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July 13 - According to the China State Railway Group, in the first half of this year, the national railway system transported a total of 2.348 billion passengers, a year-on-year increase of 5.0%, setting a new record for the same period.Singapore Exchange: Securities market turnover surged 72% year-on-year in June, reaching S$44.6 billion. Derivatives trading volume increased by 31% year-on-year in June, reaching 34.3 million contracts.The yield on Japans 20-year government bonds fell 4 basis points to 3.71%.According to South Korean customs data, imports increased by 17.4% year-on-year from July 1 to 10, while exports increased by 53.9% year-on-year.July 13 (Futures News) – According to foreign media reports, soybean oil futures on the Chicago Board of Trade (CBOT) surged in the week ending July 10, 2026, with the benchmark contract closing up 5.4%, mainly reflecting a strong rebound in international crude oil futures and a strengthening external vegetable oil market. The USDAs soybean oil supply and demand data had a relatively neutral impact on the market. The soybean oil/fuel oil price spread was 153.05 cents per gallon, compared to 164 cents a week earlier, reflecting improved biofuel margins. The USDAs supply and demand report released on Friday showed that the 2026/27 US soybean oil supply and demand remained unchanged, with production at 32.59 billion pounds, a 5.6% increase year-on-year. Soybean oil usage in biofuel production was 17.8 billion pounds, a 22.3% increase year-on-year. Exports were 400 million pounds, significantly lower than the previous years 1 billion pounds. The average annual price was 70 cents per pound, higher than the previous years 64 cents per pound.

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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