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On April 3, seven departments, including the Ministry of Industry and Information Technology, issued the "Action Plan for Intensifying the Upgrading and Transformation of Old Plants in the Petrochemical Industry (2026-2029)." The plan proposes to utilize existing policy funding channels, such as those for "new infrastructure" and technological innovation/re-lending, to support the upgrading and transformation of eligible old plants. It also emphasizes leveraging relevant government investment funds to provide investment support to enterprises. Financial institutions are encouraged to implement targeted credit policies based on industrial layout and capacity control, and to promote bank-enterprise cooperation through credit market service platforms and national industry-finance cooperation platforms to improve the quality and efficiency of financial services. Enterprises can enjoy existing support policies during the upgrading and transformation process. Local governments with the necessary conditions can utilize existing funding channels to support the upgrading and transformation of eligible old plants. The annual performance evaluation of relevant central enterprises should appropriately consider the impact of upgrading and transformation of old plants on their operating performance.European Central Bank (currently, the deposit facility rate is 2%): 1. Barclays: Expects the ECB to raise interest rates twice, in April and June 2026, to 2.5%. 2. Goldman Sachs: Expects the ECB to raise interest rates twice, in April and June 2026, to 2.5%. 3. JPMorgan Chase: Expects the ECB to raise interest rates twice, in April and July 2026, to 2.5%. 4. Morgan Stanley: Expects the ECB to raise interest rates twice, in June and September 2026, to 2.5%. 5. Deutsche Bank: Expects the ECB to raise interest rates twice, in June and September 2026, to 2.5%. 6. UBS Global Research: Expects the ECB to raise interest rates twice, in June and September 2026, to 2.5%. 7. HSBC: Still expects the ECB to keep interest rates unchanged throughout 2026, with a year-end rate of 2.0%. 8. Bank of America: Still expects the ECB to keep interest rates unchanged throughout 2026, with a year-end rate of 2.0%. Bank of England (current interest rate is 3.75%) 1. Barclays: Expects the Bank of England to cut interest rates in the second quarter of 2026, in line with previous expectations. 2. Standard Chartered: Expects the Bank of England to cut interest rates in the second quarter of 2026, in line with previous expectations. 3. JPMorgan Chase: Expects the Bank of England to raise interest rates once in June 2026 to 4.0%, previously expecting two rate hikes in April and July. 4. UBS Global Research: Expects the Bank of England to cut interest rates once in November 2026 to 3.5%, previously expecting two rate hikes in April and July. 5. Citigroup: Expects the Bank of England to keep interest rates unchanged in 2026, previously expecting two 25 basis point rate cuts in June and September. 6. Bank of America: Expects the Bank of England to raise interest rates once each in June and July 2026, reaching 4.25% by the end of the year, compared to previous expectations of rate cuts in June and September. 7. Morgan Stanley: Expects the Bank of England to keep interest rates unchanged in 2026, compared to previous expectations of rate cuts in April and November, and another rate cut in February 2027. 8. Goldman Sachs: Expects the Bank of England to keep interest rates unchanged in 2026, gradually lowering them to 3% next year; previously expected rate cuts every quarter starting in July of this year.On April 3, seven departments, including the Ministry of Industry and Information Technology, issued a notice on the "Action Plan for Intensifying the Upgrading and Transformation of Old Plants in the Petrochemical Industry (2026-2029)". The notice encourages enterprises to upgrade and transform their facilities by benchmarking against advanced industry standards in safety, greening, and intelligentization, accelerating the promotion and application of advanced technologies and the upgrading and replacement of industrial software and control systems. It also promotes the accelerated full-process automation or low-risk replacement of key monitored hazardous processes. Furthermore, it promotes the green upgrading of production processes, encouraging enterprises to adopt clean production technologies and equipment for upgrading, strengthening the coordinated governance of pollution reduction and carbon reduction throughout the entire process, and promoting the reduction of industrial waste at the source. All newly constructed projects should meet the advanced value of energy consumption limit standards or energy efficiency benchmark levels, and the environmental performance level of Grade A.On April 3, seven departments, including the Ministry of Industry and Information Technology, issued the "Action Plan for Intensifying the Upgrading and Transformation of Old Petrochemical and Chemical Plants (2026-2029)". The plan proposes that by 2029, all upgrading and transformation tasks for old petrochemical and chemical plants identified in 2025 will be fully completed across the country. New upgrading and transformation tasks identified after 2026 will proceed as planned. The safety and environmental risks of old plants will be significantly reduced, and positive results will be achieved in pollution reduction and carbon reduction. The proportion of production capacity exceeding benchmark levels will significantly increase, and the level of intelligent and green technologies will be greatly improved. A long-term working system of annual rolling assessments and continuous upgrading will be continuously improved, and the guiding effect of standards and the synergistic effect of policies will be further enhanced.The main Shanghai silver futures contract fell by 2.00% during the day, currently trading at 17,983.00 yuan/kg.

WTI struggles at $87 as recession worries probe OPEC's forecast and supply deficit fears intensify

Daniel Rogers

Sep 14, 2022 11:42

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After reverting from the weekly high, WTI crude oil traders seek clear direction around $87.50 during Wednesday's Asian session. However, the present hesitation in the price of black gold may be attributable to the mixed concerns regarding the demand-supply matrix.

 

The Organization of the Petroleum Exporting Countries (OPEC) indicated in a monthly report that oil consumption will climb by 3,1 million barrels per day (bpd) in 2022 and by 2,7 million barrels per day (bpd) in 2023, which is unchanged from last month. Despite obstacles such as rising prices, the news also highlighted indications that major economies were performing better than projected.

 

The news that the United States intends to replenish its emergency oil reserves, as well as the German and European move to control Russian oil and gas prices, could also be favorable for energy prices. In addition, rumors that the Western oil deal with Iran is a long way off are bolstering fears of a supply bottleneck and should have helped energy bulls.

 

Tuesday's US inflation statistics revived concerns about the Federal Reserve's fast rate hike and exacerbated recession concerns. Also acting as downward drivers for WTI crude oil are expectations of economic slowdown due to China and Russia-related concerns.

 

In spite of this, the US Consumer Price Index (CPI) for August increased by 8.3% year-over-year, surpassing market expectations by 0.1%. However, the monthly data increased to 0.1%, exceeding the -0.1% projected and the 0.0% shown in previous assessments. The core CPI, or CPI excluding food and energy, likewise exceeded the 6.1% consensus and 5.9% prior to printing at 6.3% for the month in question.

 

It should be mentioned that the weekly prints of the American Petroleum Institute's (API) industry inventory report also contributed to the commodity's downfall. The API Weekly Crude Oil Stock climbed to 6,035 million during the week ending September 9, up from 3,645,000 the previous week.

 

In the future, the price of black gold may stay under pressure due to a stronger US dollar and economic troubles. Before today's official weekly inventory data from the U.S. Energy Information Administration, however, the supply crisis concerns could test the bears (EIA). Thursday's US Retail Sales for the month of August and Friday's preliminary reading of the September Michigan Consumer Sentiment Index will also warrant close attention.

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