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The Peoples Bank of China (PBOC) announced today that it conducted 27 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 27 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.US President Trump: The crime rate in Washington, D.C. has dropped to its lowest level in 30 years, which is fantastic.The intraday decline in the most active liquefied petroleum gas (LPG) contract narrowed to 2.00%, currently trading at 5860.00 yuan/ton.On May 7th, according to US sources, on May 6th local time, US officials stated that residents from three US states are currently under health monitoring to screen for potential Hantavirus infection risks. These individuals had previously traveled on a Dutch cruise ship, which experienced a fatal Hantavirus outbreak. Officials stated that none of those monitored have shown signs of illness. According to the World Health Organization, since April 11th, three passengers who traveled on the "Hundius" cruise ship have died, and five others have developed symptoms of Hantavirus infection. Hantavirus is a type of virus carried by rodents that can cause serious illness in humans. In the US, health departments in at least three states are monitoring residents who traveled on the cruise ship and have since returned home. The Georgia Department of Public Health stated in a statement that it is monitoring two local residents. The department stated that these two residents "are currently in good health and show no signs of infection," and are strictly cooperating with the recommendations of the US Centers for Disease Control and Prevention.On May 7th, Jun Mimura, Japans top foreign exchange official, stated that the International Monetary Funds (IMF) classification of Japan as having a floating exchange rate system does not limit the frequency of exchange rate intervention. Mimura made this response to reporters when asked about recent exchange rate trends and the IMFs classification criteria. The criteria stipulate that exchange rate intervention should not exceed three times within a six-month period. Furthermore, Mimura declined to comment on the exchange rate level but stated that he will continue to closely monitor the foreign exchange market and maintain daily contact with US authorities.

WTI sellers assault $87.00 as US President Biden contests OPEC+ ruling

Daniel Rogers

Oct 12, 2022 14:29

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WTI remains below the $87.00 support level as US President Biden expresses his displeasure with the decision by the Organization of the Petroleum Exporting Countries and its allies, including Russia, known collectively as OPEC+. Nevertheless, the bears remain cautious at the weekly low throughout the Asian session on Wednesday.

 

Reuters reported that US Vice President Joe Biden stated on Tuesday that "there will be consequences" for US-Saudi ties following OPEC+'s announcement last week that it will reduce oil production against US concerns. The news further reported that Biden's remark occurred a day after the influential Democratic senator Bob Menendez, chairman of the Senate Foreign Relations Committee, stated that the United States must immediately halt any cooperation with Saudi Arabia, including military sales. Notable is the fact that OPEC+ startled markets by declaring a two million-barrel-per-day output cut last week.

 

In addition to the OPEC+-agreed-upon supply cutbacks, the risk-aversion wave and the strengthening US Dollar Index (DXY) further weigh on commodities prices.

 

In spite of this, the DXY re-establishes a two-week high above 113.50 as higher US Treasury yields and hawkish Fed bets keep dollar investors optimistic ahead of today's Federal Open Market Committee (FOMC) Meeting Minutes.

 

The International Monetary Fund's (IMF) most recent economic forecasts may also impose downward pressure on the price of black gold. Tuesday, the IMF dropped its global economic growth forecast for 2023 from 2.9% in July to 2.7%, citing pressures from rising energy and food prices and interest rate hikes as the primary reasons for the change. Notable is that the Washington-based institute maintained its 3.2% growth prediction for 2022, compared to 6.0% for 2021.

 

In conclusion, the risk-averse sentiment and optimism for an easing of the supply constraint weigh on the price of black gold prior to the private weekly inventory data from the American Petroleum Institute (API), which was previously -1.77M.


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