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December 12th - According to a report by Nikkei Asia citing sources, TSMC is considering switching its Kumamoto Fab 2 process to the more advanced 4nm technology due to declining demand for 6nm and 7nm chips, originally planned for production, as major clients like Nvidia have begun to switch to more advanced chips. This move could delay mass production and require redesign of the plant, potentially forcing a postponement of the planned mass production by the end of 2027. Nikkei reports that construction at the Kumamoto Fab 2 has suddenly halted, with almost all large construction equipment absent, and suppliers have confirmed receiving notices of the work stoppage. TSMC has neither confirmed nor denied the news of the Kumamoto Fab 2 shutdown, stating only that the Japanese project will continue and that the company will not comment on market rumors or speculation.CNPC Research Department: With the continued advancement of urbanization, urban gas demand still has huge growth potential in the next decade.On December 12th, Australian Prime Minister Barnes endorsed a government bailout plan to address rising energy costs, with Australias largest aluminum smelter expected to continue operating beyond 2028. Barnes announced the financial support at the Tomago smelter site on Friday. This followed months of warnings from Rio Tinto, the plants owner, that the plant could face closure as existing power supply contracts expire later this year. Barnes stated that the federal and New South Wales governments will work with the company to finalize the details of the agreement. "We are working with the NSW government to ensure a long-term energy solution beyond 2028 is found," Barnes said.According to Japans NHK, a tsunami warning has been issued for the northern coast of Japan following the earthquake.According to NHK, a preliminary magnitude 6.5 earthquake occurred in the sea near Japan, and no tsunami is expected to be triggered.

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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