EUR/USD 1.13787
0.081%
Gold 4022.88
-0.092%
Oil 70.427
-1.258%
USD/JPY 161.683
-0.070%
GBP/USD 1.32007
0.080%
GBP/JPY 213.438
0.022%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
JPMorgan Chase: Even if the peace agreement is maintained, the conflict in Iran will still affect market conditions in the EMEA (Europe, Middle East and Africa) region.The Italian Competition Authority has launched an investigation into Microsoft (MSFT.O) over the price increase of its "Microsoft 365" subscription.June 26th - A press conference was held today by the State Council Information Office. Wan Jingsong, Deputy Director of the National Energy Administration, stated that during the 15th Five-Year Plan period, my country will further accelerate the construction of new energy infrastructure. By 2030, my countrys charging infrastructure will reach 40 million units, achieving a doubling of growth. The scale of hydrogen production from renewable energy will reach 2 million tons, used in steel and chemical production, etc. The regulation capacity of virtual power plants will reach over 50 million kilowatts, equivalent to 50 large-scale non-coal-fired thermal power units.Gold prices fell in early Asian trading on June 26. Although the market anticipates a potential rebound after gold prices fall to $4,000 per ounce, Capital Economics economist Hamad Hussain believes the precious metal still has further downside potential over the next 18 months. He points out that expectations of a Federal Reserve rate hike will push up real yields, thus pressuring gold prices. A potential stock market crash could put even greater downward pressure on gold prices, as investors are often forced to sell high-quality assets to replenish margin during a sudden stock market sell-off. Capital Economics projects that gold prices will fall to $3,500 and $3,250 per ounce by the end of 2026 and 2027, respectively.On June 26, 2026, Ren Hongbin, Chairman of the China Council for the Promotion of International Trade (CCPIT), met with Martin Cornell, Global Chairman of PwC, and his high-level global delegation at the 4th China International Blockchain Expo. Ren welcomed Cornell and his delegation, expressing his hope that they would fully leverage their professional service advantages and make good use of the Blockchain Expo platform to better serve the high-quality development of Chinese enterprises.

WTI struggles at $87 as recession worries probe OPEC's forecast and supply deficit fears intensify

Daniel Rogers

Sep 14, 2022 11:42

 156.png

 

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.

Suggestion