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On September 20th, the Party Leadership Group of the Ministry of Agriculture and Rural Affairs held a meeting. The meeting emphasized that cultivating and strengthening the agricultural machinery equipment industry is a key support for agricultural modernization. It stressed adhering to the development direction of intelligence, greening, and integration, focusing on addressing prominent shortcomings such as high-end intelligent machinery and machinery suitable for hilly and mountainous areas. The meeting called for concentrating superior resources and efforts to overcome key challenges in a number of landmark complete machines and key common technologies, accelerating pilot-scale testing and mature application, so that more areas of agricultural production can have "organic produce available and good machinery available." The meeting also emphasized vigorously promoting "artificial intelligence + agriculture," expanding application scenarios for drones, the Internet of Things, and other technologies, so that new productive forces can better empower the development of modern agriculture.On September 20th, US President Trump stated on social media: "At the strong request of the US military and for national security purposes, I have agreed to transform the magnificent Arc de Triomphe—planned for many years since the Civil War—located in Reception Plaza next to the Arlington Memorial Bridge, into a top-tier military complex/Arch de Triomphe—capable of housing, storing, and rapidly deploying large numbers of drones, while also deploying snipers on the rooftops and plaza area, and additionally storing and maintaining a large quantity of sniper ammunition. There is no similar facility anywhere else in the world. Of the 59 top cities and capitals in the world, Washington, D.C., is the only city without an Arc de Triomphe, but now it will have one, and it will be the greatest ever!"Market news: Israeli Prime Minister Netanyahu has ordered increased military presence in the West Bank, including a blockade, arrests, and the demolition of the residences of those who carried out the attacks.On September 20th, it was reported that from September 15th to 17th, Sun Meijun, Director-General of the General Administration of Customs, led a delegation to Uzbekistan. She exchanged in-depth views with Mavronov, Chairman of the Customs Committee of Uzbekistan, on implementing the consensus reached by the two heads of state, promoting the implementation of customs cooperation agreements, and facilitating trade security, reaching an action plan. She also held talks with Urunov, Chairman of the Food Safety Committee, on cooperation in the quarantine of exported animal and plant products and food safety, and signed cooperation documents. During her visit, Sun Meijun also exchanged views with officials from the Chinese Embassy in Uzbekistan; met with representatives of Chinese-funded enterprises in Uzbekistan to understand the business environment at Uzbek border crossings; and exchanged views with representatives of Uzbek customs trainees who had received training in China, soliciting their suggestions on the training program.September 20th - According to BHP Billitons official WeChat account, the 15th China International Steel Conference, hosted by the China Iron and Steel Association and the Metallurgical Industry Branch of the China Council for the Promotion of International Trade, was held in Shanghai from September 19th to 20th. In his keynote speech, BHP Billiton CEO Brandon Craig pointed out that Chinas continued investment in advanced manufacturing, renewable energy, and the digital economy will create new growth momentum and resource demand. Steel will remain a crucial pillar of economic development and industrial competitiveness, while the importance of copper will continue to rise. Craig stated that in the iron ore sector, BHP Billiton expects to invest over US$10 billion in its iron ore business over the next five years to maintain and enhance production capacity, develop high-quality ore bodies, and upgrade port and railway infrastructure; it will also fully support Western Australias iron ore production target of 305 million tons per year by fiscal year 2028. Regarding copper, BHP Billiton plans to continue expanding its copper production capacity over the next decade to support global electrification, energy transition, and digital infrastructure development.

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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