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[German Institute for Economic Research: The weakening of Germanys economic potential stems from a failed ecological transition] Fratzcher, director of the German Institute for Economic Research, said that the potential growth rate of the German economy may be below 1% within ten years. The weakening of Germanys economic potential stems from a failed ecological transition, an overreliance on fossil fuels and expensive imported energy sources, and a neglected transition to sustainable and innovative technologies.[Germanys main economic research institutions issued a joint report saying that the German economy faces long-term weakness] On the 29th local time, the main German economic research institutions, the German Institute for Economic Research, the German Institute for World Economic Research, the Leibniz Institute for Economic Research and the Ifer Institute for Economic Research The joint report issued stated that due to the shortage of skilled workers and high energy import prices, the German economy will face continuous weakness for many years. It is expected that the annual growth rate of the economy in the medium term will be less than 1%, which is far below the average level of the past 30 years.British Ministry of Defense: Ukrainian soldiers have arrived in the UK to receive training on the "Challenger 2" tank, which is expected to end in the spring.Qatari Foreign Minister: During his visit to Iran, he conveyed information from the United States to Iran.Market news: Iran and Qatars foreign ministers discussed the Iran nuclear deal.

Natural Gas, WTI Oil, Brent Oil – Oil Markets Test New Highs

Cory Russell

Jan 18, 2023 16:09

Natural Gas

Natural gas settled near the $3.60 level as traders remained focused on weather forecasts. The current market consensus implies that weather will turn colder closer to the end of the month. However, it remains to be seen whether forecasts will provide additional support to natural gas markets in the near term as current demand for natural gas remains low.

WTI Oil

WTI oil tested new highs today as traders bet on rising demand from China. In its latest report, OPEC said that world demand will grow by 2.22 million bpd in 2023. However, this estimate could be revised as the fourth quarter of 2022 was stronger than expected.

Brent Oil

Brent oil has also enjoyed strong support in today’s trading session. While resistance near the $87 level remains strong, Brent oil will have a good chance to climb above this level if traders stay focused on rising demand from China.