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September 10th - According to the Wall Street Journal, U.S. officials stated that senior White House advisors have privately raised the possibility with Trump that the war with Iran could continue until the end of his remaining term. This contradicts Trumps public assurances that the war will be swiftly won. Officials said that in discussions in the Oval Office and the White House Situation Room, Vice President Vance, Secretary of State Rubio, and others discussed with the president the possibility that Tehran might continue to resist under pressure from blockades and other military measures, potentially extending the conflict beyond the presidential inauguration in January 2029. These closed-door discussions took place as Trump told reporters on Wednesday that the war would end "immediately" after the November midterm elections because "Iran cant hold on any longer."According to the Wall Street Journal, Democratic Senator Richard Fetman will make a video appearance at the Republican National Convention in Dallas. This unusual move is bound to spark further speculation about his political future. Fetman is expected to introduce fellow Pennsylvania senator David McCormick, a Republican, in the video; the two senators have established a close bipartisan relationship.According to the Wall Street Journal, U.S. officials revealed that senior White House advisors raised the possibility with Trump that the war could drag on until the end of his term.On September 10, the Syrian Transitional Governments Ministry of Defense issued a statement on the evening of September 9, saying that an explosion occurred that day at a temporary warehouse used for storing weapons and war remnants in Idlib province in northwestern Syria, killing 14 personnel of the Ministry of Defense and injuring more than 10 others, including civilians. The statement said that the Ministry of Defense immediately coordinated with relevant departments after the explosion to control the scene and handle the situation. The cause of the accident is still under investigation.On September 10th, according to The Information, OpenAI has informed some business partners that it will no longer accept advertising for image and audio generation products, as these products compete with OpenAIs own functionality. This change was not previously reported and was not included in its published advertising policy, catching existing advertisers like Adobe, which sells such products, off guard. If this new policy extends to other competing products, it could limit OpenAIs potential advertising revenue. OpenAI had previously given investors aggressive advertising growth expectations, viewing advertising as a key way to generate revenue from its large non-paying user base.

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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