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Dell (DELL.N) rose more than 5%.The U.S. EIA natural gas storage data for the week ending July 3 will be released in ten minutes.On July 9th, Meta launched its state-of-the-art AI model, Muse Spark 1.1, including a new paid tier for developers. This marks the first time Meta has charged enterprises for model access, opening up a new revenue stream. In an interview before the launch, Zuckerberg stated that this will be one of the most cost-effective options on the market. Speaking about the API for accessing Meta AI, Zuckerberg said, "Since this isnt an open-source model, I think this is the first time weve really seriously launched an API. And the pricing will be very aggressive and attractive." Zuckerberg stated that the new models significant improvement lies in its agent capabilities. Muse Spark 1.1 boasts "state-of-the-art or very close to state-of-the-art" levels in agent inference and tool usage. The model also shows significant improvements in coding. Meta will also launch a new Meta Model API system for charging developers. Its API pricing is approximately 25% of the prices quoted by other high-end models from OpenAI and Anthropic. Developers can use Metas models for free, but only to a certain limit; once a certain token threshold is exceeded, access will require payment. He stated, "Some other labs have extremely high pricing and profit margins." He emphasized that his strategy is to make Metas technology accessible to as many people as possible.Turkish Foreign Ministry: The Turkish Foreign Minister discussed the latest developments and ceasefire with the Iranian Foreign Minister in a phone call.Meta Platforms (META.O) saw a short-term rally, narrowing its losses to 0.6%.

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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