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On September 6, Russian Presidential Aide Ushakov said early on the 6th that President Putins meeting with US President Trumps special envoy Witkov and son-in-law Jared Kushner at the Kremlin on the evening of the 5th lasted more than three hours and was substantive and "constructive." Ushakov said that the Russian side made a clear and comprehensive assessment of the current situation, including the situation developing during the special military operation. In particular, the Russian side pointed out the actual progress made by the Russian army in the theater of operations and expressed confidence in achieving its established objectives, while also emphasizing the necessity of eliminating all the root causes of the conflict. Ushakov stated that Russia reiterated its willingness to continue working with the US to seek a solution through political and diplomatic means. Both sides confirmed that the two presidents will continue to maintain direct contact.Russian Presidential Aide Ushakov: Putin is prepared to cooperate with the United States to seek a diplomatic solution to the Russia-Ukraine issue.September 6 - According to the Islamic Republic News Agency (IRNA), the public relations department of the Iranian Islamic Revolutionary Guard Corps issued a statement on September 5 denying that the Isfahan nuclear technology center and nuclear facilities had been attacked, calling the related reports purely fabricated. The statement said that spreading such content during the current sensitive situation is an attempt by hostile forces to create tension, disrupt public opinion, and incite public panic.September 6 - According to Irans Fars News Agency, a deputy political official of the Iranian Revolutionary Guard Navy stated that in the 10 days leading up to August 30, Iranian naval forces were "punishing" two to five "violations" of regulations every night in the Strait of Hormuz. The official added that the US attacks "did not cause the slightest disruption to Irans control in the region."On September 6th, Israeli public radio reported on the 5th that the Israeli military is preparing to partially withdraw from southern Lebanon and plans to establish a smaller "safe zone" along the Lebanese-Israeli border. The report stated that the Israeli military recently completed the destruction of Hezbollah tunnels beneath the Ali Tahir heights in the Nabatayah region of southern Lebanon, subsequently formulating the aforementioned relocation plan. Israeli security officials said that under the new plan, the Israeli military will withdraw to a position closer to the Lebanese-Israeli border, reducing the depth of its controlled area in southern Lebanon from the current approximately 10 kilometers to 3-4 kilometers. The new deployment line, referred to as the "grey line," will replace the current "yellow line."

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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