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On August 26, MINIMAX-W (00100.HK) announced that, according to the Master API Service Agreement, the company agreed to provide API services to businesses operated by Alibaba Group for a period from the listing date to December 31, 2028. Under the Alibaba Cloud Computing Service Agreement, the company agreed to purchase certain cloud products and services from Alibaba Cloud Computing Limited for a period from the listing date to December 31, 2028. On August 26 (after trading hours), the company entered into supplemental agreements to the Master API Service Agreement and Alibaba Cloud Computing Service Agreement with Alibaba Cloud Computing Limited to amend the existing annual caps on continuing connected transactions under the Master API Service Agreement and Alibaba Cloud Computing Service Agreement for the years ended December 31, 2026, 2027 and 2028.The main liquefied petroleum gas (LPG) contract rose by 100.00 yuan during the day, currently trading at 5791.00 yuan/ton, an increase of 1.76%.1. U.S. commercial crude oil inventories, excluding strategic reserves, reached their highest level since the week ending August 29, 2026, in the week ending August 21. 2. U.S. EIA strategic petroleum reserve inventories reached their lowest level since the week ending November 26, 1982, in the week ending August 21. 3. U.S. EIA gasoline inventories saw their largest decline since the week ending May 22, 2026, in the week ending August 21.The EIA crude oil production implied demand data for the week ending August 21 in the United States was 19.987 million barrels per day, compared with 19.794 million barrels per day in the previous week.The EIAs data for total U.S. gasoline production and implied demand for the week ending August 21 was 9.9323 million barrels per day, compared to 9.5404 million barrels per day in the previous week.

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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