China Daily Oil Summary: China Oil Demand Excellent in 2023 - Morgan Stanley

“China is one of the key anchors in the oil market, by all measures we can track…..China demand has been excellent this year, ” Martijn Rats, Chief Commodity Strategist of Morgan Stanley told CNBC.

• “There have been disappointments in China from the reopening [for the economy] but in the oil markets that is not the case,” he added… “If China demand doesn’t grow from here on out, there could be a significant fall in oil demand growth on the back of China.”
• CDU capacity utilisation rates at China’s independent refineries averaged 68.21% in the week to Sep. 21, a rise of 3.6 percentage points on the previous week, according to OilChem.
• China imported record levels of Russian oil in August at 10.54mn tons, up from 8.06mn tons in July beating the prior record in June according to customs data.
• YUAN: The currency weakened to 7.3034 to the dollar from 7.3024 on Wednesday. The PBOC set the dollar-yuan central parity rate lower at 7.1730, compared with 7.1732 set on Wednesday.
• MNI (London) Wires reporting comments from the Chinese Ministry of Commerce, which has stated that China will co-host a China-EU high-level economic and trade dialogue in Beijing on 25 September.