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On December 3, Iranian Parliament Speaker Mohammad Ghalibaf stated at a press conference in Tehran on December 2 that Iran supports diplomatic contact and negotiations on an equal footing. However, in previous negotiations, the United States did not address the issues but instead imposed its own demands on Iran, forcing it to surrender. Ghalibaf pointed out that the United States demanded that Iran reduce its missile range, but Irans self-defense was "non-negotiable" and it was impossible for Iran to accept this demand. He said that Europe, under direct orders from the United States, activated the "snapback" sanctions mechanism, failing to demonstrate its independent will. Due to its obedience to the United States, Europe no longer plays any role in the Iranian nuclear issue. Irans suspension of cooperation with the International Atomic Energy Agency was the "most important and accurate" decision.December 3 - Crude oil prices fell in early Asian trading after a volatile day, with ANZ research analysts stating in a commentary that geopolitical tensions disrupted the market. The analysts pointed out that, on the one hand, US envoy Witkov arrived in Moscow to meet with Russian President Putin to begin discussions on a potential peace agreement. On the other hand, tensions escalated again after Putin threatened retaliatory measures against ships aiding Ukraine.According to futures news on December 3rd, as of the week ending November 29th, Japans commercial crude oil inventories increased by 1,019,992 kiloliters from the previous week to 11,021,410 kiloliters. Japans gasoline inventories decreased by 79,425 kiloliters from the previous week to 1,674,675 kiloliters. Japans kerosene inventories decreased by 48,655 kiloliters from the previous week to 2,349,553 kiloliters. The average operating rate of Japanese refineries was 84.6%, compared to 86.5% the previous week.On December 3rd, the overnight SHIBOR was 1.3010%, down 0.10 basis points; the 7-day SHIBOR was 1.4260%, down 0.80 basis points; and the 14-day SHIBOR was 1.4650%, unchanged from the previous trading day. The 1-month SHIBOR was 1.5200%, up 0.10 basis points; and the 3-month SHIBOR was 1.5800%, unchanged from the previous trading day.Fitch: Local government debt in Australia and New Zealand is rising, but fiscal stability remains.

WTI fluctuates near $87.00 due to contradictory demand-supply data

Alina Haynes

Sep 13, 2022 10:54

 截屏2022-08-04 下午5.10.59_1024x576.png

 

After reclaiming the weekly high, the price of WTI crude oil remained stagnant at approximately $87.80, amidst mixed concerns regarding the supply and demand of black gold. In addition to the market's hesitance ahead of critical US inflation data and the weekly industry report on oil inventories, the commodity prices could be affected by the market's disposition.

 

In October, oil production in the Permian Region in Texas and New Mexico, the largest U.S. shale oil basin, is expected to increase by 66,000 barrels per day (bpd) to a record 5.413 million bpd, according to a study released by the U.S. Energy Information Administration (EIA) on Monday. During the past week, the United States stopped releasing more oil from its Strategic Petroleum Reserve (SPR), signaling a significant improvement in the supply situation. Energy Secretary Jennifer Granholm is quoted by Reuters as saying, "The Biden administration is assessing the need for more SPR releases after the present program concludes in October."

 

Reuters, citing statistics from the US Department of Energy (DOE), reports that emergency oil inventories in the United States plummeted to their lowest level since October 1984, falling 8.4 million barrels to 434.1 million barrels in the week ending September 9. In the same vein are the rumors concerning the European Union's oil embargo and the oil price cap imposed by Western leaders on Moscow's energy exports.

 

In addition to the probable increase in China's stimulus, uncertainty surrounding the US-Iran oil deal and the likely retribution of Russia after retreating from portions of Ukraine further support the oil's upward movement.

 

Notable is the correlation between the risk-on sentiment and the dollar's depreciation, which helps oil purchasers. In spite of this, the US Dollar Index (DXY) fell for a second straight day to levels not seen in two weeks, near 108.30 at the latest.

 

After the most recent softening in price pressure, the US CPI for August becomes key. The projections indicate that the headline number will decrease to -0.1% MoM from 0.0% previously, while the CPI excluding food and energy will likely remain steady at 0.3% MoM. Also significant will be the previous 3.645M Weekly Crude Oil Stock data from the American Petroleum Institute (API).

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