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March 14 – According to foreign media reports, U.S. Energy Secretary Frank Wright took action on Friday to retaliate against two of the Trump administrations biggest adversaries: the oil supply disruptions caused by the war with Iran, and California Governor Gavin Newsom. Wright issued an order clearing the way for a company operating near the California coast to restart an oil pipeline that had been shut down by state officials since 2015. The Department of Energy characterized this move as a way to reduce reliance on oil imports via the Strait of Hormuz. "Today, more than 60 percent of the oil used by California refineries comes from overseas, a significant portion of which is transported through the Strait of Hormuz—a serious national security threat," the Department of Energy wrote in a statement. Wright stated that this move will "strengthen the United States oil supply and restore pipeline systems critical to our national security and defense, ensuring that military facilities on the West Coast have reliable energy sources essential for readiness."According to the Wall Street Journal, sources familiar with the matter said that given polls showing President Trump’s actions on the vaccine issue are unpopular, his aides have decided to take a more active role in managing the U.S. Department of Health and Human Services, which is led by Robert F. Kennedy Jr.According to the Wall Street Journal, sources familiar with the matter revealed that the White House is tightening its control over the Department of Health and Human Services information dissemination and policy-making, including policies surrounding vaccines, in preparation for the midterm elections.March 14th - Today, the National Bureau of Statistics released data on price changes of key production materials in the circulation sector for the first ten days of March 2026. According to monitoring of market prices for 50 key production materials across nine categories nationwide, compared to the first ten days of February 2026, prices for 37 products increased, 10 decreased, and 3 remained unchanged.March 14th - According to foreign media reports, U.S. Interior Secretary Doug Bergham stated that the Trump administration had discussed curbing oil prices through trading in the oil futures market. However, Bergham said he was unclear whether the U.S. had actually intervened in the market. Bergham stated on Saturday, "I must say, there have been discussions. There are many smart people in this administration—and many smart people in the energy trading market. Trying to manipulate and lower prices through intervention requires a huge amount of money. Thats all I can say about that." The head of the company that regulates West Texas Intermediate crude oil futures trading warned that if the federal government were to begin trading derivatives to lower crude oil prices, it would be a "bible-level disaster."

WTI price falls below the $76 mark amid altering financial dynamics and global growth concerns

Alina Haynes

Mar 14, 2023 11:40

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The West Texas Intermediate (WTI) price is unchanged on Tuesday amid a weaker US Dollar and muted risk sentiment. WTI fell to a low of $72.31 on Monday as a result of a strong risk-off environment sparked by the repercussions from Silicon Valley Bank (SVB) and Signature Banks. Since then, the WTI price has risen significantly as a result of the Federal Reserve's plan to intervene. After reaching a peak of approximately $76 on Monday, the WTI price retreated as the dynamics of the US Dollar shifted.

 

The financial system is being harmed by rising borrowing costs around the world and growth concerns are being raised. The WTI price is in a corrective decline as the narrative of China's reopening does not appear optimistic, as the country has lowered its growth forecast to 5.0%.

 

The SVB debacle exacerbates global growth concerns, as it is interpreted as the first of many financial system dings. Due to rising financing costs, businesses are struggling to make their repayments, which will eventually result in a decline in demand.

 

Despite tightened production and numerous voluntary cuts from the Organization of the Petroleum Exporting Countries (OPEC), the WTI price is struggling to surpass $80.

 

Oil prices are influenced by a number of variables, including the US dollar, inflation, OPEC, and global growth concerns. Considering the aforementioned factors, it is difficult to rationalize the directional nature of oil prices, but it appears that the oil market is primarily driven by development concerns.

 

Since these nations are struggling to maintain oil prices above the desired $80 mark, it will also be crucial to monitor the OPEC position on reduced oil prices.

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