In today’s briefing:
- [ETP 2025/02] Bearish EIA Inventory Report Drags WTI Prices, Henry Hub Rebounds on Tightening Supply
- Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 10 Jan 2025
- CX Daily: As Risks Mount, China Races to Regulate Battery Recycling
- HEW: Happy(ish) New Year
- ‘Colorful’ 2024 For Cambodia In Rubber, Tire Sectors
[ETP 2025/02] Bearish EIA Inventory Report Drags WTI Prices, Henry Hub Rebounds on Tightening Supply
- For the week ending 03/Jan, U.S. crude inventories fell by 1m barrels, missing expectations of a 1.8m barrel decrease. Gasoline and distillate stockpiles rose more than expected.
- U.S. natural gas inventories fell by 40 Bcf for the week ending 03/Jan, moderately beating analyst expectations of a 39 Bcf drawdown. Inventories are 6.5% above the 5-year seasonal average.
- Analysts lowered 12-month PTs on Exxon, BP, Halliburton, TotalEnergies, and SLB. Morgan Stanley upgraded rating on Shell to Overweight and raised PT to USD 79.8 from USD 66.5.
Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 10 Jan 2025
- China’s economic strategy should focus on market-driven consolidation, high-quality investments, and expanding its services sector for sustainable growth.
- Most Asian economies report positive growth, with India and Vietnam leading, while Korea and Malaysia show signs of contraction.
- The Philippines faces weakening momentum, with declining trade balances and potential currency pressures.
CX Daily: As Risks Mount, China Races to Regulate Battery Recycling
- Batteries / In Depth: As risks mount, China races to regulate battery recycling
- China-U.S. /In Depth: Decades-old research pact survives China-U.S. tensions
- Corruption /State-backed documentary exposes minister’s corruption
HEW: Happy(ish) New Year
- Markets began arguably as they will continue in 2025, with little beta and many quirks to source alpha. US payrolls boomed while EA inflation unsurprisingly rose.
- More releases return next week, with UK inflation our highlight, as low airfares may disappoint many forecasts. US CPI and final EA HICP also matter. It’s still quiet for monetary policy decisions, with Indonesia and Korea the only exceptions.
- Note: Smartkarma becomes our research portal in January, so clients should set their login details to maintain smooth access (send queries to [email protected]).
‘Colorful’ 2024 For Cambodia In Rubber, Tire Sectors
- Highlights · Set to finish 2024 with a 30% rise in rubber sale values YoY · Exports tires worth US$772.5 million during Jan-Nov 2024 · Minister charts course of action for 2025 Cambodia has made impressive strides in 2024, fueled by higher global rubber prices and exceptional progress in its burgeoning tire production and export industry, marking a pivotal step in its transformation into a key player in the global rubber value chain.
- The Southeast Asian kingdom earned US$472 million from exports of NR latex during January-October 2024, up 22.5% over the same period the previous year.
- On the other hand, it gained US$568 million from exports of the product during January-November 2024, up 26.7% over the same period in 2023.
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