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On September 2, a UBS research report pointed out that Google recently launched the image editing and generation model "NanoBanana", and Meitu (01357.HK)s share price fell yesterday. The bank believes that the fluctuation mainly reflects investors concerns about the possible industry disruption brought about by AI technology after seeing the positive market feedback on the model. The report pointed out that Meitu had previously emphasized that its strategy has shifted to focus on vertical model training and application scenario development. The bank believes that the companys strategy is to hope to leverage its product design, user experience and deep understanding of vertical workflows to directly transform the rapid iteration of basic models into advanced product features required by users. At the same time, it is expected that the continued evolution of model capabilities will expand the overall size of the graphic design market. The bank maintains a positive attitude towards the company and will continue to pay attention to its application revenue and monthly active users. It now has a target price of HK$14.1 and a rating of "buy".On September 2, CMB International published a research report stating that Jitu Express (01519.HK)s adjusted net profit in the first half of the year increased by 66% year-on-year, mainly driven by reduced expenses and financial expenses, while gross profit remained stable. The companys goal is to increase the annual parcel volume by 56% and 38% in Southeast Asia and new markets respectively, with EBIT of US$0.07 and US$0.09 per parcel respectively. The bank slightly adjusted Jitu Expresss earnings forecast for 2025-27 from a 1% decrease to a 2% increase, and raised the target price from HK$10 to HK$13.4, maintaining a "buy" rating. The bank continues to be optimistic about the company, believing that it has competitive advantages and market share growth potential in Southeast Asia, and also has huge potential in new markets such as Brazil and the Middle East.The chairman of Japans Suntory Holdings has resigned following an investigation into suspected violations of cannabis control laws.Japans 10-year bond sales demand ratio hit a new high since October 2023.Futures data from September 2nd revealed that as of September 1st, the mainstream benzene market in East China closed at 5,840-5,880 yuan/ton, down 200-240 yuan/ton from early August. Expected arrivals at major ports in East China in September are expected to increase compared to August, and with downstream businesses currently facing losses and insufficient terminal orders, price transmission is facing significant resistance. The weakening US dollar and the Ukrainian attack on energy infrastructure in a European country have led to a rise in Brent crude oil futures after some fluctuations, boosting market confidence. Benzene prices in East China are expected to stabilize.

Putin stated that he will hit the price of natural gas! The United States is considering using oil reserves, and oil prices are temporarily holding back

Oct 26, 2021 10:59

On Wednesday (October 6), natural gas prices in Europe ushered in a sharp drop after two days of skyrocketing. In the previous two days, they had risen by 60%, while oil prices fell back by more than 2%. Russian President Vladimir Putin stated that Russia will increase its supply of natural gas to Europe to alleviate the impact of the global energy contraction suffered by Europe. At the same time, the US government is considering using emergency oil reserves to ease the trend of soaring gasoline prices. There is also news that Russia and the United States are discussing reopening the Iran nuclear agreement.


Russian President Vladimir Putin said on Wednesday that the sales of natural gas to Europe may hit a record high, and the flow of natural gas transported to Europe through Ukraine may exceed the contract between the Russian state-owned natural gas company Gazprom and Kiev, Ukraine. Critics have accused Russia of blocking supplies.

This argument caused European natural gas prices to collapse. Natural gas futures prices fell by more than 10% since the highest price since 2008, which was the day before, and crude oil also fell.

Matthew Weller, head of global research for FOREX.com and City Index, said Wednesday that Wednesday brought some good news for energy-stressed European countries, as Russia increased its natural gas exports to Europe. These news broke the well-known natural gas price increase at least temporarily.

Data from FactSet shows that British natural gas futures prices have soared by more than 400% so far this year.

On the same day, U.S. Secretary of Energy Granholm said that the U.S. government is considering using emergency oil reserves to ease the trend of soaring gasoline prices. With the cooling of the new crown epidemic and increasing demand, US gasoline prices have hit a seven-year high.

Granholm said at the Energy Transition Summit organized by the Financial Times when he talked about the prospect of the US government using the Strategic Petroleum Reserve (SPR) to ease the rise in oil and motor fuel prices, "This is a tool under consideration."

According to data from the US Department of Energy, SPR stored in coastal caves in Texas and Louisiana currently contains approximately 617.8 million barrels of crude oil, the lowest level in approximately 18 years.

Granholm also did not rule out the possibility of resuming the crude oil export ban, which was lifted when Obama assumed the presidency in 2015. She said, "This is a tool we haven't used before, but it's also a tool."

The EIA crude oil and gasoline inventory data released on Wednesday both recorded an increase, sparking concerns about weak demand and a negative effect on oil prices. EIA crude oil inventories increased by 2.345 million barrels, and gasoline inventories increased by 3.256 million barrels. Refined oil inventories fell only slightly by 396,000 barrels.

U.S. oil production increased to 11.3 million barrels per day, recovering from the shutdown caused by the storm more than a month ago, and production rebounded to near the peak during the epidemic, but still far below the 13 million barrels per day set in 2019 Record.

According to another report, the Russian Ministry of Foreign Affairs said on Wednesday that Russian Foreign Minister Lavrov had discussed the restoration of the Iranian nuclear agreement with US Secretary of State Brinken. Restarting the previously shelved Iran nuclear agreement may affect the confidence of the oil market bulls.

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