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U.S. Defense Secretary Hergsays: If Cuba does not comply with Washingtons demands, we will take military action against the country. As I have said before, and as we may have seen in other cases, all options, including military options, are being considered.Mexico is urging the United States to lower auto tariffs.On August 13, the Ukrainian Air Force announced that it would cease publishing detailed data on Russian ballistic missile attacks. It is understood that the Ukrainian military is struggling to cope with increasingly intense Russian airstrikes due to a shortage of anti-aircraft missiles. Ukrainian Air Force spokesman Yuri Ignat posted on social media that the military leadership has decided to partially adjust the content of its daily morning reports on large-scale Russian attacks. The reports will no longer disclose the specific number of missiles launched by Russia, those shot down or suppressed by Ukraine, or those that missed their targets. Real-time alerts will remain unchanged, and the Ukrainian military will continue to publish overall data on Russian missile launches.Qatar set its official selling price (OSP) for seaborne crude oil in September at $5 per barrel below the Oman/Dubai benchmark price; and its official selling price for land-transported crude oil at $4.50 per barrel below the Oman/Dubai benchmark price.On August 13, the State Nuclear Power Company of Ukraine issued a statement saying that the equipment condition at the Zaporizhia Nuclear Power Plant continues to deteriorate, with frequent power outages and a sustained increase in nuclear and radiation safety risks. The companys head, Kovtonyuk, explained that since the escalation of the Russia-Ukraine conflict, the Zaporizhia Nuclear Power Plant has experienced 26 total power outages, 14 of which occurred in the first eight months of 2026. Each time the power plant loses external power, backup power must be activated, and the frequent power switching operations further exacerbate safety risks. Kovtonyuk also stated that the aging and degradation of the nuclear power plant equipment is a significant problem; the diesel generator sets, due to frequent start-ups and shutdowns, have experienced a substantial increase in equipment load, accelerated wear, and a significant decrease in operational stability.

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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