EUR/USD 1.15363
-0.027%
Gold 5001.11
-0.100%
Oil 94.673
-0.573%
USD/JPY 158.992
-0.001%
GBP/USD 1.33553
0.001%
GBP/JPY 212.343
0.062%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Samsung Electronics: Strong demand for AI-driven chips will continue into 2026.According to Al Jazeera: Bahrain has activated an alert.Samsung Electronics shares rose more than 3%.March 18 - Japans Ministry of Finance announced on Wednesday that crude oil imports cleared through customs in February increased by 16.4% year-on-year. Preliminary data shows that Japan, the worlds fourth-largest crude oil importer, imported 2.64 million barrels per day (11.757 million kiloliters) of crude oil last month; liquefied natural gas (LNG) imports were 5.82 million tons, down 0.9% year-on-year; and imports of thermal coal for power generation fell 1.1% in February to 8.735 million tons.On March 18th, Futures News reported that Chicago Board of Trade (CBOT) soybean futures closed higher on Tuesday, with the benchmark contract rising 0.1%. This was mainly due to stronger international crude oil futures and the impending implementation of the US biofuel blending policy, which boosted Chicago soybean oil prices and lifted market sentiment. Rising international crude oil prices continued to support the soybean market. Irans attack on the United Arab Emirates exacerbated market concerns about potential supply disruptions due to a US-Israeli war against Iran. Media reports indicated that US President Trump invited farmers and biofuel producers to an event at the White House on March 27th, where the final rule on biofuel blending might be announced. This move also boosted investor optimism. AgResource stated that the US government plans to release the final rule on biofuel blending quotas by the end of March, increasing market expectations for increased demand for biofuel feedstocks such as soybean oil, injecting new vitality into the biofuel market.

WTI remains protective over $75.00 due to conflicting OPEC oil demand predictions and an increase in API inventories

Alina Haynes

Dec 14, 2022 11:28

 239.png

 

During Wednesday's Asian session, WTI crude oil traders struggle to find a clear direction around $75.30. The market is cautious ahead of today's Federal Open Market Committee meeting, and as a result, the black gold deviates from a three-day rally from the yearly low (FOMC).

 

The Organization of the Petroleum Exporting Countries' (OPEC) ambiguous oil demand projections and news about China may be supporting the WTI's passivity.

 

The OPEC stated in a monthly report that after increasing by 2.55 million bpd in 2022, oil consumption will increase by 2.25 million barrels per day (bpd), or approximately 2.3%, in 2023. Both projections remained the same as the previous month, according to Reuters. The news also stated that "OPEC reduced the absolute demand projections in the fourth quarter of 2022 and the first quarter of 2023 while maintaining the yearly demand growth forecasts at the same level. Chinese consumption has decreased in 2022 due to COVID containment measures, according to OPEC, as reported by Reuters.

 

The International Monetary Fund (IMF) Managing Director Kristalina Georgieva was seen predicting weaker economic growth for China as a result of the most recent increase in the daily Covid cases on a different page. Additionally, Bloomberg reported that the COVID-19 issues may have caused the Chinese leaders to postpone their meeting to discuss economic policy.

 

The disappointing US inflation figures could have encouraged oil bulls, but a surprising increase in the American Petroleum Institute's (API) weekly inventory for the week ended December 9—to 7.819M from -6.289M the week before—challenges the buyers of black gold.

 

The main difficulty for WTI traders is uncertainty surrounding market fears of fewer rate hikes and a cautious attitude prior to the Fed's decision.

 

Moving on, the risk associated with China and pre-Fed actions may limit WTI movements. Weekly official inventory data from the US Energy Information Administration (EIA), before -5.187M, may also be a factor in limiting oil swings.

Suggestion