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On September 14th, Nikkei reported that US AI giant OpenAI is open to training its models in Australia, with a senior executive stating that negotiations are underway regarding issues such as copyright protection. Australia is seeking a greater role in AI development, moving beyond simply hosting data centers, and aims to position itself as a standard-setter in infrastructure development and application deployment. Prime Minister Albanese announced plans in July to legislate "national standards," stating that these rules will seek to ensure that companies using Australian creators data respect copyright protection. Ann OLeary, OpenAIs Vice President of Global Policy, stated at an event hosted by the Australian Strategic Policy Institute in Canberra that the company supports the governments approach and is interested in training its models in Australia.Crude oil futures contracts saw a short-term pullback, with SC crude oils intraday gains narrowing to 9.98%, currently trading at 890.7 yuan/barrel. Low-sulfur fuel oil (LU) saw its decline widen to 0.15%, currently trading at 5479 yuan/ton. Fuel oils intraday gains narrowed to 1.84%, currently trading at 4371 yuan/ton. Asphalt rose 2.62%, currently trading at 5556 yuan/ton.According to Nikkei, OpenAI says it is in talks regarding training models in Australia.On September 14th, EU Financial Services Commissioner Maria Luis Albuquerque rejected the banking sectors request to split the ambitious plan to revive the EU financial system into two parts. In a television interview, she stated that Europe is best served by a single approach to reforms, reducing red tape, lowering barriers to cross-border activity, and relaxing some regulations. She said, "If we really want to do something meaningful, we need to see this as a holistic solution because everything is interconnected. We need to address the real obstacles that are holding us back, and these obstacles stem primarily from fragmentation, from the lingering home-host debate." Last week, leaders of 11 top banks from the EU, Switzerland, and the UK called for the EU to prioritize "simplification" reforms in the short term and allow more time to discuss thorny issues such as the European Deposit Insurance Scheme. She added: "This is not for the banks; its for the EU economy."On September 14th, according to foreign media reports, GasPort Limited, the operator of one of Pakistans two major liquefied natural gas (LNG) import terminals, is planning to purchase US shipments to fill the gas supply gap in the Persian Gulf and alleviate the severe energy shortage that has persisted for months. GasPort Chairman Iqbal Z. Ahmed stated, "If we look to the West, we can change the status quo and break the Middle Easts control over supplies." He added that the company will seek to establish long-term alternative supply partnerships, stating, "The US energy industry is about to experience massive expansion. All we need to do is establish long-term partnerships with them." He urged the government to push forward with relevant negotiations and consider allowing private companies like GasPort to import LNG.

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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