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According to the Financial Times, the EUs energy commissioner said the EU is assessing "all possibilities," including implementing fuel rationing and releasing more oil from the strategic petroleum reserve.Li Auto (02015.HK): From now until April 30 (inclusive), customers who place an order for the Li i6 can enjoy a limited-time 3-year 0% interest plan.On April 3, 2026, the Electronic Information Department of the Ministry of Industry and Information Technology held a symposium on the "15th Five-Year Plan" for the electronic information manufacturing industry in Wuhan, Hubei Province. The meeting pointed out that the electronic information manufacturing industry is characterized by its large scale, long supply chain, active innovation, large market, high degree of internationalization, significant risks to the security of the industrial and supply chains, prominent strengths and weaknesses, obvious regional cluster development, and significant empowering and leading role. It has a particularly strong driving effect on the industrial economic development of various provinces. It is necessary to accurately grasp the new situation and tasks facing the development of the electronic information manufacturing industry during the "15th Five-Year Plan" period, adhere to a systematic approach, strengthen overall coordination, fully absorb local opinions and suggestions, ensure effective vertical coordination, and accelerate the formulation of the "15th Five-Year Plan" for the electronic information manufacturing industry to provide strong support for promoting the high-quality development of the electronic information manufacturing industry and building a manufacturing powerhouse.PTT, Thailands national oil company, plans to more than double the size of its electric vehicle charging network to 7,000 stations by 2030.April 3 – Due to the turmoil in the fuel market caused by the Middle East war, at least two of Japans largest electricity retailers have temporarily suspended accepting new industrial customers pending market clarification. A spokesperson for Tokyo Gas, which provides gas-fired electricity to the Japanese capital, stated that the company suspended accepting new industrial electricity customers since March 6 due to the impact of the ongoing conflict on procurement costs, and has not yet decided when to resume. Furthermore, Eneos Power Corp., the electricity retail arm of oil giant Eneos Holdings, has also announced on its website that it is suspending applications for new industrial customers. These restrictions only apply to high-voltage industrial users; both companies continue to accept applications from low-voltage residential users.

Oil Remains Stable While Bulls Remain Unaffected by Biden's SPR Sales Plan

Haiden Holmes

Oct 20, 2022 14:44

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Oil prices maintained their recent gains on Thursday as elation over an unexpected decline in U.S. stocks eclipsed the Biden administration's plans to release additional oil from strategic reserves, while fears of sluggish global demand and a strong dollar dampened optimism.


The week ending October 14 saw an unexpected fall in crude oil inventories in the United States, according to data released on Wednesday. Despite pressure from growing inflation and interest rates, the world's largest economy maintained constant crude oil consumption, according to the report.


Even as U.S. President Joe Biden announced the sale of 15 million barrels of oil from the Strategic Petroleum Reserve (SPR) and warned of additional sales to cut gasoline prices, crude prices rose on Wednesday.


In contrast to the 2 million barrel per day production cut approved by the Organization of Petroleum Exporting Countries and its allies (OPEC+) last month, the delivery of Wednesday's sale will result in around 500,000 barrels per day of additional supply. The markets predict that the recent OPEC+ supply cut will fully offset U.S. production expansion plans.


Brent Oil Futures traded in London remained constant at $92.30 per barrel at 21:27 ET on Thursday, whilst U.S. West Texas Intermediate crude futures rose 0.3% to $84.40 per barrel (01:27 GMT). On Wednesday, both contracts gained by more than 2 percent.


As the West imposes greater limitations on Russia's oil exports, the markets anticipate a tighter supply of crude oil in 2019.


This week, President Xi Jinping underlined Beijing's commitment to maintaining its zero-COVID policy. However, on the demand side, skepticism persisted on Chinese crude oil appetite. The action raises the probability of additional COVID-related shutdowns in the world's largest oil importer and casts a shadow on the future of crude consumption.


As markets anticipated future rate hikes by the Federal Reserve, the dollar's strength, which followed an overnight increase in Treasury yields, restricted oil price gains. In addition to decreasing demand, a rising currency increases the cost of oil shipments for importers.


Fears of slowing economic development have had a significant impact on oil prices this year, causing them to fall from their annual highs as investors feared an approaching recession would destroy demand. It is projected that these concerns will persist in the near future, particularly as global interest rates continue to rise.

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