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On January 16th, the Ministry of Education, the Ministry of Human Resources and Social Security, the Central Committee of the Communist Youth League, and the China State Railway Group jointly issued a "Notice on Launching the Double Benefit Action for College Graduates Seeking Employment in Different Locations," providing preferential train ticket policies for 2026 graduates seeking employment in different locations, further optimizing convenient services such as discounted accommodation at "Youth Stations," and helping college graduates find employment smoothly and as early as possible. The "Notice" clarifies that 2026 graduates seeking employment across regions will have two additional opportunities to purchase discounted one-way student tickets. The "Notice" requires a steady and orderly expansion of the coverage of "Youth Stations." The "Notice" points out the need to continuously optimize employment service support, extend the employment tracking service chain, and provide precise services such as employment information inquiries and job-seeking skills training for graduates staying at "Youth Stations." It encourages eligible localities to provide preferential treatment in transportation, communication, cultural tourism, and catering to graduates staying at "Youth Stations," and to conduct dynamic job-seeking tracking services for 3 to 6 months.On January 16, President Xi Jinping met with Canadian Prime Minister Mark Carney, who was on an official visit to China, at the Great Hall of the People in Beijing. Xi Jinping put forward four points regarding China-Canada relations: First, to be partners of mutual respect; second, to be partners of common development. The essence of China-Canada economic and trade relations is mutual benefit and win-win, with both sides benefiting from cooperation. Both sides should increase cooperation and decrease the negative list, continuously strengthening the bond of common interests through deeper and broader cooperation. Third, to be partners of mutual trust. People-to-people connectivity is the most fundamental, solid, and lasting form of connectivity. Both sides should encourage exchanges and cooperation among all sectors of education, culture, tourism, sports, and local governments, facilitating personnel exchanges and building a solid foundation of public opinion. Fourth, to be partners of mutual cooperation. China is willing to strengthen communication and coordination with Canada within the frameworks of the United Nations, the G20, and APEC to jointly address global challenges. Following the meeting, the two sides issued a Joint Statement of the Meeting between the Leaders of China and Canada.On January 16th, the U.S. Department of Justice launched a criminal investigation into Federal Reserve Chairman Jerome Powell, sparking concerns among central banks worldwide about the cascading risks to the Feds independence. This not only concerns the direction of U.S. monetary policy but also directly threatens a key crisis tool of the global financial system—currency swap agreements. Swap agreements are the core mechanism by which the Fed provides dollar liquidity to other central banks during crises, playing a vital role as a "financial lifeline" multiple times, from the global financial crisis to the pandemic. However, the Trump administrations pressure on central banks has raised concerns that such tools may be politicized. Last year, European officials discussed alternative solutions, reflecting global vigilance against the potential weaponization of reliance on dollar liquidity. Analysts point out that if the U.S. ties swap agreements to geopolitical interests, global crisis response capabilities will face severe challenges.On January 16th, Futures News reported that, boosted by the recent rebound in international crude oil prices and rising shipment transaction prices, Sinopec Northeasts centralized procurement prices followed suit. The latest centralized procurement prices show that the transaction price for 92# gasoline is 7030 yuan/ton, an increase of 30 yuan/ton compared to the previous period; the transaction price for 0#/-10# gasoline is 5780 yuan/ton, also an increase of 30 yuan/ton; and the transaction price for -35# gasoline is 5880 yuan/ton. Gasoline demand is expected to improve marginally in the later period, with the peak season for returning home by car still providing support for gasoline fundamentals. Diesel demand remains weak, pressured by declining crude oil prices, and downstream enthusiasm for entering the market is weak at higher prices, suggesting that diesel prices still face downward pressure.According to Zhuochuang Information, on January 16th, new export orders for MTBE in China reached 149,000 tons this week, an increase of 129,000 tons, or 645%, compared to last week. Amid escalating concerns about the Middle East situation, crude oil prices rose continuously this week, leading to increased overseas purchasing intentions. The negotiation atmosphere for domestic MTBE export orders improved significantly, and prices also shifted upwards. During this period, domestic MTBE export orders were traded at prices between $620 and $642 per ton, with delivery dates from mid-February to mid-to-late March.

Oil costs increase as supply restrictions trump economic worries

Charlie Brooks

Jul 05, 2022 11:12


Oil prices climbed on Monday as supply worries spurred by a decrease in OPEC production, unrest in Libya, and sanctions against Russia trumped fears of a worldwide recession that would diminish demand.


In June, Euro zone inflation hit an all-time high, boosting the case for rapid rate rises by the European Central Bank, while consumer sentiment in the United States reached an all-time low.


Brent oil rose $2.26, or 2%, to $113.89 a barrel as of 12:47 p.m. ET (1648 GMT), after shedding more than $1 in early trading. The price of U.S. West Texas Intermediate (WTI) crude rose $2.20, or 2%, to $110.63 despite the lack of trading activity over the Fourth of July holiday.


According to a Reuters survey, the Organization of the Petroleum Exporting Countries (OPEC) failed to meet its June goal of increasing production.


Thursday, authorities in OPEC member Libya declared force majeure at the Es Sidr and Ras Lanuf ports and the El Feel oilfield, claiming a reduction of 865,000 barrels per day in oil output (bpd).


Meanwhile, more than two weeks of unrest have caused Ecuador to lose almost 2 million barrels of production, according to Petroecuador, the country's state-owned oil company.


This week, a strike in Norway may restrict supply from the biggest oil producer in Western Europe and reduce overall petroleum production by 8 percent.


"This background of rising supply interruptions clashes with a probable shortage of spare production capacity among Middle Eastern oil producers," said Stephen Brennock of oil trader PVM, referring to the producers' limited ability to pump more oil.


And prices will climb if new oil production does not reach the market shortly.


On Monday, British Prime Minister Boris Johnson asked OPEC+ to raise oil output to tackle the growing cost of living.


As a consequence of Russia's invasion of Ukraine, supply concerns have sent Brent oil prices close to 2008's record high of $147 a barrel.


As a consequence of restrictions on Russian oil and limited gas supplies, surging energy prices have driven inflation in certain countries to multi-decade highs and stoked fears of a recession.


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