International oil prices extended their decline after comments from Federal Reserve Chairman Jerome Powell added to concerns that U.S. interest rate hikes will slow economic growth and data from the American Petroleum Institute showed U.S. crude inventories rose last week. On Thursday, NYMEX West Texas Intermediate Crude for August 2022 settled at $104.27 a barrel, down $1.92, or 1.8%, from $102.32 to $107.05. Ice August 2022 Brent settled at $110.05 a barrel, down $1.69, or 1.5 percent, from the previous session, trading in a range of $108.04 to $112.70.
Mr Powell reportedly stoked fears of more rate rises by saying that the Fed's focus on taming inflation was "unconditional" and that strength in the Labour market was unsustainable. Investors have been cutting positions in risky assets as they assess whether inflation-fighting central banks are pushing the world economy into recession with higher interest rates.
The release of the weekly U.S. oil status report, traditionally delayed by a day due to a public holiday on June 20, was delayed by a system problem and the U.S. Energy Information Administration's inventory and supply and demand data for last week, originally scheduled for June 23, was delayed. An EIA spokesman confirmed that the oil status report will not be released this week.
Data released Wednesday by the American Petroleum Institute showed U.S. crude inventories rose 5.6 million barrels last week, but that included a drop of 390,000 barrels at Cushing, Oklahoma. U.S. gasoline stocks rose 1.2 million barrels last week, while distillate stocks fell nearly 1.7 million barrels.
On the supply side, Reuters quoted sources as saying Opec and its Allies, including Russia, are likely to stick to plans to accelerate production increases in August in a bid to ease crude prices and inflation, with U.S. President Joe Biden scheduled to visit Saudi Arabia. But Reuters quoted a source close to Opec and its Allies in the production cuts as saying Opec and its Allies would not change their output plans at their meeting this month.
Steel processing industry - Current status of the hydraulic cut to length line
Growth in the construction, automotive and consumer hydraulic cut to length line has played a big role in providing the needed boost to the global steel processing industry. The global steel processing industry is projected to grow at a CAGR of 6.86% between 2020 and 2026. Alloy steel is the fastest-growing segment of the global steel processing market and is suitable for all applications.
Metal and Steel Processing industry – the hydraulic cut to length line market demand
Market demand for steel processing is expected to grow by us $642.43 billion by 2020, with a CAGR of 2.16% from 2015 to 2020. Growth in the global construction, consumer electronics and automotive industries has played a huge role in providing the necessary momentum for the global steel processing industry after the economic slowdown of 2007-2009. In addition, the reduction of alternatives to steel has made steel an indispensable part of customers lives. The recovery of the global hydraulic cut to length line economy will also boost demand in the steel processing market.
The Asia-pacific region is expected to become the fastest-growing region in the steel processing market from 2015 to 2020. Major players in steel processing prefer agreements, contracts, joint venture and partnership strategies as well as expansion and investment to gain a larger share of the market. Leading hydraulic cut to length line providers of steel processed products and services are focusing on emerging countries that are expected to show potential for industrial development in the near future.
Metal and Steel Processing Industry - Future planning of the hydraulic cut to length line
The steel processing market is a highly fragmented one due to the huge demand for environmentally friendly products and changing technologies. Large companies rely on regional and local distributors to increase their market share and geographic distribution. The company is pursuing inorganic growth strategies such as acquisitions to respond to the growing demand for steel processing in key emerging markets. These strategies have helped the company build a larger customer and partner base in key hydraulic cut to length line markets.
The application needs of steel processing are constantly changing and manufacturers must continue to invest in RESEARCH and development and come up with innovative solutions.
Steel deep processing is the only way for the development of the hydraulic cut to length line steel industry. Chinas steel production is in the stage of oversupply, structural contradictions are: advanced production capacity and backward production capacity coexist; The shortage of high-end products and the surplus of low-end products coexist; Industrial concentration is poor.
Leading manufacturer of metallic processing machines, the hydraulic cut to length line supplier
Foshan Te Xiang Machinery Co., Ltd ( www.txmachinery.net ) is a China leading manufacturer of metallic processing machines, including slitting line , cut to length line, stainless steel polishing line, ERW tube mill line, roll forming machines, embossing line and etc.
Thanks to the experience acquired in many years of business in the field of sheet metal processing, and the continuous collaboration with downstream manufacturers that demand reliability and the maximum productivity, we have developed various types of cut to length line machines for special applications, with solutions at the forefront of technology, and able to reduce the production costs of the end product. TX CTL line can be incorporated with air cushioned, bomb-door type stackers, computer controlled high-precision 4 HI and 6 HI levellers, edge trimmer and etc.
According to the dimensions, thickness of the material, and production capacity, TX cut-to-length cutting lines can be divided into various types:
1)start-stop shear CTL line;
2)flying shear CTL line;
3)rotary shears CTL line ;
4)trapezoidal shear CTL line;
5)heavy gauge CTL line;
6)flat bar cut to length line
The recent visit by US House Speaker Nancy Pelosi has boosted US-Taiwan relations at a time of increasing tension between Washington and Beijing. She vowed that the United States would protect Taiwan's democratic autonomy. "The United States is still…
Recently, the International Energy Agency released its monthly report on the oil market. Affected by hot weather and soaring natural gas prices, some countries have had to change their ways of generating electricity and switch to oil-fired power gene…
Biden recently announced that the United States successfully carried out a drone operation against an al-Qaeda target in Kabul, Afghanistan, on Saturday, killing al-Qaeda leader Ayman al-Zawahiri.Al-Zawahiri joined al-Qaeda led by Osama bin Laden in…