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June 12th - In the first five months of this year, Guangdongs total import and export volume reached 4.44 trillion yuan, a year-on-year increase of 18.8%, maintaining double-digit growth for five consecutive months. Exports reached 2.61 trillion yuan, up 10.8%; imports reached 1.83 trillion yuan, up 32.4%. In May, Guangdongs total import and export volume reached 948.19 billion yuan, reaching a record high for a single month, an increase of 20.3%; exports reached 549.13 billion yuan, up 8.6%; imports reached 399.06 billion yuan, up 41.2%.June 12 – The Hong Kong Special Administrative Region (HKSAR) government is working diligently to finalize Hong Kongs first Five-Year Plan. In a recent interview, HKSAR Chief Executive John Lee revealed that the plan is expected to be released by the end of the third quarter of this year, earlier than the governments original target of the end of the year. Lee thanked the community for their cooperation in making this progress possible. Previously, Lee announced that the HKSAR government would launch a public consultation on the Hong Kong Five-Year Plan on June 15 (next Monday).The Peoples Bank of China (PBOC) announced today that it conducted 393 billion yuan of 7-day reverse repurchase operations, with a bid amount of 393 billion yuan and a winning bid amount of 393 billion yuan. The operation rate was 1.40%, unchanged from the previous rate.June 12 – The 2026 China-Africa Energy Forum was held on June 11 in Addis Ababa, the capital of Ethiopia, with approximately 100 representatives from governments, businesses, think tanks, and international organizations from both sides participating. Jiang Feng, Head of the Chinese Mission to the African Union, stated in his address that energy is a crucial material foundation for economic and social development. Africa possesses vast potential in both traditional fossil fuels and renewable energy. China is willing to support Africa in enhancing its oil refining capacity, increasing renewable energy development, and building robust power grids, contributing Chinese experience and solutions to Africas energy development.Futures News, June 12th: Crude oil prices fluctuated, and news regarding fuel oil provided limited directional guidance. Market participants lacked confidence in future trading, focusing mainly on immediate needs. Refinery shipments were sluggish, and fuel oil negotiations are expected to remain mostly stable today, with some possible pullbacks at higher levels.

In a risk-on environment with a weaker US dollar, WTI consolidates weekly losses above $83,000

Alina Haynes

Sep 09, 2022 17:17

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The price of WTI crude oil is higher for the second day in a row while paring the weekly losses at the eight-month low on Friday during the Asian session. However, by the time of publication, the black gold has reached a new intraday high of around $83.50.

 

Recent news reports from the US Treasury Department regarding the oil price cap appear to have helped drive up energy prices together with stronger sentiment and a weaker US dollar. According to the US Treasury source, "the oil price cap should be set above the marginal production cost, taking into account past Russian oil prices."

 

In other news, stronger sentiment and slow US Treasury yields cause the US Dollar Index (DXY) to fall intraday by 0.55%, to 109.05 at the latest. It's interesting to see that after a solid day, the US 10-year Treasury yields are still stuck around 3.32%, while the S&P 500 Futures tracks Wall Street's gains at approximately 4,020.

 

Recent market sentiment appeared to be aided by remarks made by US Treasury Secretary Janet Yellen, which suggested that trade relations between the US and China were set to improve. The market's attitude also appeared to have been aided by recently stronger US statistics and expectations that global central bankers will be able to offset the shock caused by inflation with a comprehensive strategy and higher rates. The Wall Street Journal (WSJ) article, on the other hand, raises some concerns about the future of China's technological enterprises and casts some doubt on the optimism.

 

A price document examined by Reuters on Friday revealed that Kuwait has decreased the official selling prices for its oil grades for the month of October from the previous month. Before the present program ends in October, US Energy Secretary Jennifer Granholm said the administration of US President Joe Biden is considering whether additional releases of crude oil from the country's emergency stockpiles are necessary. Prior to that, a Department of Energy official reportedly told Reuters that the White House was only considering releasing the 180 million barrels from the US Strategic Petroleum Reserve (SPR) that the president had already stated.

 

It should be highlighted that the recent decline in China's inflation data, coupled with the hawkish central bank activities, presents a challenge to oil purchasers. Both China's Producer Price Index (PPI) and Consumer Price Index (CPI) show unfavorable results for August. However, compared to 2.8% market expectations and 2.7% in the prior year, the headline CPI declined to 2.5% YoY, and the PPI fell to 2.3% from 3.1% projected and 4.2% in the preceding year.


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