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On February 11th, according to Tianyancha App, Qingyang Yunjie Shunlian Technology Co., Ltd. recently underwent an industrial and commercial registration change, with its registered capital increasing from 10 million RMB to approximately 505.6 million RMB. The company was established in January of this year, with Song Wei as its legal representative. Its business scope includes digital technology services, retail and wholesale of computer hardware and software and auxiliary equipment, computer system services, software development, software sales, and cloud computing equipment sales. Shareholder information shows that the company is wholly owned by Ningbo Lingqiong Shunlian Network Technology Co., Ltd., a subsidiary of Kingsoft Cloud.On February 11, in response to US President Trumps remarks about cooperation between China and Canada, Foreign Ministry Spokesperson Lin Jian stated at a regular press conference that the establishment of a new type of strategic partnership between China and Canada embodies the spirit of equality, openness and inclusiveness, peaceful cooperation, and win-win outcomes. It is not directed against any third party, is in the common interest of the people of both countries, and is also conducive to world peace, stability, development, and prosperity.Total Energy CEO: India is a market with great potential for liquefied natural gas (LNG), but many people still prefer to use fuel oil when LNG prices are high.February 11th - Market consensus predicts that U.S. nonfarm payrolls will increase by 70,000 in January, up from 50,000 in December; the unemployment rate is expected to remain unchanged at 4.4%; and wage inflation, measured by average hourly earnings year-over-year, is expected to slow to 3.6% from 3.8%. TD Securities analysts noted that they expect job growth to remain subdued in January, with approximately 45,000 new jobs added. They stated, "We expect 40,000 new jobs in the private sector and about 5,000 in the government sector. Private sector growth is primarily concentrated in healthcare and construction. We expect the unemployment rate to continue showing signs of stabilization, remaining at 4.4%. The labor market remains in a state of low layoffs, low hiring. Average hourly earnings are expected to increase by 0.3% month-over-month and 3.7% year-over-year."February 11th Futures News: On February 11th, the Shanghai Futures Exchanges energy and chemical warehouse receipts and changes are as follows: 1. Pulp futures warehouse receipts: 131,427 tons, unchanged from the previous trading day; 2. Pulp futures mill warehouse receipts: 15,000 tons, unchanged from the previous trading day; 3. Offset paper futures warehouse receipts: 0 tons, unchanged from the previous trading day; 4. Offset paper futures mill warehouse receipts: 3,880 tons, unchanged from the previous trading day; 5. Fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day. 6. Petroleum asphalt futures warehouse receipts: 13,580 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 34,710 tons, an increase of 5,000 tons from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 3,464,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 4,980 tons, a decrease of 800 tons from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.

WTI price falls below the $76 mark amid altering financial dynamics and global growth concerns

Alina Haynes

Mar 14, 2023 11:40

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The West Texas Intermediate (WTI) price is unchanged on Tuesday amid a weaker US Dollar and muted risk sentiment. WTI fell to a low of $72.31 on Monday as a result of a strong risk-off environment sparked by the repercussions from Silicon Valley Bank (SVB) and Signature Banks. Since then, the WTI price has risen significantly as a result of the Federal Reserve's plan to intervene. After reaching a peak of approximately $76 on Monday, the WTI price retreated as the dynamics of the US Dollar shifted.

 

The financial system is being harmed by rising borrowing costs around the world and growth concerns are being raised. The WTI price is in a corrective decline as the narrative of China's reopening does not appear optimistic, as the country has lowered its growth forecast to 5.0%.

 

The SVB debacle exacerbates global growth concerns, as it is interpreted as the first of many financial system dings. Due to rising financing costs, businesses are struggling to make their repayments, which will eventually result in a decline in demand.

 

Despite tightened production and numerous voluntary cuts from the Organization of the Petroleum Exporting Countries (OPEC), the WTI price is struggling to surpass $80.

 

Oil prices are influenced by a number of variables, including the US dollar, inflation, OPEC, and global growth concerns. Considering the aforementioned factors, it is difficult to rationalize the directional nature of oil prices, but it appears that the oil market is primarily driven by development concerns.

 

Since these nations are struggling to maintain oil prices above the desired $80 mark, it will also be crucial to monitor the OPEC position on reduced oil prices.