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The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 4.2 occurred near Gar County, Ngari Prefecture, Tibet, at 16:16 on September 3. The final result is subject to the official rapid report.The final reading of the UKs August services PMI will be released in ten minutes.Futures News, September 3rd: The Middle East conflict continues, and Warshs hawkish remarks have led the market to raise its expectations for an interest rate hike this year. On the fundamental front, EGA and Bahrain Aluminium maintain positive expectations for resuming production, while new projects in Indonesia are significantly constrained by power supply limitations. Domestically, preliminary estimates for September indicate that inventory reduction will remain at a narrow pace due to a lack of new ingot production. The price difference between refined and scrap aluminum has widened slightly recently, but the increase is limited. Scrap aluminum circulation remains sluggish in some provinces, and the reverse substitution of aluminum ingots for scrap aluminum continues, but attention should be paid to the subsequent marginal reduction trend. The tight supply of tax-inclusive scrap aluminum remains unchanged, with prices continuing to run at high levels, providing strong cost support for aluminum alloys; however, downstream acceptance of high prices is limited, hindering cost transmission and preventing price increases from penetrating smoothly to end users. Downstream die-casting purchases are still mainly small orders for immediate needs, and the current market presents a balance between cost support and weak demand. Aluminum ingot inventories remain at a low point for the year. Overall, supporting factors outweigh the positive factors, and aluminum prices may trend slightly higher in the short term. The spot market saw limited changes today, with aluminum prices rising further. Downstream buyers maintained only essential purchases, market circulation was moderate, and inventory reduction provided strong support for the spot premium. East China aluminum ingots maintained a premium of around 10 yuan over the September contract today.Israel Defense Forces: Earlier today, IDF forces operating in the northern Gaza Strip spotted a terrorist who had crossed the Yellow Line and was approaching the troops in a manner posing a direct threat. After identifying the terrorist, we engaged and killed him, eliminating the threat he posed.Russian President Vladimir Putin: These contacts occurred between intelligence agencies.

Supply and demand equilibrium stabilizes oil prices after a steep drop

Norah Atkinson

Sep 27, 2022 14:39

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Oil prices stabilized in Tuesday's early Asian trade as OPEC+ and a weakening dollar eased an earlier selloff.


By 00:33 GMT, Brent crude prices rose 26 cents, or 0.3%, to $84.32 per barrel, while WTI futures rose 19 cents to $76.90 per barrel. On Monday, both benchmarks decreased $2 per barrel due to a stronger currency.


Ihsan Abdul Jabbar, the oil minister of Iraq, stated that OPEC+, which includes Russia, is monitoring oil prices to maintain market equilibrium.


"We do not want oil prices to skyrocket or plummet," he remarked on state television.


On account of the strength of the dollar, oil prices settled at nine-month lows after Abdul Jabbar's remarks.


This year, OPEC+ increased production following record cuts in 2020 due to the COVID-19 outbreak. In recent months, the corporation has not met its output targets.


A weakening dollar, which moves in the opposite direction of oil, aided prices. While the dollar fell following the settlement, it reached its highest level since May 2002 on Monday morning.


Uncertainty regarding supply interruptions resulting from the Russia-Ukraine conflict and tightened monetary policy prevented prices from increasing.