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1. WTI crude oil futures trading volume was 797,449 lots, a decrease of 74,716 lots from the previous trading day. Open interest was 1,851,196 lots, an increase of 505 lots from the previous trading day. 2. Brent crude oil futures trading volume was 169,628 lots, an increase of 2,365 lots from the previous trading day. Open interest was 238,065 lots, an increase of 3,119 lots from the previous trading day. 3. Natural gas futures trading volume was 516,728 lots, a decrease of 57,116 lots from the previous trading day. Open interest was 1,496,571 lots, a decrease of 9,397 lots from the previous trading day.HSBC raised its target price for Walmart (WMT.N) from $121 to $122.On November 21st, MarketPulse analyst Christian Norman stated that the better-than-expected US non-farm payroll data for September reinforced the Federal Reserves tendency to postpone interest rate cuts. However, a core question now exists in the market: how can the Fed guarantee making the right decisions in the absence of data? Therefore, although a high-interest-rate environment should be bearish for gold, there are signs that the market is beginning to view gold as a hedge against "policy mistakes." If the Fed decides to hold rates steady in December, but subsequent data proves that not cutting rates was a mistake, it could very well shake market confidence in the dollar. In contrast, gold has become a more reliable "safe haven." While this is currently only a secondary logic, it could indeed provide some support for gold prices, as it reflects a decline in market confidence in the Feds ability to accurately control the economy (in the absence of complete information).On November 21, Intel CEO Chen Liwu denied rumors that newly hired executive Luo Weiren had stolen confidential information from TSMC. Luo, 75, retired from TSMC in July after leading the companys research and development. "This is pure rumor and speculation, completely unfounded. We respect intellectual property rights," Chen told Bloomberg in an interview on Thursday during a semiconductor industry association event in San Jose. The event presented TSMC Chairman and President Wei Zhejia and former Chairman Liu Deyin with the industrys highest honor, the Robert Noyce Award. TSMC has not commented on the matter, and Luo has not responded.Foxconn Chairman Liu Yangwei: The Model A electric vehicle was designed by Japanese engineers and will eventually be produced in Japan.

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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