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April 10th - Market news: Ebrahim Azizi, chairman of the Iranian parliaments National Security Committee, stated on Friday that parliament has proposed a permanent ban on oil tankers linked to the United States and Israel passing through the Strait of Hormuz. Ships with ties to or traveling to Israel will also be prohibited from passage, and the ban will also apply to countries that take action against the Resistance Front.April 10 – Foreign Ministry Spokesperson Mao Ning held a regular press conference on April 10. A reporter asked whether Foreign Minister Wang Yi, whose visit to North Korea had entered its second day, would meet with North Korean leader Kim Jong Un. Could the Foreign Ministry provide more information about the visit? Mao Ning stated that China had already released some press releases regarding Foreign Minister Wang Yis visit to North Korea, and would release further information as soon as possible. He encouraged the reporter to stay tuned.April 10th - Ahead of the US-Iran talks this weekend, oil prices rose but remained below $100 per barrel. Emmanuel Bellostrino, head of global oil and geopolitical market data at Kpler, stated, "The outcome of the negotiations, particularly whether a viable shipping agreement can be reached, is a key variable in determining whether the current backlog can begin to ease." In early European trading, both WTI and Brent crude oil prices continued to rise, currently trading at $99.7 per barrel and $97.6 per barrel respectively. Navigation in the Strait of Hormuz remains largely frozen, and supply disruptions are keeping the market tense. Irans attack on Saudi Arabias main export route (the East-West Pipeline) has reduced its capacity by approximately 700,000 barrels per day.On April 10, Foreign Ministry Spokesperson Mao Ning held a regular press conference. A reporter asked about the Japanese governments release of its Diplomatic Blue Book, which, compared to last year, downgraded Chinas description from "one of the most important bilateral relationships" to "an important neighbor." Mao Ning stated that the root cause of the current situation in China-Japan relations lies in Japanese Prime Minister Sanae Takaichis erroneous remarks regarding Taiwan, which have breached trust, damaged the political foundation of China-Japan relations, and challenged the post-war international order. Japan should abide by the four political documents between China and Japan and its own commitments, reflect on and correct its mistakes, and take concrete actions to safeguard the political foundation of China-Japan relations.On April 10, Foreign Ministry Spokesperson Mao Ning held a regular press conference. A reporter asked: The Agreement on Biological Diversity in the Sea (ADBB) entered into force in January this year. China nominated Xiamen to host the ADBB Secretariat. Some media analysts believe that the United States has not yet ratified the ADBB and is cutting its budget to support the United Nations, allowing China to expand its influence in the field of ocean governance. What is Chinas response to this? Mao Ning stated that the core of multilateralism lies in the fact that world affairs are handled through consultation, jointly addressing challenges, and sharing opportunities and prosperity, rather than a zero-sum game where one side advances while the other retreats. The conclusion and entry into force of the ADBB is a victory for multilateralism and an important milestone in global ocean governance. The comprehensive and effective implementation of the agreement is crucial to human well-being. China has always adhered to genuine multilateralism, attaches importance to the protection and sustainable use of the ocean, and is willing to make new contributions to global ocean governance.

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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