EUR/USD 1.15853
-0.568%
Gold 4458.14
-3.118%
Oil 82.713
-0.301%
USD/JPY 160.075
0.430%
GBP/USD 1.35378
-0.402%
GBP/JPY 216.693
0.027%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
August 29th - According to the Russian government, the export ban on diesel, marine fuel, and crude diesel oil from producers in Russia has been extended to September 30th. The original export restrictions on diesel, marine fuel, and crude diesel oil from producers were valid until August 31st. The Russian government stated that this decision was made to maintain stability in the domestic fuel market.August 29th - According to data from Lighthouse Pro, as of August 29th, the total box office for 2026 (including pre-sales) has exceeded 28 billion yuan. "Pegasus 3", "Kung Fu Womens Soccer", "A Letter to Grandma", "Welcome to Dragon Restaurant", and "The Eight Immortals" are currently ranked among the top five films in the annual box office.On August 29th, US media reported that the US military plans to discipline the sailor who jumped overboard from the USS Lincoln aircraft carrier earlier this month, citing "self-harm" and "absconding." According to a recent report by MSNow, the 19-year-old sailor jumped overboard from the USS Lincoln on August 3rd and was rescued about an hour later. Currently, the military is charging him with violating military regulations by "intentionally feigning illness or self-harm to evade work, duties, or military service," and by leaving his post without authorization. The USS Lincoln began its planned deployment last November and was transferred to the Middle East in January of this year; it has now departed for its return to the United States. The New York Times reported that during its 272-day deployment, except for brief resupply stops in Guam and Oman, the USS Lincoln spent most of its time on operational duty at sea. Due to lack of rest and poor living conditions, the morale of the approximately 5,000 sailors on board was low, and several had suffered mental breakdowns and attempted suicide by jumping overboard.According to RIA Novosti: Russian President Vladimir Putin met with Belarusian President Alexander Lukashenko.Italian oil company Eni: is cooperating with Venezuela and other authorities on energy “revival”.

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