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Futures data for September 16: 1. WTI crude oil futures trading volume was 573,921 contracts, down 339,581 contracts from the previous trading day. Open interest was 1,949,878 contracts, down 16,733 contracts from the previous trading day. 2. Brent crude oil futures trading volume was 81,265 contracts, down 105,520 contracts from the previous trading day. Open interest was 203,946 contracts, down 468 contracts from the previous trading day. 3. Natural gas futures trading volume was 404,152 contracts, down 102,010 contracts from the previous trading day. Open interest was 1,640,220 contracts, down 5,748 contracts from the previous trading day.On September 16, Assistant Governor of the Reserve Bank of Australia (RBA), Greg Hunt, stated that the central bank is "very close" to returning inflation to the midpoint of its 2%-3% target range, while the economy is nearing full employment. "We are monitoring the situation and will remain on the sidelines," Hunt said at an industry event in Sydney on Tuesday. "The committee will formulate policy accordingly. While its impossible to predict the future completely, for now we want to maintain the status quo." The RBA will hold its next meeting on September 29-30, and most economists and traders expect it to maintain the cash rate at 3.6%. Economists generally predict the bank will cut interest rates for the fourth time this year in November, followed by another cut early next year, bringing the terminal rate to 3.1%.On September 16th, in response to a users question about whether the Macrohard project was being advanced, Musk replied, "We are indeed spray-painting the words MACROHARD on the roof of the Colossus II supercomputing cluster in Memphis, large enough to be seen from space." Musk had previously stated that he was planning to establish a pure AI software company called Macrohard. The name was a bit of a joke, but the project itself was real. At the time, he also explained, "Given that software companies like Microsoft dont produce physical hardware themselves, it should be feasible to fully simulate it using AI."SK On announced on September 16th the completion of a pilot plant for all-solid-state batteries at its Future Technology Center in Yucheng District, Daejeon, South Korea. This pilot production line will primarily be used to provide trial products to customers and systematically evaluate and verify product quality and performance. The approximately 4,628-square-meter facility will be used by SK On to develop sulfide-based all-solid-state batteries, with some production lines also developing solid-state lithium metal batteries. SK On plans to commercialize all-solid-state batteries in 2029, a year ahead of its original target of 2030.Futures News, September 16th. Economies.com analysts latest view today: WTI crude oil futures prices have risen in recent intraday trading, thanks to their stable trading above the 50-period exponential moving average (EMA50), which has provided effective support for the intraday rebound attempt. Nevertheless, the dominant downtrend remains in effect in the short term, and prices are trading along a suppressive trendline, which limits the upward momentum and weakens the possibility of a continued rebound. In addition, the Relative Strength Index (RSI) has shown negative technical signs after reaching clear overbought territory, suggesting the risk of a short-term weakening of upward momentum.

WTI bulls continue to dominate in short squeeze

Daniel Rogers

Nov 16, 2022 14:45

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West Texas Intermediate, (WTI) experienced a short squeeze in the final portion of Tuesday's Wall Street session, moving towards in-the-money shorts from the beginning of the week. At the time of writing, the price of black gold is $87.47 and is up approximately 0.7% on the day so far.

 

According to reports, a Russian missile launched as part of an attack on Ukraine's energy systems landed in NATO member Poland and killed two people. The emergency gathering of Poland's leaders is referred to as a "crisis situation." The attack occurred near the village of Przewodow, close to the Ukrainian border, according to Polish media. Since then, the Polish foreign ministry has verified that a Russian-made rocket hit the Polish hamlet of Przewodów. In response, Stoltenberg will preside over an emergency summit of NATO on Wednesday morning.

 

According to ANZ Bank analysts, prices rose late in the session after a crucial pipeline transporting Russian oil to Eastern Europe was shut down due to a power outage. "The Ukrainian pipeline management stated that the cause was Russian artillery. The suspension impacts flows to Hungary, the Czech Republic, and Slovakia. It is currently unknown how long the pipeline disruption will last. This precedes the 5 December imposition of European restrictions on Russian crude oil imports. "Prices for crude oil had been under pressure early in the session due to demand concerns.

 

The data counterbalanced the negative IEA news that the agency has lowered its prediction for 2023 demand growth to 1.6 million barrels per day from 2.1 million bpd this year, while predicting a 240,000 bpd decline in demand in the fourth quarter of this year. "The GDP prognosis has deteriorated and 4Q22 global oil consumption will decline (-240 kb/d) compared to the same period last year. China's consistently sluggish economy, Europe's energy problem, expanding product defects, and the strength of the US dollar all impact hard on consumption "The agency's study stated.

 

"Earlier this week, OPEC also expressed concern about demand and therefore lowered its demand prediction for the fourth quarter. ANZ Bank analysts explained that rising COVID-19 instances in China dragged on confidence despite prospects of reducing virus restrictions earlier in the week. "Numerous large cities continue to report significant case counts. Across the nation, travel remains restrained due to the public's continued anxiety that it will be quarantined.

 

Separately, China has reported an increase in Covid infections, and many people under lockdown in the manufacturing hub of Guangzhou broke the containment barriers to protest in the streets. China's weak demand has been a drag on oil prices. Reuters stated that "new cases in Guangzhou surpassed 5,000 for the first time, increasing concerns that the city of more than 15 million could face larger lockdowns" The government reported 17,772 new cases of the coronavirus on Monday, up from 16,072 the day before.

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