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On September 7, Russian Foreign Ministry spokeswoman Maria Zakharova issued a statement saying that the US deployment of a medium-range missile launch system in Norway is yet another serious destabilizing move by NATO countries. Zakharova said the MK-41 launch system deployed in Norway can launch multi-purpose missiles to strike land and sea targets. The system can launch Tomahawk long-range cruise missiles, and its deployment in the Nordic countries can cover large swathes of Russian territory, including Moscow. Zakharova stated that the US deployment of land-based medium-range missiles in Europe, which threaten Russia, "undermines the foundation for constructive dialogue between Russia and the US on strategic issues."On September 7, local time, Russian Presidential Press Secretary Dmitry Peskov stated that Russia does not rule out resuming trilateral talks with the United States and Ukraine, but the location and timing are still uncertain. Peskov also stated that it is possible that Russian President Vladimir Putin and US President Donald Trump may hold a telephone conversation after the US presidential envoys visit to Moscow and Kyiv. Furthermore, Peskov emphasized that the Kremlin currently has no information regarding the outcome of negotiations between US presidential envoy Sergei Witkov, US President Trumps son-in-law Jared Kushner, and the Ukrainian leadership. When asked about the extent of the differences between the new US proposal and the consensus reached by Russian and US leaders Anchorage, Peskov did not answer.September 7th - Research from the Federal Reserve Bank of New York indicates that the decline in the dollars share of foreign exchange reserves does not reflect a widespread reallocation of dollar holdings, but rather the actions of a few reserve managers. Last year, the dollar accounted for 56% of official currency reserves, down from 64% a decade ago. While this change is often cited as evidence of widespread de-dollarization, Fed researchers say their research shows that the number of countries increasing and decreasing their dollar holdings has been roughly equal over two distinct periods since 2015. Linda S. Goldberg and Sneha Parthasarathy wrote in a blog post last week, "There is little evidence of a widespread trend of official diversification and dollar reduction."On September 7, Iranian Foreign Ministry spokesman Baghae stated that a Qatari delegation visited Tehran on the 6th and held "good talks" with Iranian Foreign Minister Araghchi, discussing issues such as easing regional tensions. According to Irans Fars News Agency on the 7th, Baghae, in response to a question about the Qatari delegations visit, said that Iran hosted delegations from Oman, Pakistan, and Qatar last week. Irans engagement with some regional countries continues, and these countries have been committed to helping to ease tensions.Oman says it has evacuated 16 crew members from the Saudi SIDR vessel, which was attacked by Iran.

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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