China Daily Oil Summary: Stockpiles Rise in H2 Oct

China’s onshore crude stockpiles rose over the second half of October – the first weekly back-to-back gain since August according to Vortexa.

• Inventories have built against falling domestic runs because of weaker margins and seasonal maintenance.
• Saudi Arabia may keep the price for Arab Light crude deliveries to Asia unchanged for December, following five months of price hikes, according to a Reuters survey.
• The recovery in APAC air travel continued in September amid a steady return of tourists driving up international passenger numbers, according to Argus citing the Association of Asia Pacific Airlines data (AAPA). A boost in routes connecting China has also added momentum to APAC’s recovery, although China’s international flights from Jan-Sep averaged only 60% of 2019 levels.
• DATA: China's Caixin manufacturing PMI declined by 1.1 points to register 49.5 in October from September, falling into the contraction zone below the breakeven 50 mark, as demand expanded slowly while supply contracted, the financial publisher said.
• YUAN: The currency weakened to 7.3187 against the dollar from 7.3176 on Tuesday.
• Authorities need to implement further fiscal stimulus to address low enterprise production and investment given October’s declining PMI data, according to experts interviewed by 21st Century Herald.