Oil price lowest in 6 months
Oil prices fell 3% to their lowest levels since before the Russia-Ukraine conflict, as economic data fueled fears of a potential recession, while markets awaited clarity on the conflict. negotiating to restore a deal that could allow more oil exports from Iran.
Closing the session on August 16, Brent crude oil fell 2.76 USD, or 2.9%, to 92.34 USD/barrel, in one session touching 91.71 USD/barrel – the lowest since 18/03 February 2022 and West Texas Intermediate crude oil fell $2.88, or 3.2%, to $86.53 a barrel, in one session touching $85.73 a barrel – the lowest since January 26, 2022. . Both oils fell 3% in the previous session.
Barclays cut its Brent oil price forecast by $8 a barrel this year and next, as it expects a large crude oil surplus in the near future due to a possible recovery in supply from Russia.
Market participants await industry data on US oil inventories due later in the day. Crude oil and gasoline stockpiles last week likely fell, while distillate stocks rose.
Natural gas price highest in 14 years
U.S. natural gas prices rose 7% to a 14-year high, driven by rising global gas prices, a drop in daily U.S. natural gas production, a heatwave in California and forecasts for hotter weather and demand. Air conditioning in late August 2022 was higher than previously expected.
The price of natural gas for September contract on the New York Stock Exchange rose 60.1 US cents, or 6.8%, to $9,329/mmBTU – the highest since early August 2008.
Gold prices continue to fall
Gold prices fell as the dollar hit a near three-week high, while investors awaited direction on interest rate hikes from the minutes of the US Federal Reserve meeting.
Spot gold on the LBMA fell 0.2% to $1,774.79 an ounce, after falling more than 1% in the previous session, and December 2022 gold on the New York Stock Exchange fell 0.5% to 1,789.7 USD/ounce.
The dollar hit a nearly three-week high in early trading.
Zinc price highest in 2 months
Zinc prices hit a two-month high, after output at a Dutch smelter fell due to higher electricity prices, raising concerns about a supply shortage.
Zinc prices on the London exchange rose 7.2% to $3,819 per tonne – the highest since June 9, 2022.
Iron ore and steel prices both fell
Iron ore prices in Dalian and Singapore continued to fall, as traders considered limiting industrial electricity consumption in China’s Sichuan province, which affected steel output.
Iron ore futures for January 2023 on the Dalian bourse fell 0.3% to 720.5 CNY ($106.06/ton).
At the same time, the price of iron ore for September 2022 on the Singapore floor decreased by 0.3% to 105.65 USD/ton.
On the Shanghai Stock Exchange, rebar prices fell 0.1%, hot rolled coil fell 0.8% and stainless steel fell 0.3%.
Rubber price in Japan is lowest in 9 months
Rubber prices in Japan fell to a 9-month low, following a downward trend in rubber prices in Shanghai, as falling oil prices and concerns about an economic slowdown in the top consumer – China – put pressure on market.
The price of rubber for January term contract on the Osaka floor fell 3.8 JPY, or 1.7%, to 223.8 JPY (1.67 USD)/kg – the lowest since mid-November 2021 and fell for the second session. 4 in a row.
At the same time, the price of rubber for January 2023 on the Shanghai trading floor decreased by 65 CNY to 12,810 CNY (US$1,885)/ton.
Coffee prices fall
The price of arabica coffee for December 2022 on ICE fell 5.25 US cents, or 2.4%, to 2,163 USD/lb.
At the same time, the price of Robusta coffee for November 2022 term decreased by 37 USD, or 1.6%, to 2,228 USD/ton.
Sugar prices fall
Crude sugar futures October 2022 on ICE fell 0.27 US cents or 1.5% to 18.27 US cents/lb, after hitting a 3.5-week high (18.7 US cents/lb/lb) lb) in the previous session.
At the same time, the price of white sugar in October 2022 on the London floor decreased by 7.1 USD, or 1.3%, to 553.9 USD/ton.
Soybean, corn and wheat prices fall
Corn, wheat and soybean prices on the Chicago Mercantile Exchange fell for a second straight session, weighed down by rainy weather in the US midwest that benefited crops, as well as economic uncertainty in China.
On the Chicago Mercantile Exchange, soybean prices fell 31-1/4 US cents to 13.81 USD/bushel. Corn prices fell 18 US cents to 6.1-1/4 USD/bushel and wheat prices fell 15 US cents to 8.02-3/4 USD/bushel.
Palm oil prices rise
Palm oil prices in Malaysia rose, as the ringgit hit a 5.5-year low, making vegetable oil cheaper for buyers holding other currencies.
Palm oil futures for October 2022 on the Bursa Malaysia exchange rose 45 ringgit, or 1.09%, to 4,183 ringgit ($937.05) a tonne. In the previous session, palm oil prices fell 6.4% – the biggest drop in a month, due to a decrease in export data until mid-August 2022 and weakening crude oil prices.
Prices of some key items in the morning of August 17
