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On October 18th, Deutsche Banks latest report showed that golds share of global foreign exchange and gold reserves has increased to 30%, while the US dollars share has fallen from 43% to 40% over the same period. Deutsche Bank analysts pointed out that for gold to catch up with the US dollar in terms of share, assuming current holdings remain unchanged, the gold price would need to rise to approximately $5,790 per ounce.A Ukrainian drone attack in the Russian-controlled Kherson region has killed two people, the local governor said.On October 18, local time, Afghan government spokesman Zabiullah Mujahid issued a statement saying that negotiations with Pakistan are scheduled to be held in Doha, the capital of Qatar, on the same day. A high-level delegation led by Afghan Defense Minister Yakub has set off for Doha.On October 18th, recently, there have been continuous reports from Tesla owners in South Korea that the battery management system of some models has malfunctioned, resulting in the maximum charge capacity of the car being limited to about 50%, seriously affecting the normal use of the vehicle. Teslas passive response has caused strong dissatisfaction among consumers. It is reported that Teslas car registrations in South Korea increased from 15,000 in 2020 to 112,000 in the first half of this year. The Ministry of Land, Infrastructure and Transport of South Korea has launched an investigation and stated that once defects are confirmed, it will order a mandatory recall. At the same time, South Korea asked Tesla to submit a rectification plan last month, but has not received a response so far. A person related to the South Korean Ministry of Environment said that they are considering canceling Teslas electric vehicle subsidy eligibility.On October 18th, Afghanistans Dawn News website reported, citing Afghan security sources, that Pakistan launched an airstrike in Paktika, Afghanistans eastern border province, on the evening of the 17th, killing at least 17 civilians, including three cricket players. The report said the attack occurred around 8:30 PM local time, when a Pakistani fighter jet struck a residential building. Sources said another 16 people were injured, including women and children. Afghan government spokesman Zabiullah Mujahid announced in a statement on social media on the 18th that Defense Minister Yaqoob had led a senior government delegation to Doha, Qatar. Earlier, local media reported that a delegation composed of senior security and intelligence officials from Afghanistan and Pakistan would hold talks in Doha to discuss extending the ceasefire and other issues.

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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