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On September 19th, the Beijing Municipal Administration for Market Regulation announced that, based on the work deployment of the State Administration for Market Regulation and preliminary investigations, it has initiated investigations into four online hotel and travel booking platform companies for suspected illegal activities. Fliggy issued a statement saying that it attaches great importance to this matter and will actively cooperate with the Beijing Municipal Administration for Market Regulations investigations to fully implement regulatory requirements. Fliggy has always respected and maintained a fair, open, and orderly market environment and will continue to work with all parties in the industry to promote high-quality development of the industry.September 19th - A mudslide occurred near the Shijiagou Tunnel in Zhiliuhe Village, Gesala Township, Yanbian County, Panzhihua City, Sichuan Province in the early hours of the 19th. According to relevant departments, preliminary statistics indicate that five people are currently missing.On September 19th, it was reported that the Beijing Municipal Administration for Market Regulation, based on the work deployment of the State Administration for Market Regulation and preliminary investigations, has initiated investigations into four online hotel and travel booking platforms for suspected illegal activities. In response, Meituan issued a statement saying that its online hotel booking platform, Meituan Travel, and others received notification from the Beijing Municipal Administration for Market Regulation that the authorities are investigating these companies for suspected violations of market supervision laws and regulations. Meituan Travel will actively cooperate with the regulatory authorities investigation, fully implement regulatory requirements, and work with all parties in the industry to build a sustainable market environment.September 19th - From the evening of September 18th to the early morning of September 19th, the Saudi Civil Defense issued a series of security alerts covering areas including Riyadh, Jeddah, Khaliq, Abha, Al-Ulah, Jizan, Yanbu, Khamis Mushait, Taif, and the Firasan Islands, with explosions reported in multiple locations. The Chinese Embassy and Consulates in Saudi Arabia reiterate their reminder to Chinese-funded institutions and citizens in Saudi Arabia to strengthen their security precautions and to take immediate evacuation measures as required by the alerts. Do not photograph military operations or spread unverified information. Passengers with air travel plans should maintain close contact with their airlines to avoid disruptions to their travel plans. In case of emergency, please contact the police immediately and the Chinese Embassy or Consulates in Saudi Arabia.On September 19th, a mudslide occurred near the Shijiagou Tunnel in Zhiliuhe Village, Gesala Township, Yanbian County, Panzhihua City, Sichuan Province, in the early hours of the morning. Following the disaster, the Sichuan Provincial Emergency Management Department coordinated with the Panzhihua City and Yanbian County Emergency Management Bureaus to jointly discuss rescue efforts and dispatched a working group to the scene to guide the response. Simultaneously, Wing Loong drones were deployed to the site to restore communications and conduct aerial reconnaissance. Currently, local authorities are organizing rescue and relief efforts.

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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