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March 19 – On the afternoon of March 19, the Ministry of Commerce held a regular press conference. A reporter asked how China would participate in the 14th Ministerial Conference of the World Trade Organization (WTO), which will be held at the end of this month. In response, Ministry of Commerce spokesperson He Yongqian stated that the 14th WTO Ministerial Conference (MC14) will be held in Yaoundé, the capital of Cameroon, from March 26 to 29, and Minister of Commerce Wang Wentao will lead the Chinese delegation to attend.On March 19th, it was reported that on March 17th, Zhu Hexin, Secretary of the Party Leadership Group and Director of the State Administration of Foreign Exchange (SAFE), chaired an enlarged meeting of the Party Leadership Group. The meeting focused on deepening reform and innovation in the foreign exchange sector. It emphasized improving the facilitation of cross-border trade and actively supporting the stability and structural optimization of foreign trade. The meeting stressed strengthening the supply of foreign exchange policies, focusing on key areas such as technological innovation and intelligent manufacturing, and continuing to focus on the "five major aspects" of financial development. It also emphasized strengthening the assessment of foreign exchange policies and regional foreign exchange ecosystems, conducting timely effectiveness assessments of important foreign exchange policies and key tasks, and striving to achieve closed-loop management throughout the entire process from policy issuance to the "last mile" of impact on enterprises and residents, truly benefiting businesses and the people.On March 19, it was reported that on March 17, Zhu Hexin, Secretary of the Party Leadership Group and Director of the State Administration of Foreign Exchange, chaired an enlarged meeting of the Party Leadership Group. The meeting emphasized the unwavering commitment to promoting high-level opening-up in the foreign exchange sector. It called for enhancing the openness of the capital account, improving policies on overseas lending and integrated RMB and foreign currency pooling for multinational corporations, and supporting better expansion of international circulation. The meeting also stressed the need to promote the development of the foreign exchange market and improve corporate exchange rate risk management. Furthermore, it called for deepening reforms in banks foreign exchange business to achieve a balance between facilitating foreign exchange transactions and preventing risks.March 19th - On March 17th, Zhu Hexin, Secretary of the Party Leadership Group and Director of the State Administration of Foreign Exchange, chaired an enlarged meeting of the Party Leadership Group. The meeting focused on improving in-process and post-process supervision in the foreign exchange sector. It emphasized enhancing off-site supervision capabilities through technological empowerment, strengthening the analysis of abnormal channels and clues, and continuously cracking down on illegal cross-border financial activities.Singapores fuel oil inventory for the week ending March 18 will be released in ten minutes.

WTI falls precipitously as the markets react to the US CPI

Alina Haynes

Feb 15, 2023 14:28

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Following the release of US consumer price index data and during the opening of Wall Street's cash market, crude oil prices in the United States continue to plummet. At the time of writing, West Texas Intermediate crude oil was down 1.4% on the day, up marginally from the lows of approximately $77.69 per barrel but far below the highs of USD79.80bbls.

 

The US inflation report was slightly higher than anticipated, prompting some concerns about future oil and fuel consumption in the world's largest oil consumer. However, Fed swaps show that the predicted funds rates for 2023 would not move significantly as a result, which originally weakened the US dollar.

 

Prior to the release of the data, markets anticipated that the Fed's target rate would peak in July at 5.188%, up from its current range of 4.5% to 4.7%. Fed funds futures are now pricing in a top-fed funds rate between 5% and 5.25 percent by July, as opposed to the near-even probability of a higher fed funds rate previously expected. However, the US dollar rose as markets began to process the data, which has also weighed on the price of oil.

 

The actual month-over-month data for the US Consumer Price Index was 0.4%, which was in line with estimates of 0.4%. Meanwhile, the US CPI for the year in January came in at +6.4% compared to +6.2% predicted.

 

Notably, TD Securities analysts explained that CTA trend followers are marginally adding back their short positions in Brent crude following news of congressionally mandated SPR sales worsened sentiment in the energy complex.

 

Current prices indicate a significant selling program equivalent to -9 percent of the cohort's greatest historical position size for RBOB gasoline. Nonetheless, the trend in time spreads indicates a tightening of the physical market in the near future, as evidence of a demand surge from China's reopening is visible in the travel industry.


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