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Both WTI and Brent crude oil prices fell by more than 1% during the day, currently trading at $73.94 per barrel and $76.91 per barrel, respectively.On June 23, the Ministry of Commerce and eight other departments issued a notice on several measures to cultivate and expand the automotive aftermarket consumption. The Ministry of Commerce, together with relevant departments, will ensure the implementation of the measures outlined in this document, working in conjunction with the pilot reforms of automotive circulation and consumption, and promptly addressing difficulties and demands raised by local governments and enterprises. All regions should improve their working mechanisms, earnestly ensure the implementation of relevant measures, strengthen guidance and resource guarantees for relevant pilot cities, make good use of existing fiscal channels, support the cultivation and development of automotive aftermarket service consumption scenarios, and encourage pilot cities of new consumption formats, models, and scenarios to include eligible consumption scenarios in their support scope, ensuring the smooth progress and effectiveness of all work. Relevant pilot cities for automotive circulation and consumption reform should, in accordance with the requirements of this notice, focus on key areas, implement pilot tasks according to local conditions, and quickly develop a number of replicable and scalable best practices to continuously cultivate and expand automotive aftermarket consumption.On June 23, the Ministry of Commerce and eight other departments issued a notice on several measures to cultivate and expand the automotive aftermarket consumption. Among these measures, it was proposed to support the integration and upgrading of the car rental industry. The notice calls for cultivating and strengthening operating entities, promoting the deep integration of rental companies with the automotive industry, and streamlining the industry chain through models such as centralized procurement, buybacks, used car dealerships, and used car exports. It also supports eligible car rental and battery operators in enjoying loan interest subsidies and other policies. Furthermore, it encourages car rental companies to develop in a branded, chain-store, and large-scale manner, improves the service network for small and micro-sized passenger vehicle rentals, supports diversified service model innovation such as "one-way rental" and "rent-to-own," and promotes innovation in car rental insurance products, improving insurance services and reducing car ownership costs for consumers.On June 23, the Ministry of Commerce and eight other departments issued a notice on several measures to cultivate and expand the automotive aftermarket consumption. Among the measures is the construction of a multi-tiered automotive racing system. This system will be led by renowned racing events, promoted by professional racing events, and popularized through experiential racing events. The notice will leverage the advantages of the new energy vehicle industry to cultivate a number of nationally renowned new energy vehicle racing brands with core competitiveness, and strengthen intellectual property protection. It will support pilot cities for automotive circulation and consumption reform to introduce internationally renowned racing events according to local conditions, improve and streamline the import and export processes and models for racing cars, and strengthen the localization and innovation of introduced events. The notice also calls for the creation of several national-level automotive sports consumption venues, strengthening comprehensive support capabilities in areas such as venue facilities, technical services, and event operation.On June 23, the Ministry of Commerce and eight other departments issued a notice on several measures to cultivate and expand the automotive aftermarket consumption. The notice proposes supporting the development of the RV camping industry, improving the environment for RV traffic and use, supporting local governments in optimizing RV road traffic management policies, simplifying the land approval process for RV campsites, and improving the level of supporting services at RV campsites. It encourages the construction of a number of high-standard, multi-functional RV campsites along scenic routes and in suburban areas, in conjunction with regional cultural and tourism resources, and improving supporting services such as maintenance and supplies, water and electricity supply, medical rescue, and catering and accommodation. It also calls for optimizing RV campsite signage and publishing high-quality RV tourism routes. When cities build or renovate public parking lots, where conditions permit, they can set up dedicated parking spaces for self-propelled RVs and towed RVs and strengthen management to better meet RV parking needs.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

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Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

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