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On June 20th, the Russian Ministry of Defense released a weekly combat report showing that from June 13th to 19th, the Russian military carried out multiple large-scale strikes against targets including Ukrainian defense industrial complexes, fuel and energy facilities, transportation and port facilities used by the Ukrainian military, and Ukrainian military airfields. In addition, Russian air defense systems shot down a total of 3,909 Ukrainian fixed-wing drones.According to RIA Novosti, Slovakia will meet most of its natural gas needs through supplies from Russia.World Bank: In March, the World Banks natural gas price index rose by 24%, while the benchmark price of LNG in Asia surged by about 94% and the benchmark price in Europe rose by 59%.June 20 - The Australian government confirmed on the 20th that a migratory bird found in Western Australia tested positive for the highly pathogenic H5N1 avian influenza virus. This is the first confirmed case of the highly pathogenic H5 avian influenza virus on the Australian mainland.June 20th - From June 16th to 18th, the Ministry of Natural Resources organized a marine environmental survey in the waters under my countrys jurisdiction east of Taiwan Island. This operation signifies that the "nearshore governance model" now encompasses the field of natural resources. In the future, we will continue to deepen this model, ensuring that every activity in the waters east of Taiwan Island is more lawful, compliant, and orderly, providing solid support for safeguarding national maritime rights and interests and promoting high-quality marine development.

WTI falls below $80 as attention goes to US Inflation for additional advice

Alina Haynes

Feb 13, 2023 14:27

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During the Asian session, West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) have felt selling pressure while seeking to surpass the crucial $80.00 resistance level. Tuesday's announcement of the United States Consumer Price Index (CPI) data has caused investors to divert their attention away from the price of oil.

 

The oil price increased on Friday as Russia announced a reduction in oil production in retaliation for price limitations imposed by G7 nations to prevent Russia from supporting its war necessities against Ukraine. Alexander Novak, Russia's energy minister, indicated that the country would reduce oil production by 500,000 barrels per day (bpd), or 5% of its output in March.

 

The United States Treasury Department has reiterated that it intends to limit the Kremlin's revenues per barrel in order to stifle Moscow's support for the war in Ukraine, while ensuring that Russian oil shipments reach necessary markets.

 

In the meantime, the US Dollar Index (DXY) is on the verge of extending its three-day high above 103.35 during the Asian session due to predictions that the US inflation data would show an unexpected increase in light of the tight labor market. The consensus, however, favors a reduction in annual headline inflation to 5.8% from the previous report of 6.5%, and in core inflation to 5.4% from 5.85.

 

Aside from that, the expression of deflation in China's CPI report published last week indicates that the method of economic recovery in the world's second-largest economy following the removal of price controls is somewhat slow. It will take adequate time for the economy to return to its pre-pandemic growth rate. This might dampen hopes for a rapid revival in oil demand.



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