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JPMorgan Chase lowered its price target for Chevron (CVX.N) from $224 to $190.On July 10th, the National Energy Administration issued the "Action Plan for Energy Conservation and Carbon Reduction in the Energy Sector (2026-2028)". The plan proposes to vigorously promote energy conservation and carbon reduction in thermal power. It calls for the orderly and prudent shutdown of a number of qualified 300 MW and below coal-fired power units, and encourages the construction of replacement units according to the requirements of next-generation coal-fired power. It also promotes the implementation of ultra-critical (supercritical) generational upgrades for a number of 600 MW coal-fired power units. Support is provided for qualified units to undergo zero-carbon and low-carbon fuel blending and carbon capture, utilization, and storage (CCUS) retrofits, with a target reduction of approximately 10% in carbon emissions per kilowatt-hour after the retrofits. The plan also calls for the implementation of a number of projects integrating coal-fired power, gas-fired power, and new energy sources, supporting the integration of coal-fired power and new energy sources through methods such as thermal energy storage coupling for peak shaving and integrated peak power generation and transmission, to achieve integrated carbon reduction effects.July 10th – According to the China Academy of Information and Communications Technology (CAICT), the Satellite Communications Working Group of the Industrial Internet Industry Alliance (hereinafter referred to as the "Satellite Communications Working Group") was officially established in Beijing recently, under the guidance of the Information and Communications Administration of the Ministry of Industry and Information Technology. The Satellite Communications Working Group aims to build a platform for industry exchange and cooperation, accelerate breakthroughs in key core technologies for satellite communications, promote technological innovation and development such as non-terrestrial networks (NTN), and pool resources to jointly cultivate an open and shared satellite communications industry ecosystem, contributing to the construction of a manufacturing powerhouse, a space powerhouse, a cyber powerhouse, and a digital China.July 10th - The China Federation of Logistics and Purchasing (CFLP) released the "2026 China Highway Transport Capacity Development Report" today (July 10th). According to the report, the highway transport market will continue to adjust and optimize in 2025, with the capacity structure accelerating its upgrade towards large-scale, professional, and green development. Enterprises risk resistance and resilience in normalized operations have improved. Survey data shows that fuel-powered vehicles still dominate the current highway freight capacity structure, accounting for approximately 50%, but new energy vehicles have formed an irreversible substitution trend in specific scenarios. Among the surveyed enterprises, the penetration rate of new energy trucks is 44.4%. Of the enterprises that have already purchased new energy vehicles, 37.5% chose to "continue to expand their new energy vehicle fleet," and 37.5% chose to "maintain their existing scale."The main Shanghai silver futures contract surged 4.00% intraday, currently trading at 14,805.00 yuan/kg.

WTI struggles at $87 as recession worries probe OPEC's forecast and supply deficit fears intensify

Daniel Rogers

Sep 14, 2022 11:42

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After reverting from the weekly high, WTI crude oil traders seek clear direction around $87.50 during Wednesday's Asian session. However, the present hesitation in the price of black gold may be attributable to the mixed concerns regarding the demand-supply matrix.

 

The Organization of the Petroleum Exporting Countries (OPEC) indicated in a monthly report that oil consumption will climb by 3,1 million barrels per day (bpd) in 2022 and by 2,7 million barrels per day (bpd) in 2023, which is unchanged from last month. Despite obstacles such as rising prices, the news also highlighted indications that major economies were performing better than projected.

 

The news that the United States intends to replenish its emergency oil reserves, as well as the German and European move to control Russian oil and gas prices, could also be favorable for energy prices. In addition, rumors that the Western oil deal with Iran is a long way off are bolstering fears of a supply bottleneck and should have helped energy bulls.

 

Tuesday's US inflation statistics revived concerns about the Federal Reserve's fast rate hike and exacerbated recession concerns. Also acting as downward drivers for WTI crude oil are expectations of economic slowdown due to China and Russia-related concerns.

 

In spite of this, the US Consumer Price Index (CPI) for August increased by 8.3% year-over-year, surpassing market expectations by 0.1%. However, the monthly data increased to 0.1%, exceeding the -0.1% projected and the 0.0% shown in previous assessments. The core CPI, or CPI excluding food and energy, likewise exceeded the 6.1% consensus and 5.9% prior to printing at 6.3% for the month in question.

 

It should be mentioned that the weekly prints of the American Petroleum Institute's (API) industry inventory report also contributed to the commodity's downfall. The API Weekly Crude Oil Stock climbed to 6,035 million during the week ending September 9, up from 3,645,000 the previous week.

 

In the future, the price of black gold may stay under pressure due to a stronger US dollar and economic troubles. Before today's official weekly inventory data from the U.S. Energy Information Administration, however, the supply crisis concerns could test the bears (EIA). Thursday's US Retail Sales for the month of August and Friday's preliminary reading of the September Michigan Consumer Sentiment Index will also warrant close attention.

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