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Real-time News
September 4th - According to the Washington Post, the Los Angeles Unified School District, the second-largest public school district in the United States, will ban all students from using generative AI this school year. New York City Public Schools, the largest school district in the U.S., also announced on Wednesday a one-year moratorium on such tools until high school. The Los Angeles Unified School Districts policy was mentioned at a committee meeting on Wednesday regarding the use of AI in schools. In June, the district board had already set limits on screen time based on student age. Regarding these policies, district officials further clarified this week that they will ban all students from using generative AI, regardless of age. Dominic Caguioa, director of educational technology and innovation, told board members at the meeting that the district is now "taking a much stricter approach to content and platforms."Futures News, September 4th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes on September 4th: 1. Pulp futures warehouse receipts: 398,188 tons, an increase of 1,000 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 2,758 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 7,400 tons, an increase of 1,000 tons compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 23,770 tons, an increase compared to the previous trading day. 6. Petroleum asphalt futures warehouse receipts: 2,730 tons, down 1,000 tons from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 26,100 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 2,961,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 8,330 tons, down 2,000 tons from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.Futures News, September 4th: On September 4th, the Shanghai Futures Exchanges (SHFE) data on precious metals and non-ferrous metals warehouse receipts and changes are as follows: 1. Copper futures warehouse receipts: 25,781 tons, a decrease of 1,777 tons from the previous trading day; 2. Aluminum futures warehouse receipts: 223,717 tons, a decrease of 4,427 tons from the previous trading day; 3. Zinc futures warehouse receipts: 95,367 tons, a decrease of 625 tons from the previous trading day; 4. Lead futures warehouse receipts: 57,742 tons, a decrease of 51 tons from the previous trading day; 5. Nickel futures warehouse receipts: 99,303 tons, a decrease of 294 tons from the previous trading day; 6. 1. Tin futures warehouse receipts: 4,657 tons, down 8 tons from the previous trading day; 2. Alumina futures warehouse receipts: 250,779 tons, up 1,197 tons from the previous trading day; 3. Alumina futures factory warehouse receipts: 9,300 tons, unchanged from the previous trading day; 4. Gold futures warehouse receipts: 114,858 kg, unchanged from the previous trading day; 5. Silver futures warehouse receipts: 1,406,781 kg, up 6,846 kg from the previous trading day; 6. International copper futures warehouse receipts: 7,447 tons, up 26 tons from the previous trading day.September 4th - Data released by TravelSky shows a significant increase in domestic flight bookings for the Mid-Autumn Festival and National Day holidays. As of now, domestic flight bookings for travel dates from September 25th to October 7th have exceeded 3.83 million, representing a year-on-year increase of approximately 17%; international flight bookings have exceeded 1.77 million, representing a year-on-year increase of approximately 11%.September 4th - U.S. retail diesel prices rose to a record high, potentially fueling energy-driven inflation as the wars between Iran and Russia disrupt energy markets. With global supply shortages persisting and the peak demand season approaching, data from the American Automobile Association (AAA) showed that the average price of diesel across the U.S. rose to $5.85 per gallon on Thursday, surpassing the peak reached in June 2022. The rising diesel prices will not only increase the burden on consumers but also pose political challenges to the White House ahead of the U.S. midterm elections, which are just two months away. Furthermore, the continued rise in diesel prices could further hinder the Federal Reserves efforts to curb inflation. In recent weeks, Federal Reserve officials have signaled differing opinions on the necessity of raising interest rates, with the next Fed meeting scheduled for mid-September.

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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