• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On August 21, Iranian Parliament Speaker Ghalibaf stated, "Just as Iran and Iraq defeated the United States in war and made it taste a crushing defeat, the two countries will continue to stand at the forefront of confronting hegemony, and this path will continue."On August 21st, it was learned from the National Standardization Administration that my countrys proposed international standard, "Application Guidelines, Test Items and Conditions for Solid-State Rechargeable Lithium-ion Batteries for Electric Vehicle Drive," has recently been successfully approved by the International Electrotechnical Commission (IEC). This standard is the worlds first international standard in the field of solid-state batteries. Solid-state batteries are considered an important development direction for next-generation lithium-ion batteries. Compared with traditional liquid batteries, they offer longer range, higher safety, and more stable performance. This international standard, building upon my countrys accumulated experience in solid-state battery research and development, will clearly define the testing specifications for solid-state batteries. This international standard will provide a unified "benchmark" for global automakers in the research and production of solid-state batteries, helping to accelerate the adoption of safer, longer-range electric vehicles and promoting the rapid development of the new energy industry.August 21 – According to Irans Mehr News Agency, Major General Abdullahhi, Chief of the General Staff of the Iranian Armed Forces, stated: "The achievements of the Ministry of Defense over the past few years have transcended military equipment production itself; they represent a deterrent revolution in the defense industry. The Iranian Armed Forces are fully, intelligently, and modernly prepared in all domains, including land, sea, air, air defense, space, and cyberspace, and will respond to any miscalculation by the enemy, as well as traditional and new threats, with a revolutionary, forceful, and devastating response that will leave the adversary regretting."August 21 – German business activity expanded slightly in August, with a rebound in manufacturing offsetting a faster decline in service sector activity. S&P Global Germanys composite PMI fell to 51.0 in August from 51.3 in July, while economists had predicted a reading of 51.3, unchanged from the previous month. The manufacturing PMI rose to 54.1 from 52.2 in the previous month, a 51-month high. Service sector activity weakened further, with the services PMI falling to 48.5 from 49.8, a three-month low and marking the fifth consecutive month of decline, the fastest drop since May. Phil Smith, deputy director of economics at S&P Global Market Intelligence, said, "The manufacturing recovery has regained momentum after showing signs of stalling in the second quarter. Although the service sector continues to drag on economic growth, new business rebounded slightly for the second consecutive month, and employment in the sector rose again, suggesting that the economic situation may soon improve."The Chief of Staff of the Iranian Armed Forces stated: "We will respond to any miscalculation by our adversaries, as well as traditional and new threats, with a revolutionary, tough, regrettable, and devastating response."

WTI remains protective over $75.00 due to conflicting OPEC oil demand predictions and an increase in API inventories

Alina Haynes

Dec 14, 2022 11:28

 239.png

 

During Wednesday's Asian session, WTI crude oil traders struggle to find a clear direction around $75.30. The market is cautious ahead of today's Federal Open Market Committee meeting, and as a result, the black gold deviates from a three-day rally from the yearly low (FOMC).

 

The Organization of the Petroleum Exporting Countries' (OPEC) ambiguous oil demand projections and news about China may be supporting the WTI's passivity.

 

The OPEC stated in a monthly report that after increasing by 2.55 million bpd in 2022, oil consumption will increase by 2.25 million barrels per day (bpd), or approximately 2.3%, in 2023. Both projections remained the same as the previous month, according to Reuters. The news also stated that "OPEC reduced the absolute demand projections in the fourth quarter of 2022 and the first quarter of 2023 while maintaining the yearly demand growth forecasts at the same level. Chinese consumption has decreased in 2022 due to COVID containment measures, according to OPEC, as reported by Reuters.

 

The International Monetary Fund (IMF) Managing Director Kristalina Georgieva was seen predicting weaker economic growth for China as a result of the most recent increase in the daily Covid cases on a different page. Additionally, Bloomberg reported that the COVID-19 issues may have caused the Chinese leaders to postpone their meeting to discuss economic policy.

 

The disappointing US inflation figures could have encouraged oil bulls, but a surprising increase in the American Petroleum Institute's (API) weekly inventory for the week ended December 9—to 7.819M from -6.289M the week before—challenges the buyers of black gold.

 

The main difficulty for WTI traders is uncertainty surrounding market fears of fewer rate hikes and a cautious attitude prior to the Fed's decision.

 

Moving on, the risk associated with China and pre-Fed actions may limit WTI movements. Weekly official inventory data from the US Energy Information Administration (EIA), before -5.187M, may also be a factor in limiting oil swings.