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The Iranian Foreign Ministry stated that the economic sanctions imposed by the United States on Iran violate the basic human rights of Iranian citizens and are a typical example of "economic terrorism" and "crimes against humanity."1. The Houthi rebels claimed to have attacked "sensitive" targets at Najran Airport and the Saudi Aramco plant in Najran. Saudi Arabia has not yet immediately confirmed this. 2. The U.S. Department of Energy will release $500 million in subsidies to seven key mining projects. 3. This week, Mysteels Coal and Coke Division surveyed the profitability of independent coking plants nationwide. The national average profit per ton of coke was -149 yuan/ton; the average profit for near-grade coke in Shanxi was -148 yuan/ton, in Shandong -130 yuan/ton, in Inner Mongolia -161 yuan/ton, and in Hebei -96 yuan/ton. 4. According to USDA agricultural drought monitoring data, as of August 18, 2026, the drought rate in U.S. soybean producing areas was 26%, unchanged from the previous week; the drought rate in U.S. corn producing areas was 28%, down 1 percentage point from the previous week; and the drought rate in U.S. cotton producing areas was 44%, up 4 percentage points from the previous week. 5. An Indian government order on Thursday allowed duty-free imports of 1 million tons of sugar, a move aimed at lowering record-high sugar prices. 6. The U.S. Department of Agriculture reported that for the week ending August 13, net export sales of U.S. corn for the 2025/2026 marketing year were 233,000 tons, compared to 411,000 tons the previous week; net export sales of soybeans for the 2025/2026 marketing year were 85,000 tons, compared to 75,000 tons the previous week; net export sales of cotton for the 2026/2027 marketing year were 209,000 bales, compared to 1,000 bales the previous week; and net export sales of wheat for the 2026/2027 marketing year were 394,000 tons, compared to 256,000 tons the previous week. 7. The latest monthly report from the International Grains Council (IGC) shows that global wheat production in 2026/27 is projected to decrease by 4 million tons year-on-year to 817 million tons, trade volume to decrease by 2 million tons to 203 million tons, and consumption to decrease by 2 million tons to 826 million tons; carryover stocks are expected to decrease by 4 million tons to 275 million tons. 8. The International Aluminium Institute (IAI) projects global primary aluminum production in July 2026 at 6.16 million tons, compared to 6.267 million tons in the same period last year, with the previous months figure revised to 5.939 million tons. The average daily primary aluminum production in July was 198,700 tons, with the previous months figure revised to 198,000 tons. Chinas primary aluminum production in July is projected to be 3.866 million tons, with the previous months figure revised to 3.727 million tons. 9. The US Climate Prediction Center (CPC) indicates that El Niño is strengthening, with a greater than 90% probability of a super event this fall and winter. 10. Data released by the U.S. Labor Department on Thursday showed that initial jobless claims fell by 6,000 to 206,000 in the week ending August 15. The median forecast from economists surveyed was 210,000. Meanwhile, continuing jobless claims rose to 1.8 million last week. 11. According to Xinhua News Agency, reporters learned from the Shanxi Provincial Bureau of Statistics on August 20 that Shanxi Provinces raw coal production from enterprises above designated size reached 68.933 million tons in July, and the cumulative raw coal production for the first seven months reached 680.287 million tons. 12. The U.S. Central Command confirmed that the aircraft carrier USS George Washington has been deployed to the Middle East, following the prolonged deployment of U.S. personnel aboard the USS Abraham Lincoln, which triggered a crisis. 13. EIA Natural Gas Report: For the week ending August 14, total U.S. natural gas inventories were 3,169 billion cubic feet, an increase of 16 billion cubic feet from the previous week and a decrease of 28 billion cubic feet from the same period last year, a year-on-year decrease of 0.9%, while being 185 billion cubic feet higher than the 5-year average, an increase of 6.2%.Musalaem, a 2028 FOMC voting member and president of the Federal Reserve Bank of St. Louis, will be interviewed by CNBC in ten minutes.According to the Islamic Republic of Iran Broadcasting (IRIB), the Iranian Foreign Ministry responded to US sanctions by saying that Iran will use all available tools and capabilities to defend the dignity of the Iranian people and protect national interests.The U.S. State Department has approved the sale of KC-46A aerial refueling tankers to Qatar, with the deal expected to be worth $4.5 billion.

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.