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Bahrains Defense Forces: Air defense systems intercepted and destroyed multiple Iranian air attacks.September 2nd - my country has achieved a significant breakthrough in key technologies for high-end remote sensing dynamic imaging. Addressing the contradiction between lightweight design, low power consumption, and high dynamic imaging performance urgently needed in fields such as drones, satellites, and robots, the State Administration for Market Regulations Key Laboratory (Optical Sensing and Image Metrology) established at China Jiliang University, in collaboration with Beijing University of Aeronautics and Astronautics and other institutions, conducted technical research to achieve centimeter-level ultra-high resolution 3D imaging under small-scale, low-power constraints. This solves the problem of accurate capture and analysis of scene information for industries such as low-altitude economy and intelligent vision.Reuters witnesses reported hearing explosions in Kyiv.Futures News, September 2nd: Domestic residential gas prices resumed their upward trend in the second half of August, and this upward momentum continued into early September. As of September 1st, the domestic residential gas price was 6197 yuan/ton, an increase of 430 yuan/ton compared to mid-August. Although domestic refinery output increased to some extent in August, overall supply remained slightly insufficient. Furthermore, the continued closure of the Strait of Hormuz and restrictions on traffic flow in the Panama Canal led to insufficient international resource arrivals and high prices, with landed prices rising to around 6800 yuan/ton. Given the overall market context of insufficient supply and continuously rising costs, domestic liquefied petroleum gas (LPG) prices are expected to continue their strong performance in early September.September 2nd - Early this morning (September 2nd) local time, a spokesperson for Irans Hatem Anbia Central Command issued a statement saying that the US military recently conducted airstrikes on multiple military and non-military targets in southern Iran, causing civilian casualties. In response, Iranian armed forces launched attacks on US military bases in the region using missiles and drones. The statement said the attacks caused serious damage to US infrastructure, weapons, and equipment, and resulted in the deaths and injuries of a significant number of US commanders and soldiers. The statement indicated that military action against the US will continue until the US "regrets its actions." The statement also warned that if the US continues its military operations in the region, it will face a "heavier, broader, and more destructive" response; any country cooperating with the US military must bear the resulting "dangerous consequences."

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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