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September 7th - According to a report by the Ukrainian National News Agency on the evening of the 6th, Ukrainian President Zelenskyy told the media after meeting with US President Trumps special envoy Witkov and son-in-law Kushner that Ukraine, along with representatives from the US and European countries, discussed issues related to the Russia-Ukraine conflict, including winter aid and security guarantees. Zelenskyy described the talks as "very substantive." He said the talks covered not only the necessary security guarantees but also economic guarantees aimed at ensuring Ukraines post-war reconstruction, and the need to maintain a strong military. He added that complex issues such as territorial disputes related to the Russia-Ukraine conflict need to be discussed at the leadership level. Zelenskyy said all parties agreed to hold a new round of trilateral talks between Ukraine, the US, and Europe in the near future, although the location has not yet been determined. Witkov told the media that the US had made significant progress in its previous talks with Russia, and that these views had been conveyed to Ukraine. The US considers cooperation "crucial."Jared Kushner, Trumps son-in-law: The Israeli governments actions in Gaza are "a bit irrational."Amazon (AMZN.O): We are working closely with local government and officials to understand the specifics of the incident.Amazon (AMZN.O): Confirmed that an Amazon plane operated by 21 Airlines crashed while landing at Miami International Airport today.On September 7th, the United Nations Conference on Trade and Development (UNCTAD) released its latest Global Trade Update report, which points out that trade in services is reshaping the global trade landscape, but least developed countries (LDCs) are increasingly marginalized in digital trade. The report shows that over the past decade, digitally deliverable services have grown at an average annual rate of 7.1%, now accounting for 56% of global service exports. Meanwhile, the share of LDCs in global service trade has fallen to 0.6%, with digitally deliverable services accounting for only 16% of their service exports. The report identifies insufficient internet connectivity and digital payment infrastructure as major obstacles to LDCs participation in digital trade. The report calls for strengthening digital infrastructure to help developing economies, especially LDCs, participate more fully in global digital services trade.

WTI struggles at $87 as recession worries probe OPEC's forecast and supply deficit fears intensify

Daniel Rogers

Sep 14, 2022 11:42

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After reverting from the weekly high, WTI crude oil traders seek clear direction around $87.50 during Wednesday's Asian session. However, the present hesitation in the price of black gold may be attributable to the mixed concerns regarding the demand-supply matrix.

 

The Organization of the Petroleum Exporting Countries (OPEC) indicated in a monthly report that oil consumption will climb by 3,1 million barrels per day (bpd) in 2022 and by 2,7 million barrels per day (bpd) in 2023, which is unchanged from last month. Despite obstacles such as rising prices, the news also highlighted indications that major economies were performing better than projected.

 

The news that the United States intends to replenish its emergency oil reserves, as well as the German and European move to control Russian oil and gas prices, could also be favorable for energy prices. In addition, rumors that the Western oil deal with Iran is a long way off are bolstering fears of a supply bottleneck and should have helped energy bulls.

 

Tuesday's US inflation statistics revived concerns about the Federal Reserve's fast rate hike and exacerbated recession concerns. Also acting as downward drivers for WTI crude oil are expectations of economic slowdown due to China and Russia-related concerns.

 

In spite of this, the US Consumer Price Index (CPI) for August increased by 8.3% year-over-year, surpassing market expectations by 0.1%. However, the monthly data increased to 0.1%, exceeding the -0.1% projected and the 0.0% shown in previous assessments. The core CPI, or CPI excluding food and energy, likewise exceeded the 6.1% consensus and 5.9% prior to printing at 6.3% for the month in question.

 

It should be mentioned that the weekly prints of the American Petroleum Institute's (API) industry inventory report also contributed to the commodity's downfall. The API Weekly Crude Oil Stock climbed to 6,035 million during the week ending September 9, up from 3,645,000 the previous week.

 

In the future, the price of black gold may stay under pressure due to a stronger US dollar and economic troubles. Before today's official weekly inventory data from the U.S. Energy Information Administration, however, the supply crisis concerns could test the bears (EIA). Thursday's US Retail Sales for the month of August and Friday's preliminary reading of the September Michigan Consumer Sentiment Index will also warrant close attention.

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