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On March 16, the Sasebo Regional General Headquarters of the Japan Maritime Self-Defense Force announced that a minesweeper sailing in the waters near Karatsu City, Saga Prefecture, caught fire in the evening of the 15th and was subsequently extinguished. The fire did not cause any injuries to the crew members on board, and no oil leaks were found. The minesweeper returned to Sasebo Port in Nagasaki Prefecture on the morning of the 16th local time under its own power.According to NHK, Japan will invest 100 million euros in a French rare earth project.On March 16, JPMorgan Chase made a pessimistic forecast about Teslas prospects: the brands quarterly deliveries may hit the worst record in three years. Specifically, JPMorgan Chase lowered Teslas delivery expectations by 20%, from the initial estimate of 444,000 vehicles to 355,000 vehicles. Moreover, the original forecast value was slightly higher than the industrys general consensus of 430,000 vehicles. In addition, the agency believes that Teslas stock price still has room to fall sharply, possibly to $120 per share, almost half of the current stock price. At present, Teslas market downturn is just over halfway through the first quarter, and the final impact may not be clear until the second quarter financial report is released. JPMorgan Chase pointed out that Teslas current predicament is "unprecedented" in the automotive industry. "In the history of the automotive industry, it is difficult for us to find similar cases-the market value of a brand can shrink so much in such a short period of time."On March 16, the Yemeni Houthi armed forces said on the 16th that the US militarys air strikes on many places in Yemen on the 15th have killed at least 20 people. The Yemeni Houthi armed forces also stated that they will not remain indifferent to the US military attacks. The Houthi armed forces are fully prepared to "escalate against escalation." The Yemeni Houthi armed forces said on the 16th that the US militarys air strikes on many places in Yemen on the 15th have killed at least 20 people. The Yemeni Houthi armed forces also stated that they will not remain indifferent to the US military attacks. The Houthi armed forces are fully prepared to "escalate against escalation."According to the Philippine Institute of Volcanology and Seismology, a magnitude 5.1 earthquake occurred in the sea near Surigao del Norte Province, Philippines at around 9:10 am on March 16, with a focal depth of 10 kilometers. The earthquake is not expected to cause any damage, but there will be aftershocks.

Oil prices are poised for a weekly boost as recession fears subside

Skylar Williams

Aug 12, 2022 11:12

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OPEC and the International Energy Agency (IEA) held differing views on the demand outlook, which dragged on oil prices during Friday's early trade. As concerns of a recession receded, though, benchmark futures were headed for weekly gains.


Brent oil prices declined 34 cents, or 0.3%, to $99.26 per barrel at 01:12 GMT, while West Texas Intermediate (WTI) crude futures decreased 34 cents, or 0.3%, to $94.00 per barrel.


Brent was anticipated to gain by more than 4% for the week, recouping a chunk of last week's 14% decline, which was its largest weekly decline since April 2020 due to fears that rising inflation and interest rate hikes will hinder economic growth and fuel demand.


WTI was poised for a weekly gain of more than 5%, recovering more than half of the previous week's loss.


"Regarding demand, there is a great deal of uncertainty in the near future. Until this issue is remedied, market volatility will persist "Chief economist of Westpac, Justin Smirk, commented.


Thursday, the Organization of the Petroleum Exporting Countries (OPEC) decreased its forecast for the increase in world oil demand in 2022 by 260,000 barrels per day. (bpd). This year, it predicts a 3.1 million bpd growth in demand.


That contradicts the stance of the IEA. As a result of gas-to-oil conversion in power generation in response to soaring gas prices, the latter boosted its demand growth forecast to 2.1 million bpd.


Moreover, the IEA upped its forecast for Russian oil supply by 500,000 bpd for the second half of 2022, as the nation's output proved more resilient than anticipated in the face of sanctions implemented in response to the Ukraine conflict. According to the IEA, it would be difficult for OPEC to boost output.


According to Commonwealth Bank analyst Vivek Dhar, the IEA gave a mixed picture overall. The reliability of Russian supply has exceeded expectations.


"Comprehending the global oil balances at the end of the year at this time is challenging, given the current demand and supply conditions. This explains the daily instability."

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