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Irans First Vice President Aref stated that the wealthiest families in Iran consume approximately 23 to 24 times more gasoline than the poorest families. Meanwhile, the Iranian government is facing increasing pressure regarding fuel consumption, production, and prices.August 22 - Due to persistent high temperatures and drought, water levels in many important European rivers have dropped. French shipping company CMA CGM announced that due to the abnormally low water levels of the Rhine and other European rivers, inland waterway transport is severely affected, and an "Inland Emergency Transport Fee" will be levied on goods transported through three ports. CMA CGM stated that the persistently low water levels have led to reduced inland barge transport capacity, port congestion, longer cargo dwell times at docks, and increased operating costs. This emergency surcharge will apply to all inland transport methods passing through the aforementioned three ports. The recent prolonged high temperatures and drought in many parts of Europe, coupled with the dropping Rhine River water level, has already impacted shipping and energy supplies. The Rhine River is one of Europes most important inland waterways, connecting several countries including the Netherlands, Germany, France, and Switzerland.The Iranian news agency IRNA released photos of Iranian Parliament Speaker Qalibaf during his visit to Iraq.On August 22, according to the Guangdong Provincial Administration for Market Regulation, in order to further strengthen the main responsibility of online platform enterprises, rectify prominent issues such as inadequate verification of the qualifications of merchants, unfair platform rules, key product quality and safety, and food safety, further regulate the online transaction business order, and protect the legitimate rights and interests of consumers and operators within the platform, the Guangdong Provincial Administration for Market Regulation organized an administrative guidance meeting for platform enterprises on August 19.August 22 – According to the Iranian news agency IRNA, one of Iraqs most important demands to Tehran during Iranian Parliament Speaker Ghalibafs visit to Iraq was the issuance of special permits for Iraqi oil tankers to pass through the Strait of Hormuz. This request had been submitted to Iran multiple times through various channels. Despite Irans ongoing military operations and the severely deteriorated security situation in the Strait of Hormuz due to hostile actions by the United States, Iran ultimately decided to grant permits to some Iraqi oil tankers to pass through the strait.

WTI struggles to prolong its two-day uptrend below $78, as negative sentiment undermines expectations for China-led oil demand

Daniel Rogers

Mar 02, 2023 15:46

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Following a two-day uptrend that reached the greatest levels in a fortnight, the price of WTI crude oil fluctuates between $77.80 and $90 early Thursday.

 

The recent struggles of the black gold may be related to the contradictory signals encircling China and the Oil equities. However, negative sentiment and the resurgence of the US Dollar appear to be the quote's greatest obstacles to the upside.

 

In addition, higher-than-anticipated US inventories weigh on the energy benchmark. The weekly data from the US Energy Information Administration (EIA) indicates a 1.165M increase in Oil inventories, compared to the expected 0.45M increase and the previous level of 7.648M.

 

The willingness of US President Joseph Biden to continue pumping the markets with the Strategic Petroleum Reserve (SPR) and the absence of offers for Russian Oil also exert downward pressure on the price of WTI crude oil.

 

The latest New York Times (NYT) headlines suggest a potential rift between the United States and China at the important event. According to the news, "China is urging the start of peace talks, and some Group of 20 nations may support that notion when they meet in India, but U.S. officials contend Russia would not negotiate in good faith."

 

It should be noted, however, that the recent uptick in China activity data and optimistic remarks from the dragon nation's policymakers keep black gold purchasers optimistic. China's Minister of Human Resources recently stated, "China's employment will continue to increase this year and remains stable overall." On Wednesday, China's Finance Minister Liu He expressed a willingness to increase the country's fiscal expenditure while noting that the foundation of China's economic recovery remains fragile.

 

However, hawkish remarks from policymakers of the US Federal Reserve (Fed), the Bank of England (BoE), and the European Central Bank (ECB) highlighted the need for additional rate hikes to combat inflation issues, which exerted downward pressure on the price of oil.

 

In response to these events, 10-year US Treasury bond yields surpassed 4% for the first time since early November 2022, while 2-year yields ascended to their highest levels since June 2007 by flashing 4.91%. The increase in US Treasury bond yields reflects the market's concerns, which in turn have impacted on bulls on Wall Street, S&P 500 Futures, and WTI bulls recently. Consequently, S&P 500 Futures were down 0.5 percent as of press time despite the varied closing of Wall Street benchmarks.

 

Moving on, G20 updates could be combined with comments from central bankers and secondary US data to amuse Oil traders.


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