China Daily Oil Summary

Phase III of China’s largest single coastal oil storage facility Dongjiakou at Qingdao port in Shandong has been completed and is operational.

• Onshore Chinese crude inventories dropped significantly at the end of July, falling nearly 30 Mbbls over the two weeks through 6 August according to Kpler.
• CDU capacity utilisation rates at China’s independent refineries averaged 63.07% in the seven days to Aug. 24, according to OilChem,
• CDU utilisation rates among independent refineries in the Shandong hub were down 0.87% to 61.9%, according to OilChem.
• The People’s Bank of China (PBOC) faces a tough job to defend the yuan at 7.30 to the dollar as the Chinese economy remains sluggish and the Federal Reserve keeps monetary policy tight, policy advisors and FX traders told MNI.
• YUAN: The currency strengthened to 7.2777 to the dollar from 7.2923 on Wednesday.
• BRICS nations should oppose decoupling and economic coercion as the group works towards deeper economic, trade and financial cooperation, according to President Xi Jingping. Speaking at the BRICS summit in South Africa, Xi said the group should promote deeper economic exchanges as the global economic recovery was not stable and growth may be less than 3% this year