Don’t make big decisions on plausible answers. Ground your AI in trusted data with IIR Envoy™ MCP. Watch the episode now.
Sales & Support: +1 (800) 762-3361
Member Resources
Loading…

Production

IIR's March 6 Market Scorecard Brings You Breaking Geopolitical News

Stay current with the latest geopolitical events, and more importantly, instantly connect to how these events may impact you and your business strategies.

Released Monday, March 06, 2023

IIR's March 6 Market Scorecard Brings You Breaking Geopolitical News
Event MarCon* IIR Comment Outlet IIR News
Oil prices to hold steady as China recovers, West staggers Market analysts are expecting the price of oil to hold steady this week, balanced by Chinese recovery and the sputtering pace of Western economies.
Crude prices were range-bound for much of February... Crude prices rallied last week, however, on strong economic data from China.... Its manufacturing activity is near a 10-year high, and data Friday showed China's service sector is on the mend, showing its economy is on a red-hot recovery...
Jeff Mower, the oil news director for the Americas at S&P Global Commodity Insights, said oil prices have been searching for a clear direction indicator, from inflation to manufacturing data. Factors such as a Chinese recovery may already be backed into the market, he suggested.		 Houston Chronicle With U.S. Help, Oil on the Water Reaches New Heights
Oil Price Fundamental Daily Forecast - Rate Hike Fears, Modest Economic Growth for China Capping Gains Rate hikes worldwide could also impact oil prices as global central banks tighten policy over fears of increasing inflation.
U.S. West Texas Intermediate and international benchmark Brent crude oil futures are edging lower on Monday in a volatile session. The markets opened the session down after China set a lower-than-expected target this year at around 5%.		 FXEmpire U.S. Refined Product Terminals Prep for 230 Maintenance Projects
China takes a cautious approach to its economy in 2023 China's leaders struck a cautious tone about the outlook for the country's economic rebound, after ending most COVID restrictions on business activity late last year.
Beijing announced Sunday a target of "around 5%" growth in gross domestic product for 2023, with only a modest increase in fiscal support.
"The government's conservative growth target of 5% for 2023 recognizes that the pickup in China's growth continues to face headwinds," Martin Petch, vice president and senior credit officer, Moody's Investors Service, said in a note. "These include the impact of slower global growth on China's exports and risks associated with the property sector and local government debt."		 CNBC U.S., China, Russia: No One's Backing Down as Oil, Gas Demand Rises
The Golden Age For liquefied natural gas With the war in Ukraine continuing, Europeans will keep on gobbling up spot-price LNG. In the long-term, however, they are committed to renewable energies such as wind and solar and big-batteries to achieve their goal of net-zero carbon emissions by 2050. They will be cautious about signing 20-year contracts with the US. But this could come back to bite them if all the long-term contracts are picked up by the Asians, and may lead to a harsh gas-short European winter at the end of 2023. Forbes March Natural Gas Prices Rebound on Weather Outlook
China leans on coal amid energy security push China's state planner underlined a greater role for coal in its power supply on Sunday, saying the fossil fuel would be used to improve the reliability and security of its energy system...
The world's second-biggest economy relied on coal to generate 56.2% of its electricity last year, according to data from the National Bureau of Statistics, but has significantly boosted its use of natural gas and renewable energy in recent years to lower carbon emissions.		 Reuters Global Electric Demand Slowed in 2022, but Future Trends Depend on China, India
UN delegates reach historic agreement on protecting marine biodiversity in international waters "This action is a victory for multilateralism and for global efforts to counter the destructive trends facing ocean health, now and for generations to come," said the UN chief in a statement issued by his spokesperson late Saturday evening just hours after the deal was struck at UN Headquarters in New York, where tough negotiations on the draft treaty have been under way for the past two weeks.
The agreement reached by delegates of the Intergovernmental Conference on Marine Biodiversity of Areas Beyond National Jurisdiction, better known by its acronym BBNJ, is the culmination of UN-facilitated talks that began in 2004.		 Forbes Biden Administration Announces Grant Funding for Port Projects
Week 02/27/23 - 03/06/23 Economic Headwinds. The world has been gradually tacking this "good ship Hydrocarbons" - since the Holidaze - out of its "calm harbor" with occasional "squalls." And, many a pundit thought after strong China manufacturing data this past week the "good ship Hydrocarbons" would be "full sail ahead." Only to discover some strong "economic headwinds" gusting. The world's Central Banks could be deciding more rate hikes are imminent. We'll learn of the Fed decision this week. And, the world discovered that the Dragon's (China's) maw will only be opening so far. So the "good ship Hydrocarbons" might be becalmed once again...
*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.

/news/article.jsp false

Share This Article

Want More IIR News Intelligence?

Make us a Preferred Source on Google to see more of us when you search.

Add Us On Google

Please verify you are not a bot to enable forms.

What is 63 + 2?

Ask Us

Have a question for our staff?

Submit a question and one of our experts will be happy to assist you.

By submitting this form, you give Industrial Info permission to contact you by email in response to your inquiry.

A glowing computer chip is placed on a dark blue circuit board. Bright blue lines and nodes create a futuristic, technological ambiance.

Forecasts & Analytical Solutions

Where global project and asset data meets advanced analytics for smarter market sizing and forecasting.

Explore Our Solutions
Dimly lit data center with rows of towering black server racks, glowing blue lights, and a sleek, futuristic ambiance.

PECWeb Global Market Intelligence Platform

Identify opportunities, anticipate change, and execute with confidence. PECWeb connects the industrial intelligence you need, from projects and assets to operational events, all in one platform.

Discover Pecweb

Get notifications from IIR News Intelligence

Click 'Sign Up' then 'Allow'