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August 11th - According to sources familiar with the matter, Intel (INTC.O) is seeking to expand its stock offering to approximately $20 billion, a third higher than the $15 billion target set when it announced the deal Monday morning. The sources indicated that Intel expects to offer shares at approximately $95 per share or higher. One source stated that if the so-called over-allotment option is exercised, the offering could further expand to over $20 billion, and demand for the offering has already exceeded $100 billion. The sources indicated that discussions are ongoing, and details, including the offering size and pricing, are still subject to change.1. With the 30-year US Treasury yield rising to a 19-year high of 5.27%, and the 10-year US Treasury yield reaching 4.75%, it is once again approaching 5%. In response, US Treasury Secretary Bessenter recently intervened in the yen in conjunction with Japan, indicating a desire to adjust the supply of long-term bonds and strongly supporting Federal Reserve Chairman Warsh, employing a multi-pronged approach. 2. The three major US stock indexes closed slightly lower. The Dow Jones Industrial Average fell 0.11% to 53,975.98 points, the S&P 500 fell 0.06% to 7,753.11 points, and the Nasdaq Composite fell 0.32% to 26,605.36 points. Nvidia fell nearly 3%, and Travelers Group fell more than 2%, leading the decline in the Dow Jones. The optical communications sector opened higher but closed lower, with Coherent falling more than 14% and Lumentum falling more than 8%. The memory sector was mixed, with SanDisk rising more than 2%, SK Hynix falling nearly 2%, and Seagate Technology falling more than 1%. The Wind US Tech Big Seven Index fell 0.4%, with Apple falling more than 1% and Amazon rising more than 1%. SpaceX rose more than 4%. 3. Brent crude oil futures rose 5.18%, and WTI crude oil futures rose 5.27% to $82.30 per barrel. 4. International precious metals futures generally closed higher, with COMEX gold futures rising 1.11% to $4448.6 per ounce and COMEX silver futures rising 3.75% to $65.88 per ounce.August 11th - A survey shows that British consumers increased their spending on food and pubs last month, driven by Englands qualification for the World Cup semi-finals and the heatwave, but remained cautious about large expenditures. Data released Tuesday by the British Retail Consortium (BRC) showed that total UK retail sales in July rose 1.3% year-on-year, below the average and lower than Junes 1.9% growth. Food sales increased by 3.8% year-on-year, while non-food sales fell by 0.7%. Clothing sales were boosted by the heatwave, but footwear sales declined. Sarah Bradbury, chief executive of the Grocery Distributors Association (IGD), said: "The food supply chain is under increasing pressure due to the Middle East conflict and the ongoing heatwave, increasing the likelihood of rising food costs and potentially putting further strain on household budgets as we head into autumn." Barclays broader consumer spending indicator showed that consumer spending rose 2.0% year-on-year in July, slightly higher than Junes 1.9%.UK BRC total retail sales rose 1.3% year-on-year in July, down from 1.9% in the previous month.UK BRC same-store retail sales rose 1% year-on-year in July, compared with 1.70% in the previous month.

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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