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Japans 20-year government bond yield fell 2.0 basis points to 2.490%.South Koreas central bank decided the interest rate at 2.5% on July 10, in line with expectations of 2.50% and the previous value of 2.50%.On July 10, an important panel in the U.S. Senate debated proposed digital asset regulation, with Republicans calling for a moderate approach and Democrats warning of potential loopholes and conflicts of interest. "Our job is to set clear, loose guardrails to protect investors, stop fraud, and allow responsible innovation to flourish," said Tim Scott, chairman of the Senate Banking Committee. He noted that legislation should clearly define which tokens are securities and ensure appropriate protection from illegal financing. Republican Senator Hagerty and others released market structure principles last month, calling for a clear definition of the legal status and regulatory agencies of digital assets. The plan is largely in line with the CLARITY Act proposed by the House Committee in June. Hagerty said he was not worried about losing bipartisan support for market structure legislation and predicted that Democrats who support stablecoin legislation would begin to act.Foreign investors bought Japanese government bonds worth -164.6 billion yen in the week ending July 4, with the previous value revised from 105.26 billion yen to 105.91 billion yen.Japan bought 512.7 billion yen of foreign stocks in the week ending July 4, compared with 190.6 billion yen in the previous period.

WTI fluctuates near $87.00 due to contradictory demand-supply data

Alina Haynes

Sep 13, 2022 10:54

 截屏2022-08-04 下午5.10.59_1024x576.png

 

After reclaiming the weekly high, the price of WTI crude oil remained stagnant at approximately $87.80, amidst mixed concerns regarding the supply and demand of black gold. In addition to the market's hesitance ahead of critical US inflation data and the weekly industry report on oil inventories, the commodity prices could be affected by the market's disposition.

 

In October, oil production in the Permian Region in Texas and New Mexico, the largest U.S. shale oil basin, is expected to increase by 66,000 barrels per day (bpd) to a record 5.413 million bpd, according to a study released by the U.S. Energy Information Administration (EIA) on Monday. During the past week, the United States stopped releasing more oil from its Strategic Petroleum Reserve (SPR), signaling a significant improvement in the supply situation. Energy Secretary Jennifer Granholm is quoted by Reuters as saying, "The Biden administration is assessing the need for more SPR releases after the present program concludes in October."

 

Reuters, citing statistics from the US Department of Energy (DOE), reports that emergency oil inventories in the United States plummeted to their lowest level since October 1984, falling 8.4 million barrels to 434.1 million barrels in the week ending September 9. In the same vein are the rumors concerning the European Union's oil embargo and the oil price cap imposed by Western leaders on Moscow's energy exports.

 

In addition to the probable increase in China's stimulus, uncertainty surrounding the US-Iran oil deal and the likely retribution of Russia after retreating from portions of Ukraine further support the oil's upward movement.

 

Notable is the correlation between the risk-on sentiment and the dollar's depreciation, which helps oil purchasers. In spite of this, the US Dollar Index (DXY) fell for a second straight day to levels not seen in two weeks, near 108.30 at the latest.

 

After the most recent softening in price pressure, the US CPI for August becomes key. The projections indicate that the headline number will decrease to -0.1% MoM from 0.0% previously, while the CPI excluding food and energy will likely remain steady at 0.3% MoM. Also significant will be the previous 3.645M Weekly Crude Oil Stock data from the American Petroleum Institute (API).

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