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Singapores fuel oil inventory for the week ending August 26, and the changes in UK LME copper, aluminum, and nickel inventories for the week ending August 27 will be released in ten minutes.The CEO of the National Iranian Oil Company stated that multiple contractors are carrying out tank repair and refurbishment work. The dock construction, tank repairs, and previously confirmed projects are all progressing steadily, and no ongoing work has been halted. Currently, some projects are approximately 20% complete, while others are about 30% complete.On August 27, Estonian Foreign Minister Margus Tsakhna stated that Estonias assessment of the military threat posed by Russia remains unchanged following CIA Director John Ratcliffes visit to Moscow on Tuesday. In a statement, he said, "Throughout the Russia-Ukraine conflict, US officials have met regularly with Russian representatives, therefore this visit by the CIA director should not be seen as a decisive event." Lithuanian President Gitanas Nauseda stated on Wednesday that the CIA directors visit may have been aimed at easing geopolitical tensions amid escalating sabotage in the region. This visit came after intelligence officials warned that Russian intelligence and security services were considering hybrid warfare operations against the Baltic states and Poland, potentially including infrastructure sabotage or false flag attacks.On August 27, Foreign Ministry Spokesperson Lin Jian held a regular press conference. Due to a mudslide disaster on the Nepalese side, causing significant casualties and missing persons at the Gyirong Port in Gyirong County, Shigatse City, Tibet, the spokesperson asked: Could the spokesperson provide information on Chinas disaster relief efforts? Has China communicated with Nepal? Does China have information on Chinese citizens affected in Nepal and foreign citizens affected within China? In response, Lin Jian stated that relevant departments of the Chinese government have activated a Level II national emergency response for disaster relief. Lin Jian also stated that the mudslide disaster has caused significant casualties and missing persons in both China and Nepal. China expresses its sincere condolences to the Nepalese government and the affected people. China is closely communicating and coordinating with Nepal to jointly carry out search and rescue work and will provide emergency assistance according to Nepals needs. According to information released locally, preliminary information indicates that 260 foreign citizens are currently missing in the affected area. Due to the severity of the disaster, specific information is still being further verified. Lin Jian stated that Chinas rescue work treats Chinese and foreign personnel equally and is maintaining communication with the embassies of relevant countries in China to keep them informed. Nearly 100 Chinese citizens are missing in the affected area on the Nepalese side. The Chinese Embassy in Nigeria is further verifying the information with the Nigerian side and issuing a consular alert.Ukrainian Railways: This shipment includes 170,000 tons of grain destined for Danube ports and 343,200 tons of grain destined for the western border.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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