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Market news: NEC, Anthropic, and Japanese financial institutions will collaborate on an artificial intelligence project.Futures Commentary by Everbright Futures: On June 10th, COMEX gold prices plummeted, approaching 4000 points, closing at $4094.1 per ounce, a drop of 4.49%. Domestic SHFE gold opened lower and continued to decline, breaking below 900 points, closing at 892.58 yuan per gram, a drop of 4.11%. 1. On Wednesday evening, data released by the U.S. Department of Labor showed that the U.S. Consumer Price Index (CPI) rose 4.2% year-on-year in May, the largest increase since April 2023, while the core CPI, excluding food and energy, rose 2.9% year-on-year. Although the CPI report suggested that the oil price shock had not yet spread to broader economic sectors, mainly remaining confined to the transportation industry, providing more justification for the Federal Reserve to keep interest rates unchanged until 2027, the market still bet on a Fed rate hike in October after the CPI data release, putting continued pressure on gold prices. 2. Geopolitically, Trumps dissatisfaction with the slow progress of US-Iran negotiations, threatening a "very strong" attack on Iranian infrastructure, has fueled renewed market concerns about a potential escalation of the conflict. This renewed geopolitical tension, coupled with expectations of a Fed rate hike, has dealt a double blow to gold, causing prices to fall rapidly again. However, the unusually weak performance of US stocks may force the Fed to be more cautious in its monetary policy rhetoric. With the Feds interest rate meeting next week, the market anticipates a hawkish stance that could further suppress gold prices. However, its also important to watch for unusual "buy the rumor, sell the fact" volatility in gold prices before and after the meeting.On June 11, in response to the critical issue that my countrys mainstream monitoring equipment and core methods for greenhouse gas monitoring and measurement have long relied on foreign technologies, making it difficult to achieve independent and accurate quality control of carbon emission monitoring data at the national, regional, and industry levels, the State Administration for Market Regulation organized leading domestic scientific and technological forces to carry out key technology research on integrated space-air-ground greenhouse gas concentration monitoring, emission inversion algorithms, and monitoring equipment. They successfully broke through the core technology of high-resolution domestic satellite CO2 and CH4 column concentration and emission inversion, breaking the foreign technological monopoly in the field of mesoscale CO2 flux detection lidar concentration and wind field synchronous detection.The Kuwaiti Civil Aviation Authority announced that flights suspended due to the Iranian attacks have resumed.June 11 – Peakfly Aviation announced today that its V2000CG Kerry-class aircraft has officially received its Validated Type Certificate (VTC) from the Indonesian Civil Aviation Authority (DGCA), becoming the worlds first eVTOL aircraft to receive overseas type approval. As the only eVTOL aircraft of tonnage and above to receive all three airworthiness certificates issued by the Civil Aviation Administration of China (CAAC), the V2000CGs acquisition of the Indonesian VTC indicates that its design meets both the airworthiness standards of its country of origin (China) and the airworthiness requirements of its importing country (Indonesia), providing the prerequisites for the V2000CG to commence commercial operations in the "Land of a Thousand Islands."

OPEC's Demand Projection And China's COVID Cases Lower Oil Prices

Haiden Holmes

Nov 15, 2022 17:40

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OPEC lowered its global demand forecast for 2022, and rising COVID-19 cases in China cast doubt on the future of China's gasoline consumption, the largest crude importer in the world.


Brent crude futures fell 39 cents, or 0.4%, to $92.75 a barrel at 01:33 GMT on Tuesday, after falling 3% on Monday. The price of a barrel of U.S. West Texas Intermediate crude was $85.31, down 56 cents, or 0.7%, following a 3.5% decline in the prior session.


The Organization of Petroleum Exporting Countries (OPEC) has lowered its forecast for the growth of global oil demand in 2022 for the fifth time since April, citing escalating economic concerns such as high inflation and rising interest rates.


This follows the announcement by the International Monetary Fund on Sunday that the global economic outlook is gloomier than anticipated a month ago, citing a gradual deterioration in purchasing manager surveys over the past few months.


While investors applauded China's announcement last week that it will relax its strict zero-COVID policy in order to stimulate economic growth and energy demand, ANZ analysts stated that rising case numbers remain a significant risk.


"The market is currently defying looming supply threats," analysts added, referring to impending sanctions on Russian oil exports by the European Union.


In its monthly productivity report, the U.S. Energy Information Administration (EIA) stated on Monday that oil production in the Permian Basin is expected to reach a new high of 5.49 million barrels per day (bpd) in December.


However, aging shale regions are exhibiting decreased per-well performance, which according to the EIA resulted in only a 91,000 bpd increase in U.S. crude oil production in shale regions in December despite a price increase.