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The Icelandic government summoned the U.S. ambassador to Iceland after Trump posted a map on social media that included Iceland within the U.S. territory.On September 8th, Futures News reported that Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed their commitment to maintaining market stability, deciding to keep their daily crude oil production quotas for October at the same level determined in September 2026. OPEC+ will continue to hold monthly meetings to monitor market dynamics, with the next meeting scheduled for October 4th, 2026. Previously, the production quotas of these seven OPEC+ countries had increased for six consecutive months, and member countries are still working to determine new production quotas. During these six months, the organization gradually lifted production cuts, and the market still has sufficient capacity to absorb the increased oil supply. However, despite the significant increase in production quotas, the Strait of Hormuz is blocked due to the war between the US and Iran, and Russian crude oil exports are also restricted due to Western sanctions. In other words, since these seven countries crude oil is mainly for export, the increased quotas are meaningless given the export restrictions.September 8th - According to Irans Fars News Agency, the Saudi Ministry of Energy stated that Houthi armed forces launched attacks on energy facilities in southern Saudi Arabia early Tuesday morning, causing fires and temporarily halting operations at some facilities. The attacks reportedly targeted the Saudi Aramco oil refinery in Abha. Simultaneously, reports indicated an attack on Abha airport, and explosions were heard in several areas of southern Saudi Arabia. This is the third attack on Saudi oil facilities in less than 48 hours.September 8th - German exports unexpectedly declined in July, ending a five-month streak of growth and dampening hopes for a rapid recovery in Europes largest economy. German exports fell 0.8% month-on-month in July, contrary to economists previous forecasts of renewed growth. The German Federal Statistical Office said on Tuesday that the decline stemmed from a drop in exports to EU countries. Exports were the main driver of Germanys stronger-than-expected economic performance in the first half of the year. This prompted economists to raise their growth forecasts, with Bundesbank President Nagel previously stating that output could grow by 1% this year, double the rate predicted three months ago. Destatis data showed that exports to the US rose by more than 19% in July, while imports from the US declined. Total German imports also fell, widening the trade surplus to €21.3 billion ($24.8 billion).The most active liquefied petroleum gas (LPG) contract rose 4.00% intraday, currently trading at 6812.00 yuan/ton.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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