Energy Resource

As OPEC and non-OPEC oil producers are expected to keep oil supply quotas unchanged in September at their monthly meeting in early August, international crude oil futures prices rose in the overnight market, with a significant expansion in early trading on the 29th, and narrowing gains in the afternoon, closing with an overall increase in international oil prices. By the end of the day, the price of light crude oil futures for September delivery on the New York Mercantile Exchange rose $2.20 to close at $98.62 per barrel, or 2.28%. Brent crude oil futures for September delivery in London rose $2.87 to close at $110.01 per barrel, or 2.68%.

The market began to focus on the direction of OPEC+’s production policy at its monthly meeting in early August. Online forex trading platform Anda (OANDA) senior market analyst Craig Erlam said oil prices rose again after reports that OPEC + will keep production targets unchanged at its monthly meeting next week. FXTM company senior research analyst Lukman Otunuga, said the current concerns about slowing economic growth continue to stir pessimistic popularity, oil prices in July overall lower. Otunuga believes that oil prices could be full of volatility next week. After U.S. President Joe Biden’s recent request for Saudi Arabia to boost oil production, OPEC+’s monthly meeting next week could have a strong impact on oil prices regardless of the outcome. Commerzbank commodities analyst Carsten Fritsch said the European oil market is clearly more tightly supplied than the U.S., which is also reflected in the sharp drop in the Brent crude futures price curve. Phil Flynn, senior market analyst at Price Futures Group, said on the 29th that New York oil prices should continue to try to break through the $100 per barrel round figure mark upwards. If the breakout is successful, it may bring further aggressive buying. If it fails, it will show that there will be more consolidation. Data released by oilfield services company Baker Hughes in the late afternoon of the 29th showed that the number of active oil rigs in the U.S. was 605 this week, up 6 from a year ago and up 220 from a year ago. During the same period, the number of active oil rigs in Canada was 137, up 13 from a year earlier and 124 from a year earlier.

Due to the decline in the dollar index, the most actively traded gold futures market on the New York Mercantile Exchange December 2022 gold futures 29 than the previous trading day rose $ 12.6 to close at $ 1781.8 per ounce, or 0.71%. Gold prices rose 3.2% for the week and fell 1.4% in July. Gold prices have risen about $40 since Federal Reserve Chairman Jerome Powell’s speech on the 27th. The market believes that the Fed’s aggressive rate hike attitude has shifted and may slow down the rate hike in the future, bringing a glimmer of light to gold’s outlook. However, the U.S. Department of Commerce released data on the 29th, the U.S. personal consumption expenditure price index rose 1% in June from a year earlier and 6.8% year-on-year, respectively, in September 2005, January 1982 since the largest value-added, indicating that U.S. inflation accelerated in June. Market analysts believe that the Federal Reserve’s anti-inflation mandate is far from over.

The price of silver futures for delivery in September 2022 rose 32.9 cents that day to close at $20.197 per ounce, or 1.66%; the price of platinum futures for delivery in October rose $13 to close at $889.8 per ounce, or 1.48%.

Influenced by the weaker U.S. dollar, the London Metal Exchange base metals closed higher across the board on the 29th. Tom Price, head of Liberums’ commodity strategy department, said the rally is now a mechanical rally in a round of interest rate-related commodities, as the Fed’s rate hikes may slow down. But Price doesn’t think that will make the outlook any better, because if the U.S. economy does come under pressure, that would be bad for commodities themselves. 3-month copper futures closed at $7,925 a ton, up $186, or 2.40 percent, from the previous session. Data released on the same day showed that copper production in Chile, the world’s largest copper producer, fell 4.7 percent year-on-year to 462,172 tons in June. Chilean copper producer Codelco reported a 35% drop in pre-tax profit to $2.4 billion in the first half of 2022.

In other metals, 3-month aluminum closed at $2,482 per ton, up $17.50, or 0.71 percent, from the previous session. 3-month lead closed at $2,036.50 per ton, up $30.50, or 1.52 percent, from the previous session. 3-month zinc closed at $3,302 per ton, up $125.50, or 3.95 percent, from the previous session. Three-month nickel closed at $23,800 per ton, up $2,045, or 9.40%, from the previous trading day. three-month tin closed at $24,900 per ton, up $625, or 2.57%, from the previous trading day.