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SEC filings show that Nvidia (NVDA.O) has applied for a seven-part note offering of up to $25 billion.June 16th - On Monday, local time, the spot delivery price of natural gas at the Wahaha Hub in Texas, a key indicator of shale basin prices, was 35 cents per million British thermal units (MMBtu), marking its first positive close since February and ending a 131-day streak of prices below zero. High temperatures, increased production following maintenance of some pipelines, and recent signs of expansion of key pipelines all contributed to the price increase. This positive news is a good sign for producers such as Pemlin Resources and Devon Energy, which had previously shut down some wells with extremely high gas-to-oil ratios to avoid further financial strain.On June 16th, PGIM, a US asset management firm, held a fringe view that the Federal Reserve would raise interest rates three times this year to curb an overheated economy, before reversing the rate hikes in 2027. The firm had previously predicted a rate cut by the Fed this year in April. PGIM stated that the US economy is "exceptionally strong" and inflation remains persistently high, necessitating a new strategy. Given this backdrop, and considering the Feds failure to achieve its 2% target for five consecutive years, PGIM expects the Fed to raise rates three times this year to bolster its credibility and anchor inflation expectations. PGIM stated, "If the rate hikes are described as a precautionary measure to address supply-side inflation and recent volatility in long-term Treasury bonds, then Warsh will gain political support." However, PGIM indicated that it expects the Fed to "reverse these rate hikes relatively quickly, implementing three rate cuts in 2027 and another in 2028, ultimately reaching a rate of 3.375%—below current levels and potentially close to the neutral rate."SpaceX (SPCX.O): Does not plan to release quarterly or annual financial reports or other important news via Telegram. Important information will primarily be released to the public through the Investor Relations page and the X account.June 16 - According to Irans PressTV, sources revealed that at least three Iranian oil tankers and two cargo ships carrying essential supplies have successfully broken through the US naval blockade. These vessels continued their voyages on Monday evening local time, marking the first practical victory of the newly reached memorandum of understanding between Iran and the United States. According to sources, these ships, which had been stranded for months under the US blockade, have successfully navigated international waters. This comes less than 24 hours after the US and Iran reached the memorandum of understanding, which calls for an immediate end to the illegal US naval blockade of Iran as part of a comprehensive ceasefire.

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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