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U.S. Geological Survey: A 5.5-magnitude earthquake struck Jourm, Afghanistan.On July 2nd, SpaceX (SPCX.O) showcased a prototype handheld device, still in its early stages, to investors. This device is believed to potentially redefine how humans interact with artificial intelligence. According to sources, the prototype is thinner and more streamlined than the iPhone and was recently presented in communications with investors and stakeholders, ahead of the companys planned major IPO. The device is designed to run a proprietary operating system and integrates AI technology from xAI. It is also reportedly powered by a Qualcomm (QCOM.O) Snapdragon chip. However, SpaceX emphasized to investors that the project is still in its very early stages, the design is subject to significant changes, and it is currently impossible to confirm whether it will ultimately be mass-produced or launched to the market. SpaceX and its partners have not yet commented.Qualcomm (QCOM.O) shares rose briefly, currently up 1.6%.According to the Wall Street Journal, sources revealed that the prototype will run on a proprietary operating system integrating SpaceXs (SPCX.O) xAI artificial intelligence technology. The prototype boasts a sleek design and is thinner than the iPhone. The device will utilize a Qualcomm (QCOM.O) Snapdragon chipset.On July 2nd, European Central Bank (ECB) Governing Council member Stournaras stated that with the unexpected drop in energy prices and slowing inflation in the Eurozone, the central bank may not need to further tighten policy after its June rate hike. Latest data showed that Eurozone consumer price inflation fell to 2.8%, lower than expected, which he called a "clear downside surprise." He pointed out that the focus should now be on how businesses pass on changes in energy costs and the impact of the AI investment boom on the overall price system. Stournaras stated, "I dont think anything will change in July unless things deteriorate significantly." He tends to believe that policy should remain unchanged for some time. The ECB had previously raised interest rates to 2.25%. Regarding energy, he mentioned that Gulf central bank officials believe the recent shocks have had limited damage to energy infrastructure, and that Iran may release more crude oil supplies in the future, contrary to previous market assessments of energy shortages. He also warned that energy price increases tend to be quickly transmitted to end users, but price decreases are transmitted more slowly, reflecting insufficient competition in some European markets. Furthermore, the AI investment boom may also affect the prices of electronic products, especially imports from South Korea and Taiwan.

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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