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August 2nd - According to an Israeli official, as of August 1st local time, Israel assesses that US President Trump is closer than ever to approving a major military attack on Iran, although the specific plans have not yet been finalized. According to details of the contingency plan disclosed by the official, the US is considering precise and limited strikes against specific Iranian energy facilities. The assessment indicates that the US currently prefers to exclude Israel from the initial phase of the attack. However, Israel believes that a major US attack on Iran could directly trigger Iranian military retaliation, potentially forcing Israel into the conflict and into the fighting. Currently, the Israeli defense apparatus is maintaining a high level of vigilance.Trump posted on Truth Social: Oil exports are surging because of President Trump!August 2nd - On August 1st local time, the European Union announced that it will hold an emergency meeting of EU interior ministers via video conference on August 4th to discuss the migrant crisis in the Spanish enclave of Ceuta and the EUs response. This meeting was proposed by Spain. Spanish Prime Minister Sánchez had previously written to Ireland (the rotating president of the Council of the European Union), European Commission President Ursula von der Leyen, and European Council President Diego Costa, urging the EU to coordinate its response to the current migrant crisis.Former US Vice President Harris: (Regarding the war with Iran) This war is a conflict that the current president, Trump, chose to get involved in. He went to war with Israel, and for the United States, there was no clear national security issue.August 2nd - On August 1st local time, the Turkish Ministry of Energy and Natural Resources announced that the Turkish National Oil Pipeline Company (BOTAŞ) and two Iraqi oil companies had officially signed a one-year crude oil transportation agreement. According to the agreement, Turkey and Iraq will efficiently utilize the oil pipeline, with a daily transport capacity of 750,000 barrels allocated to Iraq. Turkey stated that the pipelines total designed daily capacity is 1.5 million barrels. Previously, during a visit to Turkey, Iraqi Prime Minister Zaidi stated that Turkey would supply 1 million barrels of oil per day.

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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