EUR/USD 1.16396
0.240%
Gold 5134.60
0.908%
Oil 74.539
0.343%
USD/JPY 157.097
-0.374%
GBP/USD 1.33741
0.134%
GBP/JPY 210.108
-0.223%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
March 5 – As Iran slows its ballistic missile launches against Israel, the Israel Defense Forces (IDF) Civil Defense Command announced it will ease restrictions imposed on the public at the start of any potential conflict. The Command stated that, following a new assessment, starting at noon local time on March 5, the scale of activities in the country will be adjusted from "essential activities" to "limited activities," with educational activities still prohibited; some businesses will be allowed to resume operations from Thursday. These guidelines will remain in effect until Saturday evening, at which time the Civil Defense Command will conduct another assessment.March 5 - Three months after the Trump administration took control of Venezuelan oil sales, crude oil exports from Venezuelas main export hub surged to their highest level in years in March. A preliminary loading schedule indicates that shipments from the port of Chose, the countrys main oil export port, are expected to soar to 848,000 barrels per day in March. If this figure materializes, it would be the highest shipment volume from Chose since 2019. Exports are being boosted by continued naphtha imports, which are used to dilute Venezuelas extra-heavy crude oil for pipeline transport, enabling exports. Similar to February, at least five shipments of this base oil product are scheduled to unload in Venezuela this month.According to the Wall Street Journal: The United States met with insurance brokers to discuss lifting the blockade of oil tankers.Meta Platforms (META.O) plans to develop silicon chips to train artificial intelligence models, aiming to enhance AI capabilities.US President Trump: Iran’s missiles and launchers are being destroyed.

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

Daniel Rogers

Sep 14, 2022 11:42

 156.png

 

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.

Suggestion