EUR/USD 1.15238
-0.152%
Gold 4405.86
0.866%
Oil 81.722
-0.563%
USD/JPY 159.443
0.091%
GBP/USD 1.34910
-0.120%
GBP/JPY 215.115
-0.026%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
U.S. Commerce Secretary Rutnick: The establishment of an Apple (AAPL.O) Mac mini factory in Texas will be announced tomorrow local time.According to Fox Business, White House Council of Economic Advisers Chairman Feren stated that the CPI report weakened the case for raising interest rates.Iranian Foreign Ministry spokesman Bagaei: As the country with the longest coastline in the Persian Gulf and the Gulf of Oman, Iran demands that all parties benefiting from shipping through the Strait of Hormuz take responsibility and repair the environmental damage in the relevant waters.Iranian Foreign Ministry spokesman Bagaei: Oil pollution has recently occurred off the coast of Qeshm Island. Preliminary investigations indicate that the source of the pollution may be a foreign bulk carrier, and several coastal areas and parts of the sea have been affected.August 13th - According to sources, the Truth API data service launched by Trumps media company is facing resistance from some trading firms. While some firms have already signed up to use the service, some, including Hudson Rivers and Citadel Securities, have stated they are unwilling to pay for it, arguing it is not a necessary condition for trading operations. The sources requested anonymity due to the non-public nature of the information. Analysts point out that existing insider trading regulations do not explicitly cover the president using his media platforms to release information that could affect the market, or selling access to such information to the market more quickly. Karen Woody, a professor at Washington and Lee University School of Law, stated that past regulatory systems did not presuppose that a sitting president might engage in such practices. Securities and Exchange Commission (SEC) Chairman Paul Atkins previously stated in an interview that the SEC is monitoring the Truth API data flow.

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