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Futures News, August 6th: 1. Strong winds and rain are expected in the Philippine Islands. Influenced by the long-distance moisture transport from Typhoon Whale (No. 14) and Typhoon Dolphin (No. 13), along with the southwest monsoon, the central and northern Philippines will experience continuous heavy rainfall. This precipitation event is characterized by its long duration and large cumulative rainfall. Over the next three days, moderate to heavy rain is expected in the central and northern Philippines, with heavy to torrential rain in most parts of Luzon and Mindoro, and locally extremely heavy rain in northwestern Luzon. The cumulative rainfall in these areas is expected to be 80-150 mm, with some areas receiving 180-250 mm, and locally exceeding 300 mm in northwestern Luzon. Gale-force winds of level 6-8, with gusts of level 9-10, are expected in the central and northern Philippines and surrounding waters. In addition, over the next three days, moderate to heavy rain is expected in the central and northern parts of the Indochina Peninsula, northern and southwestern coastal areas of India, and Bangladesh, with localized torrential rain or heavy downpours, accompanied by short-duration heavy precipitation, thunderstorms, and strong winds. 2. High temperatures will persist across many parts of Asia, Europe, and North America. Over the next three days, influenced by a high-pressure ridge, parts of South Korea, southern Japan, southern Mongolia, central and western Southern Europe, eastern Central Europe, southern Eastern Europe, the Midwestern United States, and northern Mexico will experience temperatures above 35°C, with some areas exceeding 40°C. High temperatures in Turkmenistan, Uzbekistan, southern Afghanistan, central and southern Pakistan, southern Iran, Iraq, and Saudi Arabia will reach 40-42°C, with some areas exceeding 45°C.US Vice President Vance: There is no disagreement with President Trump on the Iran issue, and we are working to implement his decisions.US Vice President Vance: Energy prices will fall, Iran will not have nuclear weapons, and we will be in a more advantageous position.U.S. Vice President Vance: The Iranians are tough to deal with, but their regime is fractured, and our mission is to achieve the best possible outcome for the American people.Artificial Intelligence: 1. Jeff Dean, a key figure in Googles AI efforts, leaves to found an AI startup. 2. Microsofts latest disclosure shows that its AI revenue primarily comes from OpenAI. 3. Meta launches its first programmable intelligent agent, Muse Code, which can work in conjunction with Muse Spark 1.2. 4. Cloudflare announces the launch of open-source "CloudflareOS": an open platform for AI agents and enterprise work. 5. Metas MUSE SPARK 1.1 model hacked into a companys system and made changes to its internal systems. Integrated Circuits (Chips): 1. Yu Chengdong: High memory prices may lead to large-scale price increases for mobile phones. 2. Reports indicate that Changxin rejected Apples price pressure, insisting on prices no lower than Samsung Electronics and SK Hynix. 3. US media: Anthropic confirms it is building an internal chip team for Claude. 4. After distributing bonuses to employees, Samsung and SK Hynix pledged to increase shareholder returns. 5. SanDisk expects revenue of $10.3 billion to $10.8 billion for the first quarter of fiscal year 2027, compared to market expectations of $10.8 billion. Other: 1. Alibabas 2026 Yunqi Conference is scheduled to be held in Hangzhou from September 22nd to 24th. 2. Nikita Bier announced her resignation as head of the X product line, but will remain with the company as an advisor.

Oil prices steady after precipitous declines due to weak U.S. demand

Haiden Holmes

Jul 22, 2022 11:27

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Oil prices stayed almost unchanged in early trading on Friday, after a loss of around 3 percent in the previous session due to deteriorating demand in the United States, the biggest oil consumer in the world, and a rise in output from Libya.


Brent oil prices rose 17 cents, or 0.2%, to $104.03 per barrel at 00:41 GMT, while U.S. West Texas Intermediate (WTI) crude futures were constant at $96.35 per barrel.


WTI has been hammered over the last two days as a result of the publication of data suggesting that U.S. gasoline consumption during the height of the summer driving season decreased by around 8% from the previous year due to record pump prices.


"At 8.52 million barrels per day, seasonal demand is at its lowest level since 2008," experts at ANZ Research said in a study.


The decrease in WTI has positioned the contract for a loss of 1.3% this week, its third consecutive weekly loss.


Brent was bolstered by signs of healthy demand in Asia, putting it on course for its first weekly gain in six weeks.


Despite increasing prices, gasoline and distillate fuel demand in India hit all-time highs in June, with refined product consumption 18 percent higher than a year earlier and Indian refineries operating at their busiest levels ever.


An analyst at RBC, Michael Tran, said in a note, "This signals much more than a solid return from COVID-affected years."


Brent's gains were limited this week by the return of production at important Libyan oil fields.


Meanwhile, the European Central Bank (ECB) raised rates more than expected on Thursday in an effort to curb inflation, with ECB President Christine Lagarde warning that inflation risks had increased due to the likelihood that the Ukraine conflict will continue for an extended period of time and that energy prices will remain elevated for an extended period of time.


"Is the horizon cloudy? Clearly it is, "Lagarde said.


She said that the baseline assumption of the central bank is that neither this year nor next would experience a recession.

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