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The UKs CBI industrial orders difference in August was -33, expected to be -28, and the previous value was -30.On August 21st, South Africa will open its first new underground gold mine in 15 years, a rare achievement for a country once the worlds largest gold producer. Australian company West Wits Mining plans to begin production next year at Qala Shallows, on the western edge of Johannesburg. The company will mine ore during a three-year construction period to capitalize on currently high gold prices. The company will invest $90 million to build a mine with an annual production capacity of 70,000 ounces. While small, it represents a bright spot in South Africas shrinking gold industry. South Africa, once the worlds largest gold producer, has seen output decline by over 70% over the past two decades, with its deep, high-cost mines making it difficult to compete with other producers. South Africas gold industry now employs fewer than 90,000 people, only one-fifth of the number employed during the apartheid era of the 1980s. Qala Shallows has a maximum mining depth of 850 meters, far lower than some of South Africas ultra-deep mines, which exceed 3 kilometers.The UK CBI Industrial Order Balance for August will be released in ten minutes.On August 21, a number of key projects were signed and unveiled at the 2025 Yangtze River Delta Ecological Green Integrated Development Demonstration Zone Developer Conference and Demonstration Zone Full Link Conference held on August 21. Currently, the number of members of the Demonstration Zone Developer Alliance has increased to 88. Nine key projects were signed at the conference, including six key industry projects and three strategic cooperation projects. The total investment in key industry projects reached 8.722 billion yuan, covering key areas such as semiconductors, intelligent manufacturing, high-end equipment, and new materials. The strategic cooperation projects signed this time include the Yangtze River Delta Cross-Provincial High-Skilled Digital Talent Training Base Project, which will build digital talent training bases in the demonstration zone, promote the benefit of cultural and tourism resources to the people, jointly promote and publicize them, and improve the quality of smart services, as well as deepen cooperation in science and technology innovation finance, science and technology humanities, and science and technology park incubators.Industry sources said Russia attacked a natural gas compression station in eastern Ukraine that is important for storing natural gas.

WTI bulls continue to dominate in short squeeze

Daniel Rogers

Nov 16, 2022 14:45

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West Texas Intermediate, (WTI) experienced a short squeeze in the final portion of Tuesday's Wall Street session, moving towards in-the-money shorts from the beginning of the week. At the time of writing, the price of black gold is $87.47 and is up approximately 0.7% on the day so far.

 

According to reports, a Russian missile launched as part of an attack on Ukraine's energy systems landed in NATO member Poland and killed two people. The emergency gathering of Poland's leaders is referred to as a "crisis situation." The attack occurred near the village of Przewodow, close to the Ukrainian border, according to Polish media. Since then, the Polish foreign ministry has verified that a Russian-made rocket hit the Polish hamlet of Przewodów. In response, Stoltenberg will preside over an emergency summit of NATO on Wednesday morning.

 

According to ANZ Bank analysts, prices rose late in the session after a crucial pipeline transporting Russian oil to Eastern Europe was shut down due to a power outage. "The Ukrainian pipeline management stated that the cause was Russian artillery. The suspension impacts flows to Hungary, the Czech Republic, and Slovakia. It is currently unknown how long the pipeline disruption will last. This precedes the 5 December imposition of European restrictions on Russian crude oil imports. "Prices for crude oil had been under pressure early in the session due to demand concerns.

 

The data counterbalanced the negative IEA news that the agency has lowered its prediction for 2023 demand growth to 1.6 million barrels per day from 2.1 million bpd this year, while predicting a 240,000 bpd decline in demand in the fourth quarter of this year. "The GDP prognosis has deteriorated and 4Q22 global oil consumption will decline (-240 kb/d) compared to the same period last year. China's consistently sluggish economy, Europe's energy problem, expanding product defects, and the strength of the US dollar all impact hard on consumption "The agency's study stated.

 

"Earlier this week, OPEC also expressed concern about demand and therefore lowered its demand prediction for the fourth quarter. ANZ Bank analysts explained that rising COVID-19 instances in China dragged on confidence despite prospects of reducing virus restrictions earlier in the week. "Numerous large cities continue to report significant case counts. Across the nation, travel remains restrained due to the public's continued anxiety that it will be quarantined.

 

Separately, China has reported an increase in Covid infections, and many people under lockdown in the manufacturing hub of Guangzhou broke the containment barriers to protest in the streets. China's weak demand has been a drag on oil prices. Reuters stated that "new cases in Guangzhou surpassed 5,000 for the first time, increasing concerns that the city of more than 15 million could face larger lockdowns" The government reported 17,772 new cases of the coronavirus on Monday, up from 16,072 the day before.

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