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July 22 (Futures News) – Crude oil continued its upward trend, boosting confidence among fuel oil market participants to support higher prices. Refineries increased supply and were reluctant to sell at low prices, but downstream traders moderately replenished their inventories and remained cautious in their purchases. Market buying activity was slow, and fuel oil prices steadily climbed. It is expected that todays trading will see some areas remain stable while others may see slight increases.Futures News, July 22nd - According to foreign media reports, Brent crude oil futures rose on Tuesday, hitting a five-week high, influenced by the US-Iran conflict and the Houthi threat to impose a naval blockade on Saudi Arabia. This will help boost the early performance of Malaysian crude palm oil futures. The El Niño phenomenon, which may threaten palm oil production in Southeast Asia, also provides support for prices. The Malaysian Meteorological Department stated that with the strengthening of El Niño, Malaysia will experience record-breaking high temperatures next year, raising concerns about declining palm oil production. However, weak demand for Malaysian palm oil exports will limit the markets rebound momentum.Spot gold touched the $4,100/ounce mark for the first time in a week.July 22 – According to the South Korean media outlet *Chosun Ilbo*, the South Korean government stated that it has held a meeting with major exporters to discuss stabilizing the exchange rate through strengthened government-business cooperation. Heo Jang, the Second Vice Minister of Strategy and Finance, held the meeting on July 21 at the Seoul Government Building with major exporters including Samsung Electronics, SK Hynix, Hyundai Motor & Kia, HD Korea Shipbuilding & Marine Engineering, Hanwha Marine, and Samsung Heavy Industries. Heo Jang stated that prior to the exporters meeting in June, the Korean won had depreciated to around 1550 won against the US dollar. However, with exporters increasing foreign exchange settlements, shipbuilding companies increasing forward foreign exchange sales, and capital inflows from SK Hynixs ADR issuance, the won has recently fallen back to the high range of 1400 won against the US dollar, alleviating the imbalance between foreign exchange supply and demand. He predicts that with continued strong semiconductor exports in the second half of the year, South Koreas foreign exchange supply and demand situation will further improve. Participating companies stated that they will further cooperate with the government to stabilize foreign exchange supply and demand, promote the continued improvement in the recent supply and demand trend, and contribute to maintaining stability in the foreign exchange market.July 22 – The Ministry of Industry and Information Technology announced today that the "Notice on Organizing and Carrying Out the Construction of National-Level Zero-Carbon Factories" has been officially released. my country will organize and carry out the construction of national-level zero-carbon factories and zero-carbon computing facilities. The notice clarifies the application requirements for national-level zero-carbon factories, selecting manufacturing enterprises and computing facilities with a certain construction foundation, clear construction goals, and a clear implementation path, and committing to completing the construction goals within the specified period, and including them in the national-level zero-carbon factory construction list.

In a risk-on environment with a weaker US dollar, WTI consolidates weekly losses above $83,000

Alina Haynes

Sep 09, 2022 17:17

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The price of WTI crude oil is higher for the second day in a row while paring the weekly losses at the eight-month low on Friday during the Asian session. However, by the time of publication, the black gold has reached a new intraday high of around $83.50.

 

Recent news reports from the US Treasury Department regarding the oil price cap appear to have helped drive up energy prices together with stronger sentiment and a weaker US dollar. According to the US Treasury source, "the oil price cap should be set above the marginal production cost, taking into account past Russian oil prices."

 

In other news, stronger sentiment and slow US Treasury yields cause the US Dollar Index (DXY) to fall intraday by 0.55%, to 109.05 at the latest. It's interesting to see that after a solid day, the US 10-year Treasury yields are still stuck around 3.32%, while the S&P 500 Futures tracks Wall Street's gains at approximately 4,020.

 

Recent market sentiment appeared to be aided by remarks made by US Treasury Secretary Janet Yellen, which suggested that trade relations between the US and China were set to improve. The market's attitude also appeared to have been aided by recently stronger US statistics and expectations that global central bankers will be able to offset the shock caused by inflation with a comprehensive strategy and higher rates. The Wall Street Journal (WSJ) article, on the other hand, raises some concerns about the future of China's technological enterprises and casts some doubt on the optimism.

 

A price document examined by Reuters on Friday revealed that Kuwait has decreased the official selling prices for its oil grades for the month of October from the previous month. Before the present program ends in October, US Energy Secretary Jennifer Granholm said the administration of US President Joe Biden is considering whether additional releases of crude oil from the country's emergency stockpiles are necessary. Prior to that, a Department of Energy official reportedly told Reuters that the White House was only considering releasing the 180 million barrels from the US Strategic Petroleum Reserve (SPR) that the president had already stated.

 

It should be highlighted that the recent decline in China's inflation data, coupled with the hawkish central bank activities, presents a challenge to oil purchasers. Both China's Producer Price Index (PPI) and Consumer Price Index (CPI) show unfavorable results for August. However, compared to 2.8% market expectations and 2.7% in the prior year, the headline CPI declined to 2.5% YoY, and the PPI fell to 2.3% from 3.1% projected and 4.2% in the preceding year.


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