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August 24th - At 11:50 AM on August 24th, after comprehensive assessment and emergency consultation, the China Meteorological Administration upgraded its emergency response to major meteorological disasters (typhoons and rainstorms) from Level IV to Level III (typhoons, rainstorms, and severe convective weather). The National Meteorological Center forecasts that, affected by the typhoon and the southwest monsoon, from August 24th to 26th, Fujian, Guangdong, Guangxi, and Hainan will experience heavy rainfall, with strong winds in the Beibu Gulf, Taiwan Strait, East China Sea, and coastal areas. Furthermore, on the 24th, Liaoning and Jilin provinces will experience localized heavy rainfall, and from the 25th, eastern Northwest China, North China, and Northeast China will experience significant rainfall from west to east, accompanied by severe convective weather. The National Meteorological Center continued to issue a blue typhoon warning, a yellow rainstorm warning, and a blue severe convective weather warning at 10:00 AM on the 24th.August 24th - According to the Financial Times, sources familiar with the matter revealed that Saudi Arabia has begun discussions with London insurance brokers regarding a state-backed war and political risk insurance scheme that could provide insurance coverage for ships in the region, as the conflict threatens Saudi trade. The Saudi Ministry of Finance is studying a plan that would allow ships and maritime cargo assets to obtain insurance at a lower cost through a so-called "insurance pool." This pool could provide up to 700 million Saudi riyals ($186 million) in commercial coverage for each insured event. Insurance and reinsurance companies would provide the first layer of insurance coverage, while each insured entity could receive hundreds of millions of dollars in additional coverage through backup support provided by the state-owned Saudi Export-Import Bank. In one version of the proposal under discussion, Saudi Reinsurance and Riyadh Reinsurance would lead a group of participating reinsurance companies, which could potentially include international companies.On August 24th, it was reported that on August 20th, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) convened a meeting to promote the 6G future industry among central enterprises. The meeting emphasized that promoting the development of the 6G future industry is an inevitable requirement for central enterprises to implement national strategic plans and fulfill their strategic missions. Central enterprises should proactively align with national, local, and industry plans to accelerate the achievement of industrial development goals. They must address technological shortcomings, strengthen fundamental theoretical innovation, promote breakthroughs in key technologies and components, and build a secure and stable 6G industrial and supply chains. They must solidify the industrial foundation by strengthening innovation platform construction, cultivating market entities, and developing a talent pool to solidify the foundation for high-quality 6G development. They must accelerate international cooperation, build a diversified cooperation system, and comprehensively enhance their international influence. They must incubate application scenarios and actively promote the integration of 6G technology with the real economy, comprehensively build a first-mover advantage in the application ecosystem, and accelerate the realization of a 6G commercial closed loop. Prior to the meeting, attendees visited an exhibition showcasing the achievements of central enterprises in the 6G future industry. At the meeting, a task for the co-creation of 6G future industry scenarios among central enterprises was released.Q Technology (01478.HK): Gross profit for the first half of 2026 was approximately RMB 652 million, a slight decrease of 0.4% year-on-year.August 24 - According to the Philippine Institute of Volcanology and Seismology (PHIVOLCS), a magnitude 5.0 earthquake struck the southern waters of the Philippines at approximately 11:59 a.m. on August 24. The epicenter was at a depth of 10 kilometers, and tremors were felt in nearby areas. No damage is expected. PHIVOLCS stated that this earthquake was an aftershock of several strong earthquakes that struck the southern Philippines in June.

OPEC cautiously forecasted demand, and U.S. oil closed down slightly and fell below the 80 mark in intraday trading.

Eden

Oct 26, 2021 11:03

On Wednesday (October 13), US oil futures fell 0.2 US dollars, or 0.3%, and settled at 80.44 US dollars per barrel. Bilbao oil fell 0.24 US dollars, or 0.3%, to close at 83.18 US dollars per barrel. OPEC lowered its forecast for global oil consumption in 2021 in its monthly market report. The organization stated that although soaring natural gas prices may increase oil use in some areas such as power generation, it may also curb demand in other areas, including oil refining. At one point, it fell to a low of the past two days.

The OPEC monthly report maintains the global oil demand growth forecast in 2022 unchanged at 4.2 million barrels per day, with an average of 100.8 million barrels per day, and lowers the forecast of oil demand growth in 2021 from the previous 5.96 million barrels per day to 5.82 million barrels per day. /Day, rising natural gas and thermal coal prices will encourage more energy consumption to shift from natural gas to oil. Second-hand data shows that Iran’s September crude oil production increased by 22,000 barrels per day to 2.503 million barrels per day.

Jim Ritterbusch, president of Ritterbusch and Associates, said that today’s OPEC monthly report seems to provide something for both bulls and bears. The agency unexpectedly downgraded its forecast for this year’s global oil demand...but it revised down the supply of non-OPEC oil-producing countries. Growth estimates.

Russian President Vladimir Putin said that crude oil prices may reach 100 US dollars per barrel, and pointed out that if Europe requests it, Moscow is prepared to provide Europe with more natural gas. The focus of the energy market is on how tight supply will affect oil demand, especially in the major oil-consuming countries in Asia.

ThinkMarkets financial market analyst Fawad Razaqzada said in an interview that although crude oil futures show some signs of weakness, "the trend is still clearly bullish. To reverse this pattern, there needs to be macro drivers." Oil prices may soar above US$100 per barrel. However, in the short term, if WTI oil prices fall below US$79.30 per barrel, they may face some selling pressure. Before the price of oil drops to US$76.50 per barrel, every drop may be seen as a buying opportunity by traders.

Earlier EIA short-term energy outlook report showed that the total global crude oil consumption in 2021 is expected to be 97.47 million barrels per day, and the total global crude oil consumption in 2022 is 10.95 million barrels per day. It is estimated that US crude oil production will be 11.02 million barrels per day in 2021, and US crude oil production will be 11.73 million barrels per day in 2022. The growth rate of global crude oil demand in 2021 is expected to be 5.05 million barrels per day, compared with 4.96 million barrels per day. The growth rate of global crude oil demand in 2022 is expected to be 3.48 million barrels per day, compared with 3.63 million barrels per day. The WTI crude oil price is expected to be US$68.48/barrel in 2021, and the price of Brent crude oil is expected to be US$71.38/barrel in 2021.

US President Biden is under severe pressure to control inflation so as not to threaten economic recovery and the political ambitions of the Democratic Party. For this reason, senior government officials held a meeting on Tuesday evening to discuss the issue of rising gasoline and natural gas prices. According to three people familiar with the matter, cabinet officials including Energy Secretary Jennifer Granholm, Agriculture Secretary Tom Vilsack and Secretary of State Anthony Brinken attended the meeting to try to reach a consensus on how to deal with high energy costs and rising inflation. Two people familiar with the matter said that officials have not yet decided on the next course of action, and they have been holding regular meetings on the matter. A White House spokesperson declined to disclose the details of the meeting, but reiterated that the government will use "all tools" to curb gasoline prices. Gasoline prices have reached the highest level since 2014 for the same period.

The API report shows that as of the week of October 8, crude oil inventories increased by 5.213 million barrels, gasoline inventories decreased by 4.575 million barrels, refined oil inventories decreased by 2.275 million barrels, and Cushing crude oil inventories decreased by 2.275 million barrels.

(4 hours chart of US Oil)

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