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The U.S. Energy Information Administration reported that U.S. gasoline demand rose 1.0% year-on-year in March to 8.853 million barrels per day (compared to a 1.1% decline in February).The U.S. Energy Information Administration reported that U.S. distillate fuel demand rose 0.3% year-on-year in March to 3.904 million barrels per day (compared to a 5.4% increase in February).On May 29th, according to Iranian media Fars News, sources refuted Trumps latest claims about a possible agreement with Iran, stating that his remarks were "half true, half false" and aimed at fabricating a false victory. Almost everyone now sees that Trumps claims are completely unfounded. According to reports, the agreement text, drafted as a "reciprocal commitment," is currently in the final stages of Irans domestic ratification process and no final decision has been made. In stark contrast, Trump has raised issues that contradict the terms of the agreement text. At the same time, he claims he will immediately lift the blockade. Trumps distortions of the core content of the agreement include: 1. Trump claims that Iran is obligated to open the Strait of Hormuz without receiving any fees; however, such a clause does not exist in the agreement text. 2. Trump claims that Iran will dismantle or destroy its nuclear materials. Sources emphasize that not only is there no such content in the memorandum of understanding, but Trumps claim is also utter nonsense. Key terms of the agreement that Trump deliberately avoided mentioning: 1. A crucial point that Trump didnt mention at all: the precondition for immediately unfreezing and paying Iran $12 billion in frozen assets. 2. A ceasefire in Lebanon. 3. Iranian officials also emphasized that the final agreement will be based on the principles and "red lines" of the Islamic Republic of Iran.Russian President Vladimir Putin: Let them hand over the drone wreckage to Russia; we will provide our assessment.According to Irans Fars News Agency, Iranian sources have denied the latest comments made by US President Trump.

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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