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May 25 - It was learned on the 25th local time that members of the Iranian Islamic Parliament voted to allow Ghalibaf to continue serving as speaker for another year.On May 25, the Ministry of Human Resources and Social Security and four other departments jointly released the "Interim Provisions on the Protection of the Basic Rights and Interests of Over-Age Workers," which will take effect on July 1. This is my countrys first dedicated regulation clearly defining the rights and interests of over-age workers, filling a gap in the countrys current labor laws and regulations. It clarifies the rights and obligations of employers and over-age workers, guaranteeing their legitimate rights and interests, including wages, rest and leave, occupational safety and health, and work-related injury protection.ECB Governing Council member Stournaras: If inflation is significantly higher than the target level, monetary policy should be adjusted in a balanced and prudent manner to move it toward a tighter stance.ECB Governing Council member Stournaras: We must ensure that inflation returns to the 2% medium-term target.On May 25th, according to futures market news, in the past week, the average production-to-sales ratio of gasoline vehicles at Shandong local refineries was 77%, a decrease of 1 percentage point from the previous week; the average production-to-sales ratio of diesel vehicles was 88%, an increase of 8 percentage points from the previous week. Regarding gasoline, the lack of holiday support and commuting by residents resulted in a lack of positive factors to boost gasoline demand, with small-volume purchases at the terminal level leading to continued sluggish sales in the gasoline vehicle market. Regarding diesel, demand was supported by industries such as engineering infrastructure and logistics transportation. Additionally, last week, influenced by market news, there was a strong "buy high" sentiment at the terminal level, leading to a short-term improvement in Shandongs diesel market, and the production-to-sales ratio of diesel vehicles increased slightly compared to the previous week.

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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