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On September 16, Assistant Governor of the Reserve Bank of Australia (RBA), Greg Hunt, stated that the central bank is "very close" to returning inflation to the midpoint of its 2%-3% target range, while the economy is nearing full employment. "We are monitoring the situation and will remain on the sidelines," Hunt said at an industry event in Sydney on Tuesday. "The committee will formulate policy accordingly. While its impossible to predict the future completely, for now we want to maintain the status quo." The RBA will hold its next meeting on September 29-30, and most economists and traders expect it to maintain the cash rate at 3.6%. Economists generally predict the bank will cut interest rates for the fourth time this year in November, followed by another cut early next year, bringing the terminal rate to 3.1%.On September 16th, in response to a users question about whether the Macrohard project was being advanced, Musk replied, "We are indeed spray-painting the words MACROHARD on the roof of the Colossus II supercomputing cluster in Memphis, large enough to be seen from space." Musk had previously stated that he was planning to establish a pure AI software company called Macrohard. The name was a bit of a joke, but the project itself was real. At the time, he also explained, "Given that software companies like Microsoft dont produce physical hardware themselves, it should be feasible to fully simulate it using AI."SK On announced on September 16th the completion of a pilot plant for all-solid-state batteries at its Future Technology Center in Yucheng District, Daejeon, South Korea. This pilot production line will primarily be used to provide trial products to customers and systematically evaluate and verify product quality and performance. The approximately 4,628-square-meter facility will be used by SK On to develop sulfide-based all-solid-state batteries, with some production lines also developing solid-state lithium metal batteries. SK On plans to commercialize all-solid-state batteries in 2029, a year ahead of its original target of 2030.Futures News, September 16th. Economies.com analysts latest view today: WTI crude oil futures prices have risen in recent intraday trading, thanks to their stable trading above the 50-period exponential moving average (EMA50), which has provided effective support for the intraday rebound attempt. Nevertheless, the dominant downtrend remains in effect in the short term, and prices are trading along a suppressive trendline, which limits the upward momentum and weakens the possibility of a continued rebound. In addition, the Relative Strength Index (RSI) has shown negative technical signs after reaching clear overbought territory, suggesting the risk of a short-term weakening of upward momentum.Superstar Legend (06683.HK) rose in the afternoon and is now up 1.25%, after falling 4.5% earlier. The company announced the acquisition of approximately 1.17% of the shares of the National Stadium Co., Ltd.

Oil Prices Fall Due to Profit-taking, But Supply Concerns Persist

Haiden Holmes

May 16, 2022 10:16

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Oil prices declined on Monday, erasing earlier gains as speculators booked profits following the previous session's jump, but global supply concerns persisted as the European Union prepared to phase out imports from Russia.


At 01:37 GMT, Brent crude futures decreased 64 cents, or 0.6%, to $110.91 per barrel, while U.S. West Texas Intermediate (WTI) crude futures decreased 60 cents, or 0.5%, to $109.89 per barrel.


Both benchmarks gained by around 4 percent on Friday, with WTI reaching its highest level since March 28 at $111.71 per barrel.


The chief analyst of Fujitomi Securities Co Ltd, Kazuhiko Saito, expects oil markets to rise this week due to an impending ban on Russian oil by the European Union, which will further constrict global crude and fuel supply.


Despite concerns over supplies in eastern Europe, the EU still intends to approve a phased embargo on Russian oil this month, four diplomats and officials said on Friday, dismissing suggestions of a delay or watering down of proposals.


Moscow, which describes its efforts in Ukraine as a "special military operation," sanctioned numerous European energy businesses last week, prompting supply concerns.


In the meantime, U.S. gasoline futures established a new record high on Monday as dwindling inventories fueled supply fears.


Saito of Fujitomi Securities stated, "Oil prices remained bullish, especially WTI's near-term contract, as U.S. gasoline prices continued to grow despite decreased imports of petroleum products from Europe."


On the supply side, U.S. energy businesses added oil and natural gas rigs for the eighth consecutive week in the week ending May 13, as high prices and government encouragement spurred drillers to return to the wellpad.


Elsewhere Due to under-investment in oilfields by several Organization of the Petroleum Exporting Countries (OPEC) members and, more recently, output losses by Russia, OPEC+ has fallen short of previously agreed-upon targets for output increases.


OPEC's output in April increased by 153,000 barrels per day (bpd) to 28.65 million bpd, falling short of the 254,000 bpd increase permitted under the OPEC+ agreement.

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