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On January 24th, according to Dongan Power, Gu Jie, Vice President of XPeng Motors, led a core team to visit Dongan Power. Zhao Xingtian, Deputy General Manager of Dongan Power, along with heads of R&D, marketing, quality, and sales departments, accompanied them during the meeting. The two sides engaged in in-depth exchanges and reached a consensus on core issues such as the advancement of mass production projects and the development of next-generation engine technology.January 24th - Public discontent in Denmark over the USs demand for Greenland is spreading to supermarket shelves, and a mobile app that "helps" Danish consumers identify the country of origin of goods so they can refuse American products has recently become very popular in the country. Reportedly, an app called UdenUSA (meaning "No America") is gaining widespread popularity in Denmark. The app was developed by 21-year-old Dane Jonas Piper and his friend Malte Hensbel. Piper stated that many consumers want to avoid buying American-made food, but often find it difficult to identify the country of origin in supermarkets. The UdenUSA app addresses this need by indicating the country of origin for each product.On January 24, local time, an Iranian official stated that the Iranian military is prepared to respond to any possible actions by the United States. The unnamed official said, "The Iranian military is prepared for the worst-case scenario, but we hope that the troop increase will not escalate into actual confrontation." He added, "We consider any potential attack by the United States to be an existential threat to Iran." The official also warned the United States and Israel against such risky actions, stating, "The collapse of Iran would directly lead to the collapse of the region, including Israel." The official added, "Our situation is far better than during the 12-Day War; there is no longer any so-called surprise attack."On January 24th, it was reported that on December 24th of last year, four departments, including the Beijing Municipal Commission of Housing and Urban-Rural Development, issued the "Notice on Further Optimizing and Adjusting Relevant Policies of Beijing Real Estate," which involved adjustments to purchase restrictions and credit optimization. Overall, since the implementation of the new policy a month ago, transaction volume has been steadily increasing. Data from Centaline Property shows that since the release of the notice, the average daily number of new home sales contracts has increased by 44.6% month-on-month, with improved housing projects outside the Fifth Ring Road performing particularly well. In the secondary market, after the new policy, the average daily number of viewings at real estate agencies has increased by more than 20% compared to normal, and the average daily transaction volume of secondary homes has exceeded 500 units.January 24th - The Fourth Session of the 14th Beijing Municipal Committee of the Chinese Peoples Political Consultative Conference (CPPCC) solemnly opened at the Beijing Conference Center at 9:00 AM today (January 24th). The opening session will review and adopt the "Agenda of the Fourth Session of the 14th Beijing Municipal Committee of the CPPCC," hear the "Work Report of the Standing Committee of the 14th Beijing Municipal Committee of the CPPCC," and hear the "Report of the Standing Committee of the Beijing Municipal Committee of the CPPCC on the Work of Proposals Since the Third Session of the 14th CPPCC."

Labor Strike, Political Unrest Fanning Tight Supply Concerns

Skylar Shaw

Jul 05, 2022 15:16

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Norwegian offshore workers started a walkout on Tuesday that would lower the amount of oil and gas produced, the union in charge of the industrial action told Reuters.


America West Texas Tuesday's little increase in intermediate crude oil futures is being attributed to growing supply shortage concerns. A strike by Norwegian workers and political upheaval in Libya are fueling these worries.


Norwegian offshore workers started a walkout on Tuesday that would lower the amount of oil and gas produced, the union in charge of the industrial action told Reuters.


ANZ Research analysts said in a note that Libya risks more supply interruptions as a result of rising political upheaval, making it even less likely that OPEC would reach its recently enhanced output limit.

August Comex gold futures are now trading at $110.36, up $1.93 or +1.78 percent, at 05:29 GMT. The United States Oil Fund ETF (USO) closed at $81.70 on Friday, an increase of $1.35 or 1.68 percent.


Another encouraging development is that OPEC is struggling to fulfill the agreed-upon oil production goals. According to a Reuters poll, OPEC's ten members produced 100,000 less barrels per day (bpd) in June than they had promised to boost production by approximately 275,000 bpd.

The near future

The early Tuesday direction of the August WTI crude oil market will probably be determined by trader response to the short-term 50% level at $111.21.

Positive Scenario

A consistent increase over $111.21 will signal the presence of buyers. Looking for a surge through the short-term Fibonacci level at $113.49, then the major top at $114.05. If this move provides enough upward momentum.


The uptrend will be confirmed if $114.05 is taken out, with a minor top at $116.58 being the next probable destination.

Grizzly Situation

When prices move consistently below $111.21, sellers are present. Due to a string of minor retracement levels around $109.06, $107.79, and $106.31, this might result in a laborious break. The latter is the last possible support before the bottom at $104.56.