WTI retreats towards $88.00 amid sluggish markets, US data, EU energy crisis in focus – by anilpanchal7 Oil WTI RiskAppetite Commodities Energy
The energy benchmark’s latest weakness could be linked to the market’s inaction, as well as the downbeat inventory data from the official source, namely the US Energy Information Administration . That said, the EIA Crude OilChange rose to 2.442M for the week ended on September 09, versus 0.8333M market forecasts and 8.844M previous readings.
While portraying the mood, the S&P 500 Futures print mild gains around 3,670 whereas the US 10-year Treasury yields remain directionless near 3.416%. US President Joe Biden’s rejection of US fears and China’s stimulus are some of the key developments that should have favored the risk appetite. However, the Sino-American tussles and the energy crisis in Europe seemed to have challenged the optimism. It’s worth noting that the looming labor strike in the US appears an extra burden on the risk appetite.
“Global oil demand growth will rebound strongly next year as China eases COVID lockdowns, the International Energy Agency said on Wednesday, adding that an economic slowdown will pause growth only briefly at the end of this year,” reported Reuters. The news seemed to have recalled the oil buyers initially. On the same line could be the European Union’s energy plan that teases Russia to increase hardships for the blocs to gain gas/oil supplies.
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