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China Daily Oil Update: Anticipated Golden Week Demand Boost

OIL

Chinese travel is set for another demand boost as the Golden Week holiday is set to arrive at the end of the week spanning September 29 - October 6.

  • More than 21 million people are expected to take flights in the space of eight days, with air passenger carriers in China increasing capacity by 784,000 seats this week, according to OAG.
  • China’s Crude Oil Production was 17.47m mt in August, up 3.13% on the year, according to OilChem citing the National Bureau of Statistics (NBS).
  • Crude oil arrivals into independent refineries in China’s Shandong Province rose to 2.57m mt in the week to Sep. 24, according to OilChem, up 9.26% on the week.
  • YUAN: The currency weakened to 7.3109 against the dollar from 7.3002 on Friday. The PBOC set the dollar-yuan central parity rate lower at 7.1727, compared with 7.1729 set on Friday.
  • China can avoid a Japan-style balance-sheet recession by developing new growth drivers, according to Liu Shijin, former deputy director at the Development Research Center of the State Council.
  • BONDS: The yield on 10-year China Government Bond was last at 2.7400%, up from Friday's close of 2.7200%, according to Wind Information.
  • China-EU: European Commission Executive VP Valdis Dombrovskis is hosted by Chinese Vice Premier He Lifeng at the Diaoyutai State Guesthouse in Beijing as part of the 10th EU-China High-Level Economic and Trade Dialogue.
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