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According to Saudi media Alhadath, Jordan claims it thwarted Irans attempt to launch five missiles at its territory.1. Data released by the Brazilian National Grain Exporters Association (Anec) shows that Brazil exported 2,645,120 tons of soybeans, 345,824 tons of soybean meal, and 611,913 tons of corn last week (July 19-25). Planned exports for the week of July 26-August 1 are 2,897,392 tons of soybeans, 878,090 tons of soybean meal, and 1,519,271 tons of corn. 2. According to Longzhong Information, domestic soda ash production this week was 768,500 tons, an increase of 7,000 tons week-on-week, a rise of 0.92%. Light soda ash production was 350,800 tons, an increase of 7,600 tons week-on-week, while dense soda ash production was 417,700 tons, a decrease of 600 tons week-on-week. As of July 30, 2026, the total inventory of domestic soda ash manufacturers this week was 1,800,700 tons, an increase of 8,300 tons from Monday, a rise of 0.46%. Among them, light soda ash production was 1.0555 million tons, a decrease of 6,700 tons month-on-month, while heavy soda ash production was 745,200 tons, an increase of 15,000 tons month-on-month. 3. According to the Iranian Students News Agency and Middle Eastern media Al-Araby, the Houthi rebels denied reports that they planned to impose transit fees in the Bab el-Mandeb Strait, stating that their actions in the Red Sea were limited to prohibiting Saudi shipping. 4. Malaysian palm oil export prices rose this week, significantly increasing my countrys import costs. On July 29, the CNF import prices for 24-degree palm oil for September and October shipments were $1190/ton and $1195/ton respectively, an increase of $12-24/ton compared to the same period last week; equivalent to landed and taxed costs in South China of 9650 yuan/ton and 9670 yuan/ton respectively, an increase of 100-200 yuan/ton. 5. At a press conference held by the National Energy Administration, it was learned that in the first half of the year, my countrys renewable energy sector developed rapidly, with its share of total power generation exceeding 40% for the first time. 6. According to foreign media reports, on Thursday, July 30, the port authority stated that the shipping channel of Santos Port, Brazils largest port, which had been closed to navigation for more than four hours due to strong winds, resumed operation at 5:10 pm local time on Wednesday. 7. US Central Command: A large-scale strike operation against Iran has been completed in response to yesterdays attempted Iranian missile attack on US forces. The US military struck dozens of Iranian Revolutionary Guard targets. 8. This week, Mysteels statistics show that the verified capacity utilization rate of 523 coking coal mines was 67.1%, an increase of 0.1% week-on-week. The average daily output of raw coal was 1.506 million tons, an increase of 3,000 tons week-on-week, and the raw coal inventory was 4.212 million tons, a decrease of 80,000 tons week-on-week.On July 30th, Ajitabh Bharti, Executive Director of Capital XB, stated that the Federal Reserves lack of decisive interest rate action suggests potential political considerations. In a report, he noted that with the US midterm elections approaching, the Fed is perceived to prioritize stability over inflation control in the short term. This dynamic could benefit emerging markets like India in the short term. A relatively weaker dollar could alleviate pressure on the rupee and provide some breathing room for capital flows and external balancing. However, if US inflation persists or re-accelerates due to delayed policy action, the eventual correction could be more severe and disruptive, transmitting volatility to global markets, including India.HSBC has kept its prime lending rate in Hong Kong dollars unchanged at 5%.JPMorgan Chase: The Federal Reserve is expected to raise interest rates by 25 basis points in December 2026, compared with previous forecasts that interest rates would remain unchanged this year.

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.