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On July 30th, Blerina Uruci, chief U.S. economist at Praxair, stated that assuming no significant rise in oil prices and low inflation, the Federal Reserve is likely to keep interest rates unchanged at its September meeting. In a report, she noted that given the number of dissenting votes at Wednesdays Federal Open Market Committee meeting and the uncertainty surrounding oil prices, market expectations for the September rate decision reflect a 50/50 probability. The market will continue to pressure the Fed and is unlikely to back down until inflation data compels it to act, maintaining its view that interest rates will remain unchanged. The June core CPI data did not influence the Feds decision, adding that Warsh is watching this trend and that "if hes lucky, this trend could work in his favor a few months later."Scotiabank lowered its price target for Meta Platforms (META.O) from $700 to $600.Local officials said a Russian missile attack in Krivirikh, Ukraine, killed six people, including children, and injured eight others.Piper Jaffray: Lowered its price target for Meta Platforms (META.O) from $800 to $785.On July 30th, Digitimes analyst Derek Huang stated in a report that the timeline for TSMCs Japanese factory to fully resume production remains to be seen due to ongoing aftershocks. He said that even if the direct financial losses to TSMC are minimal, the extended recertification time for specialized process equipment could cause greater disruption to the supply chain. TSMC stated in a press release that all personnel were evacuated following Tuesdays strong earthquake, and post-earthquake structural inspections confirmed the buildings structural safety. The company added that, however, due to the relatively strong earthquake, the inspection and calibration of related equipment will require some time.

WTI fluctuates around $80.00 following a V-shaped recovery as OPEC and allies intervene

Alina Haynes

Nov 22, 2022 14:53

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Futures for West Texas Intermediate (WTI) on the New York Mercantile Exchange (NYMEX) have had a steep comeback to near the psychological resistance of $80.00 after reaching an 11-month low of $75.27. The black gold is hovering at the $80.00 threshold as Saudi Energy Minister Abdulaziz bin Salman Al-comments Saud's have sparked supply concerns.

 

The Saudi Energy Minister affirmed that the existing OPEC+ agreement will remain until the end of 2023, confirming rumors that OPEC+ will intervene in the oil market to maintain oil prices from their unbalanced fluctuations. Previously, oil exporting nations agreed to reduce daily oil output by two million barrels in order to increase oil prices. The action is expected to disrupt the current demand-supply mechanism; consequently, oil prices are becoming more efficient.

 

On the demand side, the escalation of Covid-19 infections in China has prompted concerns over the future oil consumption. The present trend of increasing Covid-19 cases could push the Chinese government to reinstate Covid-19 limitations, as they are the sole means of restricting the virus's spread. The investment banking firm Goldman Sachs has reduced its projection for Brent crude oil prices in the fourth quarter from US$110 per barrel to US$100 per barrel due to the rising infection rates in China.

 

In the meantime, the demand for US Durable Goods will also reveal the future oil consumption in the US economy. According to forecasts, US Durable Goods Orders will settle at 0.4%, the same as their previous publication. Additional growth in the market for durable goods would eventually indicate oil demand forecasts.

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