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ECB Governing Council member Stournaras: There is a high probability of an interest rate hike in June.On May 27, local time, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with Kyrgyz Foreign Minister Kurubayev on the sidelines of the UN Security Council high-level meeting in New York on May 26. Wang Yi thanked Kurubayev for making the special trip to New York to attend the high-level meeting, stating that this not only demonstrated support for Chinas initiatives but also provided a platform for Kyrgyzstan to play its role. China and Kyrgyzstan have always trusted and supported each other. China is willing to work with Kyrgyzstan to fully implement the consensus reached by the two heads of state, strengthen the alignment of development strategies, promote mutually beneficial cooperation, enhance international collaboration, and jointly build a closer China-Kyrgyzstan community with a shared future. China highly appreciates Kyrgyzstans long-standing constructive role in the China-Central Asia mechanism and will fully support Kyrgyzstan in hosting this years SCO summit.On May 27, local time, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with Thai Deputy Prime Minister and Foreign Minister Norodom Sihasak in New York on the sidelines of the UN Security Council High-Level Meeting. Wang Yi thanked Sihasak for attending the high-level meeting, stating that China and Thailand are both defenders and practitioners of multilateralism, and participants and beneficiaries of the global governance system. Thailand proposed a more strategic, forward-looking, and sustainable "Thailand Diplomacy 2.0," and China welcomes Thailand playing a greater role on the international stage, jointly committed to revitalizing and activating the United Nations, promoting reform and improvement of global governance, and contributing to the cause of peace and development for mankind. China appreciates Thailands firm adherence to the one-China principle and is willing to strengthen high-level exchanges with Thailand to further strengthen the "China-Thailand family" bond. Both sides should accelerate the formulation of a new version of the China-Thailand Strategic Cooperation Joint Action Plan, comprehensively plan cooperation in all fields, and promote new achievements in building a China-Thailand community with a shared future. China supports Thailand and Cambodia in adhering to dialogue and consultation, consolidating the ceasefire, gradually rebuilding mutual trust, and peacefully resolving disputes, and is willing to continue to play a constructive role in this regard.On May 27, local time, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with Colombian Foreign Minister David Villavincensio on the sidelines of the UN Security Council high-level meeting in New York on May 26. Wang Yi thanked Villavincensio for attending the high-level meeting and stated that China will support Colombias presidency of the Security Council in June. Under the strategic guidance of the two heads of state, China-Colombia relations have made breakthrough progress, especially since Colombia joined the Belt and Road Initiative a year ago, with pragmatic cooperation yielding fruitful results and bringing tangible benefits to the people of both countries. China has always viewed and developed China-Colombia relations from a strategic perspective, supports Colombias domestic peace process, and appreciates Colombias long-standing adherence to the one-China principle.On May 27, local time, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with UN Secretary-General António Guterres on the sidelines of the UN Security Council High-Level Meeting in New York on May 26. Wang Yi stated that this year marks the 55th anniversary of the restoration of the Peoples Republic of Chinas legitimate seat in the United Nations. China highly appreciates the Secretariats firm adherence to the one-China principle and its compliance with UN General Assembly Resolution 2758. As a staunch supporter of the UNs cause, China is willing to continue upholding multilateralism, firmly safeguarding the international system with the UN at its core, and continuously deepening cooperation with the UN in areas such as promoting South-South cooperation, reforming the international economic and financial system, addressing climate change, artificial intelligence, and regional hotspots. China will support the UN with concrete actions, revitalize the UN, and strengthen the UN, continuously empowering global governance with Chinas governance model and injecting stronger impetus into building a community with a shared future for mankind. Wang Yi stated that since taking office, Secretary-General Guterres has upheld multilateralism, worked tirelessly for peace, and spoken out for justice, gaining international recognition. China appreciates this and invites Guterres to visit China this year.

WTI fluctuates near $87.00 due to contradictory demand-supply data

Alina Haynes

Sep 13, 2022 10:54

 截屏2022-08-04 下午5.10.59_1024x576.png

 

After reclaiming the weekly high, the price of WTI crude oil remained stagnant at approximately $87.80, amidst mixed concerns regarding the supply and demand of black gold. In addition to the market's hesitance ahead of critical US inflation data and the weekly industry report on oil inventories, the commodity prices could be affected by the market's disposition.

 

In October, oil production in the Permian Region in Texas and New Mexico, the largest U.S. shale oil basin, is expected to increase by 66,000 barrels per day (bpd) to a record 5.413 million bpd, according to a study released by the U.S. Energy Information Administration (EIA) on Monday. During the past week, the United States stopped releasing more oil from its Strategic Petroleum Reserve (SPR), signaling a significant improvement in the supply situation. Energy Secretary Jennifer Granholm is quoted by Reuters as saying, "The Biden administration is assessing the need for more SPR releases after the present program concludes in October."

 

Reuters, citing statistics from the US Department of Energy (DOE), reports that emergency oil inventories in the United States plummeted to their lowest level since October 1984, falling 8.4 million barrels to 434.1 million barrels in the week ending September 9. In the same vein are the rumors concerning the European Union's oil embargo and the oil price cap imposed by Western leaders on Moscow's energy exports.

 

In addition to the probable increase in China's stimulus, uncertainty surrounding the US-Iran oil deal and the likely retribution of Russia after retreating from portions of Ukraine further support the oil's upward movement.

 

Notable is the correlation between the risk-on sentiment and the dollar's depreciation, which helps oil purchasers. In spite of this, the US Dollar Index (DXY) fell for a second straight day to levels not seen in two weeks, near 108.30 at the latest.

 

After the most recent softening in price pressure, the US CPI for August becomes key. The projections indicate that the headline number will decrease to -0.1% MoM from 0.0% previously, while the CPI excluding food and energy will likely remain steady at 0.3% MoM. Also significant will be the previous 3.645M Weekly Crude Oil Stock data from the American Petroleum Institute (API).

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