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On September 9th, the Russian Ministry of Defense released an update on the operations in Ukraine: Russian forces are intensifying their encirclement of Ukrainian armed forces units in the Kharkiv region and have taken control of the village of Ozernoye. The "East" forces are penetrating deep into Ukrainian defenses and launching attacks on Ukrainian armed forces units in the Zaporizhzhia and Dnipropetrovsk regions. Air defense systems have shot down eight guided-missile bombs, three US-made HIMARS multiple rocket launcher systems, one long-range Neptune cruise missile, and 1,185 drones.Ukrainian Armed Forces: On the night of September 9, the Ukrainian Defense Forces launched an attack on the Novorossiysk military naval base in the Krasnodar Krai of the Russian Federation.Türkiyes Energy Minister: The second and third nuclear power plants in cooperation with Canada are progressing rapidly, and we look forward to a clearer picture in the coming months.Ukrainian President Zelensky: Ukraine struck targets in Russia’s Novorossiysk and Krasnodar regions, including an oil terminal.September 9th - Apples $570 billion summer surge has placed high expectations on new CEO John Turner as the company prepares for its most anticipated event in years: Wednesdays launch of the foldable iPhone. Since the company announced price increases for several products on June 25th, the stock has risen 15%, despite that day marking its worst performance in over a year. The significant gains since then have been largely driven by enthusiasm for the new device lineup, particularly the foldable phone. However, the stock is still about 7% below its all-time high reached on July 28th. Apple remains seen as a laggard in artificial intelligence, a long-standing fundamental concern for investors. In the short term, however, the stocks fate may depend on the market response to the new iPhone, the companys ability to manage soaring memory costs, and Turners performance, who succeeded Tim Cook as CEO on September 1st. Morgan Stanley predicts the foldable iPhone will start at between $2,300 and $2,500. They estimate that Apple will ship approximately 6.5 million iPhones in the first quarter of its fiscal year ending in December, generating sales of approximately $14 billion, representing about 16% of the total expected iPhone revenue for that quarter.

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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