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August 28th - Data released on Friday showed that Tokyos core CPI rose 1.8% year-on-year in August, gradually approaching the central banks 2% target, indicating that price pressures from the Middle East conflict are widening. Previously, the Bank of Japan raised its main interest rate to a 31-year high of 1% in June, and kept it unchanged in July, but issued its strongest statement to date regarding escalating inflation risks. Analysts pointed out that the recent sharp rise in wholesale prices, reaching 7.2% year-on-year in July, highlights the increasing price pressures from the Middle East conflict, which may push up consumer prices in the future.SEOUL, Aug. 28 (Yonhap) -- A ship carrying petroleum products caught fire Thursday evening in waters near Incheon, west of Seoul, the South Korean Coast Guard said. The fire has been extinguished. The Coast Guard said the 7,000-ton vessel caught fire at around 10:38 p.m. Thursday. There were 18 crew members on board; two died, and the remaining 16 were rescued and are in stable condition. Initial suspicions suggest the fire originated in the engine room but did not spread to the fuel storage tanks.On August 28th, Futures News reported that, according to foreign media, sources revealed that US President Trump and his energy, environment, and agriculture officials met on Wednesday to discuss a plan to expand exemptions for small refineries to blend biofuels. The proposal aims to double the number of exemptions from the current 990 million renewable fuel credits (RINs) to as many as 1.8 billion, with a final decision expected by the end of August. This move aims to curb soaring gasoline prices caused by the six-month-long US-Israel war in Iraq, helping Republicans maintain control of Congress in the November midterm elections, but has already triggered a strong backlash from the US agricultural sector. US renewable fuel identification numbers (RINs) have also fallen sharply due to market expectations of weakening biofuel demand. On Thursday, an agricultural and biofuel industry consortium, including the US Renewable Fuels Association, Growth Energy, and the National Farmers Union, wrote to Trump urging him to reject the exemption expansion plan, warning that a significant increase in small refinery exemptions would weaken demand for crops such as corn and soybean oil, as well as renewable fuels, severely damaging the rural economy.Japans Tokyo unadjusted CPI rose 0.4% month-on-month in August, unchanged from the previous month.Japans Tokyo CPI rose 1.9% year-on-year in August, below the expected 1.90% and the previous figure revised from 2.00% to 1.80%.

The Pipeline Shutdown Causes A Rise in Oil Prices

Haiden Holmes

Nov 16, 2022 14:48

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Following the revelation that oil deliveries to Hungary via the Druzhba oil pipeline had been temporarily interrupted due to a loss in pressure, oil prices rose on Tuesday and settled higher.


Brent crude futures rose 72 cents to $93.86 a barrel by day's end, but U.S. crude futures remained unchanged. West Texas Intermediate crude climbed by $1.05 to $86.92 a barrel.


Ukraine informed Russia's state-owned pipeline monopoly Transneft of the pipeline disruption, Transneft said Tuesday, as reported by RIA.


Two individuals were killed in an explosion in a Polish village near the Ukrainian border, which the United States says was caused by stray Russian missiles.


The International Energy Agency announced on Tuesday that 1.4 million barrels per day (bpd) must be replaced as a result of the European Union's December 5 ban on seaborne Russian oil.


Phil Flynn, an analyst with Price Futures Group, commented, "The IEA's data on global oil inventories should be considered optimistic."


In October, U.S. producer prices grew less than anticipated, supporting oil prices. This is another indication that inflation is beginning to decline, which could let the Federal Reserve to cease its aggressive rate hikes.


Following the announcement of the report, Wall Street indexes rose while the U.S. dollar index fell, making oil priced in dollars cheaper for foreign currency holders.


John Kilduff, a New York-based partner at Again Capital LLC, stated, "In a way, the inflation news was positive, and it appears that the market is currently being pushed higher." We continue to observe the inverse dollar effect.


The IEA forecasts that a gloomy economic outlook will cause global oil consumption to fall by more than a quarter million barrels per day (bpd) in the fourth quarter of 2022, with demand growth falling to 1.6 million bpd in 2023 from 2.1 million bpd in 2018.


During the week ending November 11, approximately 5.8 million barrels were removed from U.S. oil inventories, according to market sources citing American Petroleum Institute data released on Tuesday. While gasoline stocks grew by approximately 1.7 million barrels, distillate stocks grew by approximately 850 thousand barrels. [API/S]


Wednesday will see the release of inventory data from the United States government.


In China, COVID cases increased, particularly in Beijing, while the growth of industry output slowed.


JPMorgan (NYSE:JPM) reduced its quarterly and annual forecasts for China's economic expansion. The Organization of Petroleum Exporting Countries (OPEC) has lowered its forecast for the growth of global oil demand in 2022 for the fifth time since April, citing escalating economic concerns such as high inflation and rising interest rates.

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