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On June 25th, the National Development and Reform Commission and the National Energy Administration issued the "15th Five-Year Plan for the Construction of a New Energy System." The plan mentions building a flexible and resilient electricity load ecosystem. It calls for fully exploring the potential for user-side regulation, relying on a new electricity load management system to improve the electricity demand response ratio. It also emphasizes fully utilizing electric vehicle energy storage resources, exploring the integration and interaction of vehicles, charging piles, stations, and the grid, comprehensively promoting intelligent and orderly charging, and expanding the large-scale application of vehicle-grid interaction. By 2030, the scale of adjustable charging through vehicle-grid interaction will reach approximately 50 million kilowatts. Furthermore, it calls for accelerating the large-scale development of virtual power plants, with a regulation capacity exceeding 50 million kilowatts by 2030.Novo Nordisk (NVO.N) executives said the company is striving to balance sales volume between direct-to-consumer sales and insurance reimbursement sales.The head of Novo Nordisk (NVO.N) in the United States stated that direct-to-consumer sales account for 90% of Wegovys oral dosage form sales, while the figure is 30% for injectable dosage forms.On June 25th, analysts at overseas research firm SemiAnalysis stated in a report that Changxin Memory Technologies may narrow the gap with Micron Technologys wafer capacity by the end of 2026. They predict that Changxin will produce 350,000 wafers per month by the end of the year, only slightly lower than Micron Technologys estimated 385,000 wafers per month. If ranked solely by wafer capacity, this would bring Changxin close to becoming the industrys third-largest memory chip supplier. However, these analysts pointed out that Changxin still lags significantly behind the two leading DRAM suppliers, Samsung and SK Hynix. Meanwhile, they expect the soon-to-be-listed companys annual revenue to exceed $50 billion, approximately five times the 2025 figure.European Commission President Ursula von der Leyen: The first batch of funds is a microfinance aid of 3.2 billion euros.

WTI sellers assault $87.00 as US President Biden contests OPEC+ ruling

Daniel Rogers

Oct 12, 2022 14:29

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WTI remains below the $87.00 support level as US President Biden expresses his displeasure with the decision by the Organization of the Petroleum Exporting Countries and its allies, including Russia, known collectively as OPEC+. Nevertheless, the bears remain cautious at the weekly low throughout the Asian session on Wednesday.

 

Reuters reported that US Vice President Joe Biden stated on Tuesday that "there will be consequences" for US-Saudi ties following OPEC+'s announcement last week that it will reduce oil production against US concerns. The news further reported that Biden's remark occurred a day after the influential Democratic senator Bob Menendez, chairman of the Senate Foreign Relations Committee, stated that the United States must immediately halt any cooperation with Saudi Arabia, including military sales. Notable is the fact that OPEC+ startled markets by declaring a two million-barrel-per-day output cut last week.

 

In addition to the OPEC+-agreed-upon supply cutbacks, the risk-aversion wave and the strengthening US Dollar Index (DXY) further weigh on commodities prices.

 

In spite of this, the DXY re-establishes a two-week high above 113.50 as higher US Treasury yields and hawkish Fed bets keep dollar investors optimistic ahead of today's Federal Open Market Committee (FOMC) Meeting Minutes.

 

The International Monetary Fund's (IMF) most recent economic forecasts may also impose downward pressure on the price of black gold. Tuesday, the IMF dropped its global economic growth forecast for 2023 from 2.9% in July to 2.7%, citing pressures from rising energy and food prices and interest rate hikes as the primary reasons for the change. Notable is that the Washington-based institute maintained its 3.2% growth prediction for 2022, compared to 6.0% for 2021.

 

In conclusion, the risk-averse sentiment and optimism for an easing of the supply constraint weigh on the price of black gold prior to the private weekly inventory data from the American Petroleum Institute (API), which was previously -1.77M.


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