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On August 25th, according to the Guangxi Hydrological Center, from 8:00 AM on August 24th to 8:00 AM on August 25th, parts of Guilin, Wuzhou, Guigang, Chongzuo, Hezhou, Laibin, and Nanning experienced heavy to torrential rain, with localized areas experiencing extremely heavy rain. The highest daily rainfall was recorded in Daxijiang Town, Quanzhou County, Guilin City, at 151.5 mm. A total of 20 stations on 14 rivers in Guangxi, including the Zuojiang River and its tributaries Heishui River and Pingxiang River, the Mingjiang River and its tributaries Gongan River, Pailian River, Sizhou River, Pinger River, and Beilun River, experienced floods exceeding warning levels by 0.37 to 7.69 meters. The Yujiang River experienced its second flood of 2026. As of 8:00 AM on the 25th, 15 stations on 11 rivers in Guangxi, including the Yujiang River and its tributary Qinglong River, the Mingjiang River and its tributary Pailian River, the Zuojiang River and its tributary Kelan River, and the Pinger River, still exceeded warning levels by 0.36 to 7.68 meters.On August 25th, the Beijing Meteorological Observatory issued a yellow rainstorm warning signal at 09:00: Thunderstorms are expected from west to east in Beijing from the afternoon to the night of August 25th, with hourly rainfall exceeding 50 mm in most areas and cumulative rainfall exceeding 100 mm in some isolated areas. Mountainous and hilly areas may experience secondary disasters such as flash floods, mudslides, and landslides, while low-lying areas are prone to flooding. The Beijing Water Authority and the Beijing Meteorological Bureau jointly issued a yellow flash flood risk warning at 09:00: Flash floods are expected in mountainous areas of Beijing starting at 09:00 on August 25th (yellow risk). The Beijing Water Authority and the Beijing Meteorological Bureau jointly issued a blue flooding risk warning at 09:00: Flooding in the central urban area of Beijing is expected to be at a general risk starting at 09:00 on August 25th (blue risk).Japanese Chief Cabinet Secretary Minoru Kihara: We are still assessing the impact of the new US sanctions against Iran on Japan.On August 25th, Junzheng Co., Ltd. (03223.HK) opened flat on its first day of listing, with an opening price of 100.00 yuan, the same as the issue price.On Tuesday, August 25, the Hang Seng Index opened 116.89 points higher, or 0.46%, at 25,634.22; the Hang Seng Tech Index opened 8.26 points higher, or 0.18%, at 4,602.3; the H-share Index opened 29.15 points higher, or 0.34%, at 8,500.51; and the Red Chip Index opened 6.95 points higher, or 0.16%, at 4,254.58.

WTI optimists target the $70 mark amidst positive banking sector developments

Daniel Rogers

Mar 27, 2023 14:33

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The price of West Texas Intermediate (WTI) is approaching the $70 threshold as investors become less concerned about ongoing banking difficulties. Major central banks, such as the Federal Reserve (Fed) and the US Treasury Department, have bolstered confidence through swift actions. Consequently, risk appetite remains robust. As a result of this positive development, oil prices have risen above $67.

 

Oil markets are intently observing financial market sentiment, while oil fundamentals are largely ignored. The oil market has been reflecting the volatility of the financial markets over the past few days.

 

The pullback from $67 is likely due to the weakening of the US dollar, and for the oil price to break sustainably above $70, a significant fundamental driver, such as the complete resolution of the banking crisis, will be required.

 

The demand for the U.S. dollar as a safe-haven currency is restrained by some reassuring comments from U.S. officials.

 

Russian President Vladimir Putin's statements that he will station tactical nuclear weapons in Belarus, thereby escalating geopolitical tensions in Europe over Ukraine, have also supported oil prices. Clearly, further escalation on the Russia-Ukraine front will result in higher oil prices. Although NATO and the United States have condemned the move and deemed it "dangerous and irresponsible," it continues.

 

Russia's strategic decision to reduce oil production can be ascribed to the fact that the country's hydrocarbon stockpiles have been rising since September of last year, and it would likely want to avoid further stock builds. If Russia wishes to reduce its stockpiles, it may be necessary to prolong production limits beyond June.

 

Oil prices have not reached the levels anticipated by the Organization of the Petroleum Exporting Countries despite a significant amount of activity on the fundamental front of oil. (OPEC). Prior to the resolution of the banking turmoil, oil prices will likely be influenced by risk sentiment. In order to make informed decisions as various factors continue to impact the global economy, investors and market participants will keep a close watch on developments in the financial and oil markets, as well as geopolitical tensions.


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