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Due to the Labor Day holiday in the United States, CBOT agricultural futures, ICE raw sugar, and cotton futures will be closed for one day; CME Groups precious metals and U.S. crude oil futures contracts will end early at 02:30 Beijing time on the 8th; ICE Brent crude oil futures contracts will end early at 01:30 Beijing time on the 8th.ANZ Senior Economist Jasmine Zheng: Therefore, we expect the number of job advertisements to gradually decline. However, given the resilience of the sector, we expect the rise in the unemployment rate to be moderate.The Peoples Bank of China (PBOC) announced today that it conducted 500 million yuan of 7-day reverse repurchase operations, with a bid amount of 500 million yuan and a winning bid amount of 500 million yuan. The operation rate was 1.40%, unchanged from the previous rate.September 7th - Over the next three days, cold air will continue to affect northern China, bringing heavy rainfall eastward. The Central Meteorological Observatory forecasts that today, parts of eastern Qinghai, central and southern Gansu, central and northern Shaanxi, central and northern Shanxi, central and western Hebei, western and southern Beijing, western Sichuan Basin, northeastern Heilongjiang, southwestern Yunnan, and southeastern Tibet will experience moderate to heavy rain, with some areas in central Shanxi and western Hebei experiencing torrential rain. In the coming days, the cold air will gradually move eastward and southward, bringing not only rainfall to northern China but also a significant drop in temperature from north to south. The temperature drop in northern China will be concentrated from today to the 9th, while southern China will also experience a cooling trend from the 9th to the 10th.On September 7th, the General Office of the Chengdu Municipal Committee of the Communist Party of China and the General Office of the Chengdu Municipal Peoples Government released the "Implementation Opinions on Optimizing the Ecosystem for Scientific and Technological Innovation." The development goal is to simultaneously promote scientific and technological innovation and the transformation of scientific and technological achievements, focusing on key aspects such as cultivating key players, empowering platforms, transforming achievements, and providing essential support. This involves strengthening organized innovation, conducting systematic matchmaking, promoting high-quality transformation, and building an innovation ecosystem characterized by "active key players, well-developed platforms, smooth transformation, concentrated resources, and inclusive systems," thus forming a pattern where scientific and technological innovation leads industrial innovation. By 2028, the number of national and provincial specialized and innovative enterprises will significantly increase, the R&D intensity of the whole society will reach 4.3%, and the number of high-value invention patents per 10,000 people will reach 30.

Due to Russia's Production Cut, Oil Prices Rise More Than 2%

Skylar Williams

Feb 13, 2023 14:08

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Oil prices increased by more than 2% on Friday and registered weekly gains of over 8%, as Russia announced plans to restrict oil production the following month in response to price caps imposed by the West on Russia's crude and fuel.


Brent crude futures increased by $1.89, or 2.2%, to settle at $86.39 per barrel. Futures on West Texas Intermediate crude rose $1.66, or 2.1%, to $79.72 a barrel.


Brent exhibited a weekly increase of 8.1%, while WTI rose 8.8%.


Deputy Prime Minister Alexander Novak stated that Russia aims to lower its crude oil production in March by 500,000 barrels per day (bpd), or around 5% of output.


In response to Russia's activities in Ukraine, Western nations have placed restrictions in an effort to suffocate its oil earnings. The output drop implies that the recent price cap and ban on Russian oil products implemented by the European Union on February 5 have had some effect.


According to Rebecca Babin, senior energy trader at CIBC Private Wealth U.S., "most analysts have already accounted for a 700,000-900,000 barrel decline in Russian production in 2023." The resurgence of Chinese demand is essential for crude to exit its present trading range.


Russia's production bucked projections of a fall last year, but additional sanctions will make oil sales more difficult.


Two OPEC+ delegates told Reuters that no action is planned in response to Russia's oil output restrictions.


"In the short-term, Russia's output decrease doesn't mean much because refinery maintenance is dampening demand," said Andrew Lipow, head of consulting firm Lipow Oil Associates. "However, as world oil demand continues to rebound, it deepens the supply shortfall," he added.


With dismal demand statistics from China and fears of a U.S. recession, economic worries continued to exert pressure on pricing. A spike in weekly U.S. jobless claims and an increase in oil inventories also limited advances. [EIA/S]


Goldman Sachs (NYSE:GS) reduced its Brent pricing projection for 2023 to $92 per barrel from $98 and for 2024 to $100 per barrel from $105.


OPEC countries officials told Reuters that oil prices could return to $100 per barrel in 2023 as Chinese demand rebounds following the repeal of COVID restrictions and supply growth is limited by a lack of investment.


Baker Hughes Co, an energy services company, reported that U.S. energy businesses reduced the number of natural gas rigs by the most in a week since October 2017 and added the most oil rigs in a week since June.


The total number of oil and gas rigs, a leading indicator of future output, increased by two to 761 in the week ending February 10.


The U.S. Commodity Futures Trading Commission (CFTC) will again postpone release of a weekly Commitments of Traders report planned on Friday after a ransomware attack on a unit of ION Markets, the agency said in a statement.

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