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On May 31, it was learned from China National Nuclear Corporation (CNNC) that the second unit of the "Super Carbon One" supercritical carbon dioxide waste heat power generation project, located in Liupanshui, Guizhou Province, successfully connected to the grid, marking the full completion of the worlds first demonstration project of supercritical carbon dioxide waste heat power generation technology. Once both units are operational, "Super Carbon One" will have a stable installed capacity of 30 megawatts.According to the Islamic Republic News Agency (IRNA), three offshore platforms at Irans South Pars gas field have resumed production.May 31 - According to Irans Fars News Agency, Iran unveiled a new type of attack boat on May 30, becoming a new symbol of the Iranian navys power.On May 31, it was confirmed by multiple sources that the "Plan for Further Deepening the Reform of State-owned Assets and Enterprises (2026-2029)" has been issued. Public information shows that since May, Shandong, Henan, and Hubei provinces have held provincial party committee standing committee meetings to study the work of deepening the reform of state-owned assets and enterprises in their respective provinces. Yuxi High-tech Zone in Yunnan Province, Peixian County in Xuzhou City, Jiangsu Province, and Etuoke Banner in Inner Mongolia have successively conveyed and studied the "Plan." At the central enterprise group level, China Electric Equipment Group held a 2026 Deepening Reform and First-Class Construction Work Conference on May 12. The conference required the entire group to thoroughly study and understand the contents of the "Plan" and formulate reform plans and reform ledgers that conform to the actual development of the group. All subsidiaries at all levels should, in accordance with the unified deployment of the group, systematically plan the next round of reform actions and go all out to promote a high-quality and high-standard start to the deepening reform.According to Irans Tasnim News Agency, Iranian Parliament Speaker Qalibaf stated that the task of diplomacy is to translate military victories into political and legal outcomes.

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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