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Artificial Intelligence: 1. Alibaba open-sources Qwen 3.8, with its large-scale model exceeding 3 billion downloads globally. 2. Oracle: The Jupiter Project, its AI data center park project, is progressing as planned. 3. Apple reportedly moves beyond simply "borrowing" resources, partnering with Alibaba to train a large-scale model specifically for the Chinese market. 4. Zhipu: Releases the GLM-5.3 model, demonstrating better performance in complex coding and long-term tasks. 5. The Dark Side of the Moon issues a solemn statement: Be wary of suspicious transactions; suspected illegal and criminal activities have been reported to the public security authorities. 6. Broadcoms stock price fell nearly 7% intraday on Friday, as the market focused on its financing model behind its AI infrastructure expansion. 7. Anthropic reported preliminary revenue exceeding $11.5 billion for the second quarter of 2026, while also reporting positive adjusted operating profit. Other: 1. Turkey plans to launch a lunar probe early next year. 2. South Koreas ICT exports grew by 140% in July, setting a new record for July. 3. Guangdongs first "Token Loan" was launched, with initial trial loans reaching 28 million yuan. 4. Goldman Sachs is reportedly in talks to participate in Nvidias $500 billion AI funding round. 5. LG partners with Nvidia to launch a new generation of humanoid robots in the first quarter of next year. 6. Nvidia is reportedly scaling back its plan to provide $250 billion in guarantees for OpenAI data centers. 7. Yonhap News Agency: SK Group Chairman Chey Tae-won has appealed the verdict in his record-breaking divorce case. 8. SEC filings show that SoftBank Group has reduced its stake in TSMC by 71.5%, down to 565,000 depositary receipts.August 15th - According to the UAE News Agency, Abu Dhabi National Oil Company (ADNOC) stated that one of its vessels was attacked while sailing in the Strait of Hormuz on the evening of the 14th. No casualties were reported. ADNOC is the UAEs state-owned oil and gas company. The UAE has recently claimed on several occasions that its vessels have been attacked while transiting the Strait of Hormuz. The UAE Ministry of Foreign Affairs issued a statement early on the 14th stating that two ADNOC oil tankers were attacked by Iran while transiting the Strait of Hormuz on the evening of the 13th.August 15th - According to Indonesian rescue authorities, the earthquake has so far caused one death. The China Earthquake Networks Center officially measured a 7.7-magnitude earthquake at 5:58 AM on August 15th in the sea area near Flores Island, Indonesia (8.40°S, 121.40°E), with a focal depth of 20 kilometers.1. The Finnish Defence Forces stated that Finland has established a temporary restricted zone for air and sea traffic in the eastern Gulf of Finland. 2. The Latvian Armed Forces stated that Latvia has ended its air threat alert after allied fighter jets shot down a drone in Latvian airspace. 3. A NATO military spokesperson confirmed that NATO allied warplanes were scrambled due to a drone entering Latvian airspace. 4. Russian Foreign Minister Lavrov stated that Russia will intensify its efforts to destroy all Western forces supporting the Kiev war machine. 5. The Russian Ministry of Defense reported striking trains carrying military equipment for the Ukrainian army in the Odessa, Zaporizhia, and Sumy regions. 6. The Russian Ministry of Defense reported that in the past 12 hours, Russian air defense systems shot down 221 Ukrainian fixed-wing drones in multiple regions and the Black Sea and Sea of Azov areas.On August 15th, US President Trump claimed on the 14th that he would soon "declare the Strait of Hormuz as US territory" after "defeating Iran." In response to Trumps statement, Iranian Deputy Foreign Minister Gharibabadi stated, "The Strait of Hormuz cannot be controlled by a post, an aircraft carrier, an executive order, or a campaign speech. Iran is neither afraid of threats nor intimidated by military force." Ali Azmai, commander of the Iranian Islamic Revolutionary Guard Corps Navy, also stated on the 14th that the Strait of Hormuz remains closed and under the complete control of the Iranian military. "The actual situation should be seen on the ground, not in the statements of US officials."

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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