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ADNOC Gas Division: Increased oil production in the UAE has boosted supply confidence.ADNOC Gas Division of Abu Dhabi National Oil Company: Will advance the second and third phases of rich gas development.ADNOC, the gas division of Abu Dhabi National Oil Company of the United Arab Emirates, will invest more than $8 billion to expand its production capacity.August 10th Futures News: 1. According to CCTV News, the Houthi rebels in Yemen issued a statement on August 9th, claiming that in response to the continued attacks by "Saudi-backed armed forces" on the west coast of Yemen and Taiz province, the Houthis launched a "large-scale, high-intensity" attack on the "Saudi-backed armed forces" assembly points and weapons depots in Mocha port on the Red Sea coast of Taiz province, using a large number of ballistic missiles and drones. 2. Domestically, as of press time, the main crude oil futures contract rose by more than 2%. Some analysts said that international crude oil prices are expected to remain highly volatile in mid-to-late August, with geopolitical factors remaining the primary driving variable. In the medium to long term, oil prices are unlikely to maintain a one-sided surge; the general trend will be high-level wide-range fluctuations. On the one hand, global manufacturing demand is generally weak, lacking the fundamental momentum to support a long-term significant rise in oil prices; on the other hand, OPEC+s production increase plan and the stable output of US shale oil will increase future crude oil supply. Overall, the risk of oil price volatility is high in August, and attention should be paid to the progress of US-Iran negotiations, expectations for the opening of the Strait of Hormuz, and US crude oil inventory data.SEOUL, Aug. 10 (Yonhap) -- Officials from South Koreas and Swedens nuclear regulatory agencies met on Monday to discuss policy and regulatory issues related to high-level radioactive waste disposal and small modular reactors (SMRs). The South Korean Nuclear Safety Commission stated that the meeting in Seoul was part of cooperation between the two countries based on a memorandum of understanding signed in 2014. Sweden is one of the countries with advanced technology for high-level radioactive waste disposal and is the second country in the world, after Finland, to build such a deep geological disposal facility. South Koreas nuclear regulatory agency stated, "We plan to further enhance South Koreas regulatory capabilities for high-level radioactive waste disposal facilities through cooperation with Sweden."

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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