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US officials: The incident in the Strait of Hormuz will not threaten negotiations with Iran.On May 28, the Trump administration filed a lawsuit challenging the decisions of four Democratic-led states to refuse to issue secret license plates to U.S. Immigration and Customs Enforcement (ICE) agents. The administration argues that these states have long provided such plates to other law enforcement agencies conducting undercover operations. The Justice Department announced Thursday that it has filed lawsuits against Maine, Massachusetts, Oregon, and Washington. These four states refused to rescind their policies and prevent ICE from obtaining such plates to carry out arrests—part of Republican President Trumps crackdown on immigration enforcement.1. Shipping traffic in the Strait of Hormuz was nearly empty on Thursday, with commercial shipping companies remaining on high alert due to concerns about a renewed escalation of military conflict. 2. Chinas crude stainless steel production reached 3.7174 million tons in April 2026, a 1.25% increase compared to March 2026. 3. U.S. durable goods orders rose 7.9% in April, easily surpassing the Wall Street Journals market consensus forecast of 3.5%. The second estimate of first-quarter GDP growth was unexpectedly revised downward, from 2% to 1.6%. 4. Initial jobless claims in the U.S. rose by 5,000 in the week ending May 23, bringing the total to 215,000, according to data released by the Labor Department on Thursday. 5. Driven by rising energy prices due to the Iran war, U.S. inflation in April saw its fastest pace in three years, further reinforcing economists view that the Federal Reserve is likely to keep interest rates unchanged for a considerable period until next year. 6. The National Development and Reform Commission convened a national video conference on energy supply during the peak summer season of 2026. The conference emphasized the need to ensure the safe and stable operation of energy resources during this period, including stable power generation and supply. It stressed the importance of ensuring the production and supply of primary energy sources such as coal and natural gas, strengthening coal transportation guarantees, and meeting peak power generation demands. It also called for continued efforts to efficiently fulfill long-term contracts for electricity, coal, and natural gas. 7. According to the China Securities Journal, Zimbabwe has officially designated 14 minerals, including lithium, nickel, cobalt, and graphite, as "critical minerals" subject to equity and export controls, and established the principle of mandatory minimum shareholding through designated special purpose vehicles (SPVs). A representative from China Mineral Resources responded, stating, "After verification with Zimbabwean authorities, the minimum shareholding ratio is merely the personal opinion of the Zimbabwean Minister of Mines and Mineral Development. No policy has been issued, it does not represent the governments position, and currently has no impact on the company. Even if this direction is followed in the future, the policy will only affect the construction of new mines, and will have no impact on the operation of existing mines." 8. According to two US officials speaking to Axios, US and Iranian negotiators have reached an agreement on a 60-day memorandum of understanding aimed at extending the ceasefire and initiating negotiations on Irans nuclear program; however, Trump has not yet given final approval. 9. EIA Natural Gas Report: As of the week ending May 22, total US natural gas inventories were 2.483 trillion cubic feet, an increase of 92 billion cubic feet from the previous week and 21 billion cubic feet from the same period last year, a year-on-year increase of 0.9%, while being 144 billion cubic feet higher than the 5-year average, an increase of 6.2%.On May 28th, Axios reported that AI chipmaker Groq Inc. is raising up to $650 million from existing investors to form a new company following a $20 billion licensing agreement with Nvidia (NVDA.O). This new company, dubbed "Groq2," will reportedly transition away from chip manufacturing and focus on building "AI neoclouds" services.The U.S. Treasury Department said it has removed 76 names from its sanctions blacklist in an effort to increase focus on high-risk targets.

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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