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On September 19th, Politico reported that AI giants Anthropic, OpenAI, SpaceX AI, and Google face conspiracy charges in a civil lawsuit filed Friday in federal court for recent calls to coordinate a slowdown in AI development. The complaint alleges that Anthropic CEO Dario Amodei publicly called earlier this month for “industry-wide coordination” to “set the pace for the frontier,” a call endorsed by SpaceX AI head Elon Musk, OpenAI CEO Sam Altman, and Google DeepMind co-founder Demis Hassabis. This, the complaint claims, constitutes an illegal business agreement between competitors under U.S. antitrust law. Nick Raleigh, one of the lawyers representing the four plaintiffs in the Northern District of California, stated that the case aims to ensure that private, self-serving agreements between the world’s most powerful for-profit tech companies do not lead to AI “rapidly spiraling out of human control.” He argued that humanity deserves unwavering protection when faced with threats of extinction, such as nuclear war, and the greatest risks in human history. The rule of law should be established transparently and legally by the U.S. government, and be accountable to the public.On September 19th, according to Jubo Information, the domestic petroleum coke market performed well this week, with overall prices trending upwards. For major oil companies, manufacturers had no inventory pressure and were mainly fulfilling existing orders; supply was tight in some areas, leading to price increases for some coke. For independent refineries, market transactions fluctuated, with coke prices rising initially and then falling, and overall production and sales slightly weakening throughout the week. Increased maintenance shutdowns at coke plants this week led to a decline in the overall operating rate, and the petroleum coke market is expected to fluctuate within a range in the short term. Regarding LNG, of the 133 domestic LNG plants, 70 were under maintenance/shutdown/suspended quoting/domestic sales, resulting in an overall operating rate of 47%. Influenced by factors such as raw material gas auctions and supply-side production contraction, domestic LNG market prices fluctuated upwards this week. Multiple positive factors supported the market, leading to strong bullish sentiment and price increases from manufacturers in many regions; however, downstream demand remained weak, with companies showing increasing reluctance to purchase due to high prices, resulting in limited procurement and sluggish sales for some manufacturers, leading to price declines in some areas. The domestic LNG market is expected to consolidate in the near term.According to Politico: Anthropic, OpenAI, SpaceX AI, and Google are being sued for calling for a “slowdown” in AI development.The U.S. State Department has decided to approve the sale of $2.68 billion worth of foreign military equipment to Ukraine to support its air defense development and upgrades.On September 19th, the Shaanxi Provincial Bureau of Statistics released its report on the provinces economic performance in the first eight months of the year: industrial production steadily rebounded, consumer demand continued to be released, and the economy showed a steady and positive development trend. According to relevant personnel from the Provincial Bureau of Statistics, in the first eight months, the added value of industries above designated size increased by 4.6% year-on-year, an acceleration of 0.5 percentage points compared to the first seven months. Industrial production steadily rebounded, and product output grew steadily. Looking at the three major sectors, the added value of mining increased by 7.7% year-on-year, manufacturing by 1.5%, and the added value of electricity, heat, gas and water production and supply by 2.5%. Key industries performed well, with the added value of coal mining and washing increasing by 9.0% year-on-year and the added value of oil and gas extraction increasing by 9.7%. Product output grew steadily, with raw coal output increasing by 3.8% year-on-year and natural gas output increasing by 7.3%.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

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Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

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