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On August 18th, the General Office of the Sichuan Provincial Peoples Government recently issued the "Implementation Opinions on Accelerating the Integration of the Three Networks: Transportation Network, Logistics Network, and Data Network." The opinions propose to orderly promote the development and expansion of unmanned logistics. Unmanned logistics scenarios will be expanded in areas such as urban and rural distribution, trunk transportation, industrial park short-haul transportation, warehousing and sorting, and loading and unloading. The opinions also actively cultivate intelligent air-ground collaborative scenarios combining "unmanned vehicles + drones" and "manned vehicles + drones." Focusing on the "new three categories" of products—lithium batteries, photovoltaic modules, and new energy vehicles—the opinions promote the government and market to collaboratively build a carbon emission accounting and carbon footprint management system, guide enterprises to establish carbon asset management systems and participate in carbon trading, and drive the green and low-carbon transformation of the entire production, distribution, and consumption industries.According to the latest data from the General Administration of Customs, China exported 6.02 million tons of steel plates in July 2026, a year-on-year decrease of 1.8%; cumulative exports from January to July reached 38.26 million tons, a year-on-year decrease of 9.9%.According to data from the General Administration of Customs, China imported 791 tons of polysilicon in July 2026, a year-on-year decrease of 32.4%; cumulative imports from January to July totaled 8,572 tons, a year-on-year decrease of 30.8%.According to data from the General Administration of Customs, China imported 42.73 million tons of coal and lignite in July 2026, a year-on-year increase of 20.3%; cumulative imports from January to July reached 268.11 million tons, a year-on-year increase of 4.3%. On the export side, China exported 770,000 tons of coal and lignite in July, a year-on-year decrease of 1.6%; cumulative exports from January to July reached 3.53 million tons, a year-on-year decrease of 14.1%.On August 18th, three analysts from DBS Groups research department stated in a commentary that the Bank of Japan (BOJ) may accelerate its interest rate hike pace from the current once every six months to once every three to four months. The analysts noted, "We have moved up our expectation for the BOJs next rate hike to September, and anticipate two more rate hikes each in the first and second quarters of 2027, bringing the overnight call rate to 1.75% by mid-2027." They also pointed out that the BOJs recent statements have become more hawkish, and the Japanese government seems less opposed to raising rates earlier than anticipated. DBS Group also raised its 2026 GDP growth forecast for Japan from 0.5% to 0.9%, and its 2027 GDP growth forecast from 0.5% to 1.0%.

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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