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On July 27, Japanese Prime Minister Shigeru Ishiba said in an interview with NHK that he plans to stay in office despite growing calls within the ruling party for him to resign after last weeks election defeat. "I will devote myself to the future of the people and the country," he said. He added that he must take responsibility for implementing the recently announced US-Japan trade agreement. Ishiba will speak at a Liberal Democratic Party meeting on Monday. LDP members have been calling for someone to be held accountable for the results of the July 20 Senate election. Former Foreign Minister Toshimitsu Motegi called on the LDP to change its leader on his YouTube channel over the weekend. Several Japanese media reported last week that Ishiba planned to resign, but the latter later denied the news. When NHK asked him if he had wavered in his decision to continue to govern, Ishiba replied "no".Russian Defense Ministry: Russian troops have attacked Ukrainian remote drone control stations. The deployment locations of the Ukrainian Armed Forces in 146 regions have been attacked.On July 27, US President Trump posted a picture on his "real social media" showing former US President Obama driving the white Ford Mustang SUV that former US football star OJ Simpson rode when he fled in the "wife murder case" in 1994, while Trump and Vice President Vance were driving behind to catch up. Vances image was also modified and came from the previously popular "Fat Vance" emoticon package.On July 27, Russian Presidential Press Secretary Dmitry Peskov told reporters that Russian-Ukrainian relations after the special military operation are currently an overly theoretical issue, and the tasks of the special military operation must be completed first. Peskov said that before determining the principles of future interaction between Moscow and Kiev, it is necessary to confirm that the tasks facing the special military operation in the direction of Ukraine have been completed. He said: "First of all, we still have to solve the problem. We need to confirm that the tasks facing the special military operation have been completed." Peskov added that Russia prefers to achieve peace with Ukraine through political and diplomatic means. However, Kiev and its Western allies have rejected all proposals for peace talks, so the special military operation continues.According to Russian media: Kremlin spokesman Peskov said that Russia prefers to resolve the Ukrainian conflict through political and diplomatic means, but Kiev and the West rejected this approach.

Supply continues to be tight! Upside potential for oil prices is still huge

Oct 26, 2021 10:58

U.S. oil prices have risen for five consecutive days recently and have reached the highest level since 2014. The world is concerned about energy supply, and there are signs of tight supply in crude oil, natural gas and coal markets.


Two days ago, OPEC+, formed by the Organization of the Petroleum Exporting Countries (OPEC) and the oil-producing allies headed by Russia, stated that it would adhere to the existing agreement and gradually increase oil production, rather than further increase production. The Biden administration had previously called on OPEC and its allies to increase oil production in response to soaring gasoline prices. India, another major oil consumer, also called on OPEC to consider increasing supply to ensure that prices are suitable for producers and consumers.

Kieran Clancy, a commodity economist at Capital Economics, believes that OPEC+ is under increasing pressure, but their refusal to expand production means that the market is still in deficit in the fourth quarter, indicating that oil prices will remain at least this year. It will remain high for a while.

The Commonwealth Bank of Australia (CBA) wrote in a report: "OPEC's outlook indicates a further reduction in global oil inventories. Given that oil inventories are already low, this is a problem."

They said that as the vaccination rate rises to support the reopening of the economy, the global demand for crude oil has accelerated, and rising oil prices may threaten the recovery of the global economy.

ANZ Bank said in a report: “Crude oil has expanded its gains because investors are worried that the energy crisis will push up demand and market supply is tight. Considering the global energy shortage, OPEC+'s growth rate is much lower than market expectations. Not surprisingly, people It is speculated that if demand continues to surge, OPEC will be forced to take action before the next scheduled meeting."

Prior to the arrival of the winter heating season, global supply continued to be tight, with natural gas futures prices rising by more than 9% on Tuesday, the highest closing price in nearly 13 years.

Schneider Electric's global research and analysis manager Robbie Fraser said that as the global crude oil market has been in short supply, record natural gas prices in major demand regions will lead to a strong increase in heating demand for products such as diesel and fuel oil, which will eventually support a further decline in crude oil and product inventories. , Now crude oil and product inventories are far below the normal level at this time of the year.

FxPro senior market analyst Alex Kuptsikevich said that in the past 7 weeks, oil prices have risen almost uninterruptedly. During this period, they have risen by more than 25%, but this does not mean that the upside potential has been exhausted, because most of the gains have come from deep corrections. . The kinetic energy of oil lags behind that of natural gas and coal, so it may have huge upside potential.

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