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The Ukrainian military has attacked Russias Ilsky oil refinery.The UKs energy regulator, OFGEM, is seeking comments on draft guidance aimed at supporting appropriate supply chain security risk management for the downstream gas and electricity sectors.June 2 – Hong Kong Chief Executive John Lee met with the media in Kazakhstan today (June 2). Lee stated that this was his first time leading a delegation to Central Asia, and the visit had three objectives: first, to further explore emerging markets and lay the foundation for long-term economic and trade development; second, to strengthen relations and exchanges between governments and promote closer cooperation; and third, to build a hub-to-hub cooperation model. Lee noted that the visit to Kazakhstan yielded several results, with the trade delegation reaching 43 memorandums of understanding and cooperation agreements covering various fields including trade, investment, financial services, technology, aviation, and green finance.On June 2nd, Beijing auctioned off a residential land parcel in Sanhezhuang, Daxing District. The land area is 21,416.03 square meters, with a planned building area of 38,548.85 square meters and a plot ratio of 1.8. The starting price was 887 million yuan, with a starting floor price of 23,010 yuan per square meter. Greentown ultimately won the bid at the reserve price of 887 million yuan, resulting in a transaction floor price of 23,010 yuan per square meter.June 2 - Statistics from the Hong Kong Land Registry show that a total of 8,537 property sales and purchase agreements of all types were submitted for registration in May, a decrease of 1.8% month-on-month but an increase of 32.5% year-on-year. Calculated on a 12-month moving average, the number of property sales and purchase agreements in May was 7,637, an increase of 2.3% month-on-month and 35.3% year-on-year.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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