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On September 17th, Robert Sorkin, chief U.S. economist at PGIM, stated that the latest Federal Reserve meeting signaled that the Fed could implement three rate hikes, or even more if necessary, with just a slight push. This rate hike was hawkish, signaling another rate hike this year. Of the 18 Fed officials who submitted forecasts, eight expect three rate hikes in this cycle by the end of 2027. In a report, Sorkin noted that Fed Chairman Warshs mention of the Fed "withdrawing some easing measures" suggested that he and other participants viewed Wednesdays action as merely a small step towards tightening financial conditions, implying further action is possible. Sorkin added that the risk of further Fed rate hikes remains high if inflation continues to be high.On September 17th, Futures News reported that Zhang Guoqing, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, stated in his concluding remarks that it is essential to thoroughly study and implement the spirit of General Secretary Xi Jinpings important instructions and the requirements of Premier Li Qiangs speech, and to earnestly enhance the sense of urgency, responsibility, and mission in developing advanced manufacturing. He emphasized the need to focus on key areas and crucial aspects, deeply implement the high-quality development action plan for key industrial chains, vigorously develop next-generation intelligent manufacturing, accelerate the upgrading and integrated development of the industrial system, and solidly promote the implementation of various tasks. He also stressed the importance of better leveraging the role of market mechanisms, accelerating the construction of a high-quality standard system, continuously rectifying disorderly and irrational competition, actively helping enterprises solve practical difficulties, and striving to create a favorable ecosystem for the development of advanced manufacturing.On September 17, the Pakistani Foreign Ministry issued a statement on the evening of the 16th, saying that Pakistan summoned the Chargé dAffaires ad interim of the Indian High Commission in Pakistan that day to lodge a strong protest against the "highly provocative and unacceptable behavior" taken by an Indian Navy vessel in Pakistans Exclusive Economic Zone on the 15th. The statement said that during the Pakistani Navys biennial routine exercises, the Indian warship took provocative actions at extremely close range towards a Pakistani warship, resulting in a contact between the two vessels. This action seriously violated the relevant agreements signed by both sides and could escalate regional tensions. The statement urged India to strictly abide by international law and bilateral agreements, especially those aimed at preventing maritime conflicts. The Chargé dAffaires ad interim of the Pakistani High Commission in India will lodge the same protest with the Indian Ministry of External Affairs.Japanese Finance Minister Satsuki Katayama: No comment on the Bank of Japans policy.Japanese Finance Minister Satsuki Katayama: The Bank of Japan is expected to work closely with the government to implement appropriate monetary policy in order to achieve the 2% price target.

Oil prices rise from 6-month lows as U.S. inventories decrease

Haiden Holmes

Aug 17, 2022 11:37

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Oil prices rose on Wednesday, recovering from six-month lows touched the day before, as a larger-than-expected decrease in U.S. oil and gasoline stocks reminded investors that demand remains healthy despite the likelihood of a global recession.


Brent crude futures climbed 13 cents, or 0.1%, to $92.47 per barrel at 00:35 GMT. West Texas Intermediate (WTI) crude increased by 27 cents, or 0.3%, to $86.80 a barrel.


Tuesday saw a decrease of nearly 3 percent in contracts as dismal U.S. housing starts data fueled worries of a global recession.


"A fall in U.S. gasoline stocks for the second consecutive week has reassured investors that demand is resilient, spurring purchases," said Fujitomi Securities Co.'s chief analyst, Kazuhiko Saito.


Concerns about the likelihood of a worldwide recession are anticipated to keep the oil market under pressure and volatile.


According to market sources citing Tuesday's American Petroleum Institute report, crude and fuel stockpiles in the United States dropped during the previous week.


Inventories of crude oil declined by around 448,000 barrels in the week ending August 12. According to the sources, gasoline stocks declined by about 4.5 million barrels, while distillate stocks decreased by about 759,000 barrels.


According to a comprehensive poll conducted by Reuters on Tuesday, oil stockpiles likely decreased by roughly 300,000 barrels last week, while gasoline inventories likely decreased by approximately 1.1 million barrels and distillate inventories increased.


Moreover, investors anticipated clarification over efforts to reinstate the 2015 Iran nuclear deal. According to analysts, if Iran and the United States agree to a European Union plan to eliminate restrictions on Iranian oil exports, the oil supply might increase.


The European Union and the United States said on Tuesday that they were reviewing Iran's response to what the EU termed its "last" proposal to rescue the 2015 nuclear agreement, in response to Tehran's request for Washington to show flexibility.


Barclays (LON:BARC) lowered its Brent price forecasts for 2022 and 2023 by $8 per barrel on Tuesday, forecasting a large surplus of crude oil due to "resilient" Russian supplies in the near future.

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