IIR's December 12 Market Scorecard Brings You Breaking Geopolitical News

---

Researched by Industrial Info Resources (Sugar Land, Texas)--Stay current with the latest geopolitical events, and more importantly, instantly connect to how these events may impact you and your business strategies.

Event	MarCon*	IIR Comment	Outlet	IIR News
U.S. Fed, OPEC monthly report to drive oil prices this week		With a rate decision coming from the Fed, economic assessments from the likes of OPEC and uncertainty over what happens next in China, it's expected to be a choppy week for crude oil prices, analysts said. Oil prices last week gave up all of their gains for the year amid ongoing concerns about a possible global recession. West Texas Intermediate, the U.S. benchmark, lost a staggering 12% during the week to close trading Friday at $71.50 per barrel.	Houston Chronicle	Mixed Future for Oil, Though Prices Still Painful
Brent Overcome by Recessionary Pressures Despite Several Fundamental Tailwinds		Brent crude oil remains under pressure despite trading marginally higher this Friday. Crude oil fundamentals including both API and EIA weekly crude inventory numbers showing bigger declines than expected have not been enough to overcome global recessionary fears. In addition, the Keystone pipeline in the U.S. has been shut down due to the largest crude oil spills in roughly ten years.	DailyFX	There's a Dark Side to U.S. Oil and Gas Exports
TC Energy says has not found cause of Keystone oil pipeline leak		Canada's TC Energy (TRP.TO) said on Sunday it has not yet determined the cause of the Keystone oil pipeline leak last week in the United States, while also not giving a timeline as to when the pipeline will resume operation. TC shut the pipeline after more than 14,000 barrels of crude oil spilled into a creek in Kansas on Wednesday, making it one of the largest U.S. crude spills in nearly a decade. The 622,000 barrel-per-day Keystone line is a critical artery shipping heavy Canadian crude from Alberta to refiners in the U.S. Midwest and the Gulf Coast. Keystone's shutdown will hamper deliveries of Canadian crude both to the U.S. storage hub in Cushing, Oklahoma and to the Gulf, where it is processed by refiners or exported.	Reuters	Keystone Pipeline Shut Down After Leak
Here's why BlackRock is forecasting a brutal global recession		A worldwide recession is just around the corner, and BlackRock is expecting it to bring more market turbulence than ever before. "Recession is foretold as central banks race to try to tame inflation. It's the opposite of past recessions," they said. "Central bankers won't ride to the rescue when growth slows in this new regime, contrary to what investors have come to expect. Equity valuations don't yet reflect the damage ahead."... What's more, BlackRock said that markets haven't fully priced in the potential magnitude of the impending recession, since earnings have yet to reflect even a small downturn.	Business Insider	Are Higher Oil Prices a Good Thing?
Fed's Message That Rates Will Stay on Hold for 'Some Time' Clashes With 2023 Rate-Cut Bets		Federal Reserve Chair Jerome Powell has history on his side as he and colleagues split with Wall Street over how long interest rates will stay high in 2023. After the fastest tightening of monetary policy since the 1980s, the central bank looks set on Wednesday to increase its benchmark rate by 50 basis points in a downshift after four straight 75 basis-point moves to curb inflation.	Bloomberg	Fed Places Bets on Commodity Price Direction
Brent could quickly top $90/bbl on Fed pivot, China demand recovery - BofA		Global oil benchmark Brent could rebound and quickly rise past $90 per barrel on the back of a dovish pivot in the U.S. Federal Reserve's monetary policy and a "successful" economic reopening by China, Bank of America (BofA) Global Research said. Lately, oil prices have been steadily declining due to fears that a weakening global economy would slash fuel demand, setting prices on track for a second consecutive quarterly fall. BofA forecasts Brent prices - trading at $75.95 a barrel on Monday morning - to average $100/BBL in 2023, driven also by a Chinese oil demand recovery on a post-COVID reopening and a drop in Russian supplies of about 1 million barrels per day against the backdrop of European Union sanctions.	FXEmpire	U.S. Oil Production Forecasts Improve, But Headwinds Remain
Week 12/05/22 - 12/12/22		Crashing. Like a glass Xmas ornament when it strikes the floor is Mr. Oil Market these days. As the world economy is dealing with many headwinds and bracing for a more-than-likely tumultuous recession in the year ahead. For the moment it is Mr. Grinch's Xmas - but even his heart turned and all was right in Whoville. So expect continued volatility in the days ahead as the market awaits the Fed announcement as well as any news pertaining to what other Central Banks could do to continue to try and tame global inflation. It's like having a fire breathing dragon by the tail.
*MarCon (Market Condition 1-5, with 5 being the highest impact) indicates directional bias or price effect for the relevant commodity (Oil, Natural Gas, Chemicals, etc.) and is graded by our team of experts here at IIR.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).