EUR/USD 1.14174
0.018%
Gold 4059.65
-1.185%
Oil 73.740
3.173%
USD/JPY 162.183
0.281%
GBP/USD 1.33892
-0.064%
GBP/JPY 217.155
0.216%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Iranian Foreign Ministry: The United States has repeatedly violated the agreement.Infineons German shares fell 2.4%.According to a report by foreign media on July 13th, Hong Kok Wah, General Manager of Go Capital Growth Sdn Bhd, stated that gold prices are expected to fluctuate between $3,800 and $4,200 per troy ounce, or 450 to 520 ringgit per gram, under pressure from international oil prices and inflation. Wah pointed out that the market has been anticipating a possible US interest rate hike this year to curb inflation, and the recent rise in oil prices has already put pressure on precious metal prices. "If interest rates are raised, gold prices may remain low." However, he also believes that if the economy weakens next year, gold prices may rise. "A Fed rate hike will drag down the economy, and a weaker economy will actually support gold prices."July 13th - This afternoon, Orient Computing Technology Co., Ltd. launched its first flagship chip, the DF1000, in Shanghai. As the worlds first software-defined near-memory computing 3D chip, the DF1000, with its "software-defined + 3D stacked near-memory computing" Orient paradigm, addresses three core bottlenecks facing the development of high-end computing chips in China. Guo Wei, Vice President of Orient Computing Technology, explained that the DF1000 focuses on fundamental innovation in the underlying computing architecture, achieving hardware and software decoupling and dynamic reconfiguration through software-defined chip technology, realizing a computing power of 520 TFLOPS@BF16 at the 14nm process node.July 13th Futures News: On July 13th, the Shanghai Futures Exchanges energy and chemical warehouse receipts and changes are as follows: 1. Pulp futures warehouse receipts: 303,344 tons, an increase of 6,128 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 1,916 tons, an increase of 359 tons compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,640 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 336 tons. 6. Petroleum asphalt futures warehouse receipts: 9310 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 17110 tons, an increase of 4140 tons from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 2961000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.

WTI struggles at $87 as recession worries probe OPEC's forecast and supply deficit fears intensify

Daniel Rogers

Sep 14, 2022 11:42

 156.png

 

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.

Suggestion