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According to the Syrian Arab News Agency (SANA), Syria has become a regional hub for Iraqi fuel oil exports, with over a quarter of Middle Eastern fuel oil exports being shipped through Syrian Mediterranean ports. Meanwhile, the United States is supporting the development of alternative shipping routes to bypass the Strait of Hormuz.According to Irans Tasnim News Agency, Iran claims that a US-launched cruise missile was successfully intercepted and hit by an air defense system in western Iran several hours ago, and the missile has been destroyed.July 20th - According to foreign media reports, Boeing (BA.N) increased production of PAC-3 interceptor guidance heads by 30% last year and plans to achieve a similar increase this year to support the US replenishment of its critical air defense interceptor stockpile. Steve Parker, CEO of Boeing Defense, stated that the company produced 650 guidance heads last year, comparable to the number of PAC-3 missiles Lockheed Martin (LMT.N) plans to produce in 2026. Boeings goal this year is to increase guidance head production to 850 sets. During the Iran-Iraq War, the US and its allies launched thousands of PAC-3 interceptors as Iran launched ballistic missiles at multiple targets in the region. The framework agreement signed this year is expected to boost related production to 2,000 missiles per year by 2030.On July 20, the Jordanian Ministry of Foreign Affairs issued a statement saying that it summoned the Iranian Chargé dAffaires in Amman to deliver a protest note regarding Irans continued attacks on Jordanian territory and the inflammatory and provocative statements made by Iranian official institutions concerning Jordan. A spokesperson for the Jordanian Ministry of Foreign Affairs stated that the Ministry demanded that the Iranian Chargé dAffaires convey a clear message to the Iranian government: an immediate cessation of attacks against Jordan, and an end to unacceptable inflammatory rhetoric.Israel Defense Forces: The Israeli Air Force recently intercepted a drone in the border region between Israel and Syria. The origin of the drone is still under investigation. No air defense sirens were activated.

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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