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According to JLC Network Technologys calculations, as of the sixth working day on September 7th, the average price of benchmark crude oil was $91.25 per barrel, with a change rate of 4.04%. Domestic gasoline and diesel retail prices should be increased by 200 yuan per ton. The adjustments are based on: 1. the structure of domestic crude oil imports and the settlement benchmark commodities; 2. minor adjustments may be made during the pricing mechanisms operation based on import structure, etc., and JLC Network Technology will revise accordingly; 3. At 24:00 on August 28th, domestic gasoline and diesel retail prices were increased by 375 and 360 yuan per ton respectively. Based on the "ten working days" principle, the adjustment window for this round of prices is 24:00 on September 11th.Futures News, September 7th: Crude oil prices remained high, with positive news and cost factors supporting fuel oil traders to maintain prices and increase sales. Downstream buyers, focused on immediate needs, operated cautiously, pushing market prices steadily upward. Overall market trading sentiment was positive, and domestic fuel oil negotiations are expected to continue their steady upward trend today.On September 7, according to the Saudi Ministry of Foreign Affairs, Saudi Foreign Minister Faisal and British Foreign Secretary Miliband held a telephone conversation to discuss developments in the Middle East and emphasized the importance of easing tensions. In a statement, the Saudi Ministry of Foreign Affairs said that Faisal and Miliband reviewed bilateral relations and discussed the latest regional and international situation and its impact on security and stability. The statement also noted that "the two sides also discussed the importance of strengthening diplomatic efforts to ease tensions, enhancing the security of international waterways, and ensuring freedom of navigation."The US non-farm payrolls report for August exceeded expectations, causing a sharp drop in spot gold and silver prices before a rebound. Currently, they are trading in a narrow range. A chart provides a quick overview of the pre-market prices of gold and silver, converted between domestic and international markets.As of 8:30 AM Beijing time, spot platinum was down 0.08%, while spot palladium was up 0.10%.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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