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February 15th - According to statistics released by the State Administration of Foreign Exchange (SAFE), in January 2026, banks settled 2.0048 trillion yuan in foreign exchange and sold 1.4457 trillion yuan; banks foreign exchange receipts on behalf of clients totaled 5.4722 trillion yuan, while their payments totaled 4.8974 trillion yuan. Li Bin, Deputy Director and Spokesperson of SAFE, explained that in January, both the banks foreign exchange settlement surplus and the net inflow of cross-border funds from non-bank sectors such as enterprises and individuals declined compared to the previous month. This was mainly due to seasonal factors; while corporate receipts and settlements increased rapidly, the growth slowed recently as demand gradually increased. "Overall, my countrys foreign exchange market is active, expectations are stable, and cross-border capital flows are becoming more stable," said Li Bin.On February 15th, a netizen raised a question on social media: SpaceX is shifting its focus from Mars to the Moon and plans to build an autonomous city on the Moon within ten years, but why is it making this change? Musk responded: "It needs to be clear that we will continue to advance the Mars program. I believe this adjustment will not affect the timeline for the autonomous development of a Martian city by more than five years, and may even accelerate the development process on Mars."February 15th - According to Iranian media reports on February 14th, Iranian Foreign Ministry spokesman Baghae stated in a media interview that the right to peaceful use of nuclear energy is Irans inherent and inalienable right, and no form of political pressure can undermine this right. Baghae stated that as a signatory to the Treaty on the Non-Proliferation of Nuclear Weapons, Iran enjoys the right to peaceful use of nuclear energy. Iranian President Peshichiyan recently stated that Iran does not seek nuclear weapons and is prepared to accept any form of inspection, but will not back down in the face of excessive demands and injustice. The United States has recently continued to pressure Iran, deploying multiple warships, including the aircraft carrier USS Lincoln, in the Middle East and threatening military intervention. A new round of US-Iran talks will be held on February 17th in Geneva, Switzerland, with Omani representatives coordinating the contacts between the two sides.February 15th - The Bank of England will be closely watching a series of data releases in the coming days. The bank made the difficult decision to keep interest rates unchanged due to concerns that inflation remains too high. British economic observers are facing a busy week: starting with labor market data and consumer price statistics, and ending with public finances and retail sales reports. Wednesdays inflation report will be the focus, especially as it is the last data release before the Bank of Englands next policy meeting in March, and there is significant internal disagreement on its interpretation. Meanwhile, Tuesdays employment report is also an important indicator. Evidence of a continued weakening labor market would be reassuring to officials, as it would suggest easing price pressures.Market news: Australia will invest AU$3.9 billion in a new submarine construction plant.

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.