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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

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

Alina Haynes

Sep 13, 2022 10:54

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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).