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On November 25th, Futures News reported that crude oil prices have been trending weakly recently. The main negative factor stems from the acceptance by Ukraine of the US-proposed peace plan between Russia and Ukraine. The market anticipates that a European countrys successful later negotiations will ease oil supply, thus negatively impacting the oil market from a fundamental perspective. Zhuochuang Information predicts that the Russia-Ukraine peace talks are currently in a crucial stage, with Europe revising the final version of the peace agreement after its participation. Furthermore, with the resumption of some economic data releases, expectations for a December rate cut by the Federal Reserve are gradually increasing. These factors have contributed to the continued wide fluctuations in oil prices.The Federation of Automobile Manufacturers of Thailand: Thailands automobile production in October increased by 14.17% year-on-year (compared to 4.77% in September).On November 25th, BOCOM International issued a report stating that Minisos (09896.HK) third-quarter results were largely in line with expectations. The report believes the current trend is consistent with the full-year guidance, and the group is deepening its IP matrix and large-store strategy to further drive same-store sales recovery and strengthen growth resilience. Therefore, the target price of HK$48.7 and a "Buy" rating are maintained. The report indicates that Minisos mainland China business saw strong same-store sales recovery, with store optimization proving effective. Overseas business growth slowed slightly, but direct-operated profitability improved. Furthermore, TOPTOYs third-quarter revenue increased by 111% year-on-year to RMB 570 million, with its proprietary IP rapidly expanding and same-store sales achieving mid-single-digit growth.On November 25th, local time, the governor of Oregon declared a state of emergency on November 24th to ensure sufficient fuel supplies to the state during the shutdown of the Olympic Pipeline, which supplies more than 90% of the states fuel, due to a leak. The state of emergency, ordered by Governor Tina Koteke, is to ensure adequate fuel delivery to the state by ship and truck. The Olympic Pipeline, operated by BP, runs from Washington state to Oregon. It has been closed for a week since the leak was first reported earlier this month and intermittent shutdowns occurred. BP stated in a statement that its staff are searching for the source of the leak.On November 25th, the overnight SHIBOR was 1.3160%, unchanged from the previous trading day. The 7-day SHIBOR was 1.4330%, down 1.40 basis points; the 14-day SHIBOR was 1.5400%, down 0.20 basis points; the 1-month SHIBOR was 1.5200%, unchanged from the previous trading day; and the 3-month SHIBOR was 1.5800%, unchanged from the previous trading day.

WTI bears are exerting pressure on bulls below crucial resistance; a breach of $84.70 is likely

Daniel Rogers

Nov 17, 2022 11:39

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West Texas Intermediate (WTI) is approximately flat on the day thus far, following a consolidational and range-bound session on Wednesday. NATO stated that there was no proof that a missile that landed near a Polish village and killed two people was an intentional attack. Consensus holds that it most likely originated from a Ukrainian air-defense system shooting in response to Russian attacks, alleviating fears of an escalating conflict.

 

The Druzhba pipeline, which transports Russian oil to Europe, was shut down earlier this week due to infrastructure damage caused by Russian shelling. The power supply has reportedly been restored, analysts at ANZ Bank reported. This enables the delivery of oil to countries including Hungary, the Czech Republic, and Slovakia. "Initial fears of additional unrest in the Middle East have also abated. A projectile struck an oil tanker in the Gulf of Oman, but the damage was minimal.

 

Nonetheless, ANZ Bank analysts stated that the market still faces supply-side challenges. '' Germany cautioned that it cannot count out temporary supply shortages when a ban on Russian crude imports goes into effect next month. OPEC appears to be cutting production in accordance with its commitment to do so. According to Petro-Logistics, tanker tracker data indicates that OPEC shipments were significantly greater than 1mb/d during the first 15 days of November. The weekly inventory update released by the EIA provided some assistance to the markets. Last week, commercial inventories hit 5,400 kbbl. ''