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Russian Defense Ministry: Russia attacked an ammunition depot in Kyiv.The Russian Ministry of Defense stated that Russian forces launched nighttime strikes against Kyiv and surrounding areas in Ukraine.On August 20th, six departments in Shanghai—the Shanghai Municipal Commission of Housing and Urban-Rural Development, the Shanghai Municipal Housing Administration Bureau, the Shanghai Municipal Finance Bureau, the Shanghai Branch of the Peoples Bank of China, the Shanghai Financial Regulatory Bureau, and the Shanghai Municipal Housing Provident Fund Management Center—jointly issued the "Notice on Optimizing Shanghais Real Estate Policies and Measures," which will take effect on August 21, 2026. The notice stipulates that, guided by demand and in accordance with the development requirements for affordable rental housing during the 15th Five-Year Plan period, all central urban districts (including the area within the outer ring road of Pudong) should promote the acquisition of second-hand housing and accelerate its renovation and rental, effectively increasing the supply of affordable rental housing in the central urban areas.On August 20th, six departments in Shanghai, including the Shanghai Municipal Commission of Housing and Urban-Rural Development, the Shanghai Municipal Housing Administration Bureau, the Shanghai Municipal Finance Bureau, the Shanghai Branch of the Peoples Bank of China, the Shanghai Financial Regulatory Bureau, and the Shanghai Municipal Housing Provident Fund Management Center, jointly issued the "Notice on Optimizing Real Estate Policies and Measures in Shanghai," which will take effect on August 21, 2026. The "Notice" clarifies that efforts will be further strengthened to implement housing vouchers, adding housing voucher resettlement methods to compensation and resettlement for land acquisition and demolition. It focuses on urban village renovation and old city reconstruction projects, balancing existing land acquisition and demolition compensation standards and using multiple methods to meet the diverse resettlement needs of residents.On August 20th, six departments, including the Shanghai Municipal Commission of Housing and Urban-Rural Development, the Shanghai Municipal Housing Administration Bureau, the Shanghai Municipal Finance Bureau, the Shanghai Branch of the Peoples Bank of China, the Shanghai Financial Regulatory Bureau, and the Shanghai Municipal Housing Provident Fund Management Center, jointly issued the "Notice on Optimizing Real Estate Policies and Measures in Shanghai," which will take effect on August 21, 2026. The notice proposes optimizing the frequency and limits of housing provident fund withdrawals for home purchases. For those who have already purchased a home in Shanghai and do not have a personal housing provident fund loan or have not applied for housing provident fund loan repayment, the frequency and amount of withdrawals for home purchases will be further relaxed. The frequency of withdrawals will be changed from "once within 5 years from the date of issuance of the property ownership certificate" to "once every calendar year"; the amount of withdrawals will be relaxed to "not exceeding the purchase price of the home paid with ones own funds."

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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