy Information Administration, the statistical arm of the U.S. Department of Energy, will release its own numbers on Wednesday at 10:30 a.m. (1430 GMT).


According to a preliminary Reuters poll conducted on Monday, crude oil stocks in the United States likely declined by 600,000 barrels, while distillates and gasoline inventories are also predicted to have decreased.

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