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China Daily Oil Summary: Crude Storage Utilisation Falls

OIL
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China’s crude oil storage capacity utilisation rates stood at 57.44% Sep 13, down 1.64 percentage points on the week, according to OilChem.

  • Imports of feedstocks into Shandong Province or Tianjin City by China’s independent refineries totalled 10.53m mt in August, down 4.9% on the month, according to OilChem.
  • Chinese state media has confirmed that Chinese President Xi Jinping has met Venezuelan President Nicolás Maduro in Beijing.
  • The meeting is the first formal bilat between Xi and Maduro in five years as Caracas seeks Chinese support to bolster its energy sector and endorse a bid to become a member of the BRICS grouping.
  • YUAN: The currency strengthened to 7.2835 against the dollar from 7.2906 on Monday.
  • INTERVIEW: The Chinese government needs to adopt more aggressive expansionary macroeconomic policies, including more fiscal spending and rate cuts, to bolster demand as factory orders shrink rapidly, while authorities should implement recently announced supply-side policies as soon as possible, a former member of the People's Bank of China's Monetary Policy Committee told MNI.
  • House transaction volume in tier-one cities rebounded after Chinese authorities eased restrictions, according to the China Business Network Tuesday.
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China’s crude oil storage capacity utilisation rates stood at 57.44% Sep 13, down 1.64 percentage points on the week, according to OilChem.

  • Imports of feedstocks into Shandong Province or Tianjin City by China’s independent refineries totalled 10.53m mt in August, down 4.9% on the month, according to OilChem.
  • Chinese state media has confirmed that Chinese President Xi Jinping has met Venezuelan President Nicolás Maduro in Beijing.
  • The meeting is the first formal bilat between Xi and Maduro in five years as Caracas seeks Chinese support to bolster its energy sector and endorse a bid to become a member of the BRICS grouping.
  • YUAN: The currency strengthened to 7.2835 against the dollar from 7.2906 on Monday.
  • INTERVIEW: The Chinese government needs to adopt more aggressive expansionary macroeconomic policies, including more fiscal spending and rate cuts, to bolster demand as factory orders shrink rapidly, while authorities should implement recently announced supply-side policies as soon as possible, a former member of the People's Bank of China's Monetary Policy Committee told MNI.
  • House transaction volume in tier-one cities rebounded after Chinese authorities eased restrictions, according to the China Business Network Tuesday.