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February 21 (Xinhua) -- A forest fire broke out in Seosan City, South Chungcheong Province, South Korea, on February 21, according to a report from the South Chungcheong Provincial Fire Department. Firefighters and other departments immediately rushed to the scene to extinguish the blaze. Because the fire originated near the Daeju Resource Reserve Industrial Complex, South Koreas largest national oil reserve facility, strong winds posed a risk of the fire spreading to critical infrastructure, causing high alert among relevant departments. At approximately 4:10 PM local time, the Seosan Fire Station raised its response level to Level 2, mobilizing all available equipment from its jurisdiction and neighboring fire stations to focus on preventing the fire from spreading towards the industrial complex.February 21 – European Central Bank Governing Council member and Bank of Italy Governor Leon Panetta stated that the US economy has borne the brunt of President Trumps tariffs. Speaking in Venice on Saturday, he said, "Foreign exporters appear to have absorbed a portion of the losses, estimated at around 10%. Initially, this loss was absorbed by the profits of US companies, then partially passed on to consumers, who now bear about half of the losses. Overall, the tariffs are estimated to have contributed slightly more than 0.5 percentage points to US inflation."ECB Governing Council member Panetta: Inflation risks may exist in both directions.ECB Governing Council member Panetta: Italys economy grew by 0.7% in 2025.ECB Governing Council member Panetta: Monetary policy must remain flexible.

WTI struggles at $87 as recession worries probe OPEC's forecast and supply deficit fears intensify

Daniel Rogers

Sep 14, 2022 11:42

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After reverting from the weekly high, WTI crude oil traders seek clear direction around $87.50 during Wednesday's Asian session. However, the present hesitation in the price of black gold may be attributable to the mixed concerns regarding the demand-supply matrix.

 

The Organization of the Petroleum Exporting Countries (OPEC) indicated in a monthly report that oil consumption will climb by 3,1 million barrels per day (bpd) in 2022 and by 2,7 million barrels per day (bpd) in 2023, which is unchanged from last month. Despite obstacles such as rising prices, the news also highlighted indications that major economies were performing better than projected.

 

The news that the United States intends to replenish its emergency oil reserves, as well as the German and European move to control Russian oil and gas prices, could also be favorable for energy prices. In addition, rumors that the Western oil deal with Iran is a long way off are bolstering fears of a supply bottleneck and should have helped energy bulls.

 

Tuesday's US inflation statistics revived concerns about the Federal Reserve's fast rate hike and exacerbated recession concerns. Also acting as downward drivers for WTI crude oil are expectations of economic slowdown due to China and Russia-related concerns.

 

In spite of this, the US Consumer Price Index (CPI) for August increased by 8.3% year-over-year, surpassing market expectations by 0.1%. However, the monthly data increased to 0.1%, exceeding the -0.1% projected and the 0.0% shown in previous assessments. The core CPI, or CPI excluding food and energy, likewise exceeded the 6.1% consensus and 5.9% prior to printing at 6.3% for the month in question.

 

It should be mentioned that the weekly prints of the American Petroleum Institute's (API) industry inventory report also contributed to the commodity's downfall. The API Weekly Crude Oil Stock climbed to 6,035 million during the week ending September 9, up from 3,645,000 the previous week.

 

In the future, the price of black gold may stay under pressure due to a stronger US dollar and economic troubles. Before today's official weekly inventory data from the U.S. Energy Information Administration, however, the supply crisis concerns could test the bears (EIA). Thursday's US Retail Sales for the month of August and Friday's preliminary reading of the September Michigan Consumer Sentiment Index will also warrant close attention.

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