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January 31 - According to the China Railway 12306 Technology Center, since the Spring Festival travel rush train tickets went on sale on January 19, as of 11:00 AM on January 31, the railway department has sold a total of 51.02 million tickets.On January 31, Chen Jining, Secretary of the Shanghai Municipal Committee of the CPC, pointed out during a research visit this morning (January 31) to promote consumption through the integration of culture, tourism, commerce, sports, and exhibitions that it is necessary to thoroughly study and implement the spirit of the Fourth Plenary Session of the 20th CPC Central Committee and the important speech delivered by General Secretary Xi Jinping during his inspection of Shanghai. He stressed the need to consistently focus on the deep integration of culture, tourism, commerce, sports, and exhibitions, using major festivals such as the Spring Festival as important levers to better grasp consumption trends, innovate consumption formats, enrich consumption scenarios, and lead the forefront of consumption, continuously amplifying the brand effect of "Shanghai Consumption" and promoting the construction of an international consumption center city to a deeper and more practical level.The U.S. Securities and Exchange Commission (SEC) has announced that due to the lack of funding and the (partial) government shutdown, it is currently operating according to its planned procedures during the shutdown. From January 31, 2026, until further notice, only a very small number of staff will continue to operate.January 31st - According to Xiongan Customs, the total import and export value of Xiongan New Area will reach 71.95 billion yuan in 2025, an increase of 18.9 times year-on-year. Exports will reach 11.38 billion yuan, an increase of 283.9% year-on-year; imports will reach 60.57 billion yuan, an increase of 8979.2% year-on-year.January 31st - Recently, Unit 2 of the support unit project for the Lingang Heavy-Duty Gas Turbine Test Power Plant successfully completed 168 hours of full-load trial operation, marking the full commissioning of the support unit project. The Lingang Heavy-Duty Gas Turbine Test Power Plant project is a major national "Two Engines" project. The support unit project follows the national strategy of relying on independent research and development while extensively engaging in international cooperation. It utilizes mature F-class and H-class commercial units on the market for technological breakthroughs and demonstrations. The support unit project is equipped with one 500 MW F-class unit (Unit 1) and one 670 MW H-class unit (Unit 2) combined cycle unit.

Oil Remains Stable While Bulls Remain Unaffected by Biden's SPR Sales Plan

Haiden Holmes

Oct 20, 2022 14:44

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Oil prices maintained their recent gains on Thursday as elation over an unexpected decline in U.S. stocks eclipsed the Biden administration's plans to release additional oil from strategic reserves, while fears of sluggish global demand and a strong dollar dampened optimism.


The week ending October 14 saw an unexpected fall in crude oil inventories in the United States, according to data released on Wednesday. Despite pressure from growing inflation and interest rates, the world's largest economy maintained constant crude oil consumption, according to the report.


Even as U.S. President Joe Biden announced the sale of 15 million barrels of oil from the Strategic Petroleum Reserve (SPR) and warned of additional sales to cut gasoline prices, crude prices rose on Wednesday.


In contrast to the 2 million barrel per day production cut approved by the Organization of Petroleum Exporting Countries and its allies (OPEC+) last month, the delivery of Wednesday's sale will result in around 500,000 barrels per day of additional supply. The markets predict that the recent OPEC+ supply cut will fully offset U.S. production expansion plans.


Brent Oil Futures traded in London remained constant at $92.30 per barrel at 21:27 ET on Thursday, whilst U.S. West Texas Intermediate crude futures rose 0.3% to $84.40 per barrel (01:27 GMT). On Wednesday, both contracts gained by more than 2 percent.


As the West imposes greater limitations on Russia's oil exports, the markets anticipate a tighter supply of crude oil in 2019.


This week, President Xi Jinping underlined Beijing's commitment to maintaining its zero-COVID policy. However, on the demand side, skepticism persisted on Chinese crude oil appetite. The action raises the probability of additional COVID-related shutdowns in the world's largest oil importer and casts a shadow on the future of crude consumption.


As markets anticipated future rate hikes by the Federal Reserve, the dollar's strength, which followed an overnight increase in Treasury yields, restricted oil price gains. In addition to decreasing demand, a rising currency increases the cost of oil shipments for importers.


Fears of slowing economic development have had a significant impact on oil prices this year, causing them to fall from their annual highs as investors feared an approaching recession would destroy demand. It is projected that these concerns will persist in the near future, particularly as global interest rates continue to rise.

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