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AkerBP, a Norwegian independent oil company, has made a major oil discovery in the Ingdlasir area, with recoverable reserves estimated at 96 million to 134 million barrels of oil equivalent.On August 21st, PGIM Chief Global Economist Daleep Singh stated in a report that Federal Reserve Chairman Powell may signal a more gradual approach to rate cuts at the Jackson Hole conference. Last weeks US CPI and PPI data showed that inflation remained stubbornly above 3%. He noted that the number of CPI components exceeding 4% was equal to that below 2%, a first since the inflation peak of 2021-2022. Against this backdrop, PGIM remains confident in its forecast, predicting that the Fed will have cut interest rates by a cumulative 100 basis points by next year, approximately 50 basis points below current market expectations.Futures data for August 21st: 1. WTI crude oil futures trading volume was 735,176 contracts, down 25,376 contracts from the previous trading day. Open interest was 1,919,936 contracts, down 2,885 contracts from the previous trading day. 2. Brent crude oil futures trading volume was 143,494 contracts, up 12,785 contracts from the previous trading day. Open interest was 207,416 contracts, up 1,980 contracts from the previous trading day. 3. Natural gas futures trading volume was 488,686 contracts, down 107,644 contracts from the previous trading day. Open interest was 1,621,245 contracts, up 17,475 contracts from the previous trading day.Hong Kong stocks of innovative drug concepts rose in the afternoon, Lepu Biopharmaceuticals (02157.HK) rose more than 9%, Fuhong Hanlin (02696.HK) rose more than 5%, Junshi Biosciences (01877.HK), Rongchang Biopharmaceuticals (09995.HK) and other stocks followed suit.AAC Technologies (02018.HK) fell more than 10%. The companys net profit in the first half of the year increased by 63.1% year-on-year.

WTI fluctuates around $80.00 following a V-shaped recovery as OPEC and allies intervene

Alina Haynes

Nov 22, 2022 14:53

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Futures for West Texas Intermediate (WTI) on the New York Mercantile Exchange (NYMEX) have had a steep comeback to near the psychological resistance of $80.00 after reaching an 11-month low of $75.27. The black gold is hovering at the $80.00 threshold as Saudi Energy Minister Abdulaziz bin Salman Al-comments Saud's have sparked supply concerns.

 

The Saudi Energy Minister affirmed that the existing OPEC+ agreement will remain until the end of 2023, confirming rumors that OPEC+ will intervene in the oil market to maintain oil prices from their unbalanced fluctuations. Previously, oil exporting nations agreed to reduce daily oil output by two million barrels in order to increase oil prices. The action is expected to disrupt the current demand-supply mechanism; consequently, oil prices are becoming more efficient.

 

On the demand side, the escalation of Covid-19 infections in China has prompted concerns over the future oil consumption. The present trend of increasing Covid-19 cases could push the Chinese government to reinstate Covid-19 limitations, as they are the sole means of restricting the virus's spread. The investment banking firm Goldman Sachs has reduced its projection for Brent crude oil prices in the fourth quarter from US$110 per barrel to US$100 per barrel due to the rising infection rates in China.

 

In the meantime, the demand for US Durable Goods will also reveal the future oil consumption in the US economy. According to forecasts, US Durable Goods Orders will settle at 0.4%, the same as their previous publication. Additional growth in the market for durable goods would eventually indicate oil demand forecasts.

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