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Futures News, July 8th - According to foreign media reports, data released by the Petroleum Institute of Japan (PAJ) on Wednesday showed that as of the week ending July 4th, Japans commercial crude oil inventories were 10,600,957 kiloliters, an increase of 335,974 kiloliters from the previous weeks 10,264,983 kiloliters. Refinery operational capacity (BPSD) utilization was 83.00%, compared to 81.0% the previous week. Refinery design capacity (BPCD) utilization was 73.00%, compared to 71.2% the previous week. Due to changes in Japans petroleum product supply structure, the Petroleum Institute of Japan has suspended the release of weekly inventory details for gasoline, jet fuel, kerosene, and diesel.July 8 - According to Iranian media reports on the 8th, the Iranian Islamic Revolutionary Guard Corps shot down a US MQ-9 Reaper drone in the southern part of the country.Crude oil futures contracts all strengthened, with SC crude oil rising 5.08% to 461.7 yuan/barrel. Low-sulfur fuel oil (LU) rose 5.59% to 3983 yuan/ton. Fuel oil rose 5.44% to 3083 yuan/ton. Asphalt prices narrowed their decline to 1.04% to 3805 yuan/ton.On July 8th, Westpac Chief Economist Kelly Eckhold stated that the Reserve Bank of New Zealand (RBNZ) may raise its Official Cash Rate (OCR) again in September. Eckhold said the RBNZs Monetary Policy Committee is "pointing toward further tightening." Eckhold added that the committee "seems concerned that not raising rates on Wednesday would prompt further easing of financial conditions." "Therefore, the RBNZ seems to continue to believe that an OCR of 2.75%-3% by the end of the year is reasonable," the economist added.Reserve Bank of New Zealand Governor Brehman: The economy is recovering as oil prices fall.

Technical Analysis

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