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February 25th - The draft law on national fire and rescue personnel was submitted to the Standing Committee of the National Peoples Congress for its first review on February 25th. The draft law consists of 7 chapters and 47 articles, regulating the management of national fire and rescue personnel, clarifying recruitment and exit systems, and protecting the legitimate rights and interests of national fire and rescue personnel, specifying funding guarantees and salary benefits.February 25 – Foreign Ministry Spokesperson Mao Ning held a regular press conference on February 25. A reporter from RIA Novosti asked, “US Republican Senator Ted Cruz said on Tuesday that the governments of Venezuela, Cuba, and Iran could be replaced by pro-US regimes within the next six months. Given China’s close relations with these three countries, what is China’s comment on this?” Mao Ning stated that China opposes interference in other countries’ internal affairs under any pretext and opposes any actions that violate the purposes and principles of the UN Charter or infringe upon the sovereignty of other countries.February 25 – On February 25, Foreign Ministry Spokesperson Mao Ning hosted a regular press conference. A reporter from the German Press Agency (dpa) asked: Before departing for Beijing, German Chancellor Merz outlined five guidelines for his trip to China. Unlike the previous government, Merz did not refer to China as a "systemic rival," a term previously included in the previous governments so-called "China strategy." What is Chinas comment on this? Mao Ning stated that China and Germany are comprehensive strategic partners, having accumulated successful practices in healthy competition and integrated development. Sino-German cooperation is mutually beneficial, bringing tangible benefits to the people of both countries. Both sides should uphold the principles of mutual respect, equality, and win-win cooperation to promote greater development of Sino-German relations and jointly make greater contributions to world peace and prosperity.February 25th - The draft amendment to the Certified Public Accountants Law was submitted to the Standing Committee of the National Peoples Congress for its first review on February 25th. This amendment further regulates professional conduct, improves regulatory measures, and strengthens accountability.According to the latest data from the Fujairah Oil Industrial Zone in the UAE, as of the week ending February 23, total refined product inventories at the port of Fujairah were 20.528 million barrels, a decrease of 19,000 barrels (0.1%) from the previous week, marking the third decline in four weeks. Specifically, light distillate fuel oil inventories decreased by 148,000 barrels to 9.737 million barrels, falling from the six-month high reached the previous week; middle distillate fuel oil inventories decreased by 106,000 barrels to 2.921 million barrels, a three-week low; and heavy residual fuel oil inventories increased by 239,000 barrels to 7.87 million barrels, the first increase in four weeks.

The United States has no plan to release its strategic reserves, and oil prices have rebounded sharply by more than US$3

Oct 26, 2021 11:00

On Thursday (October 7), US oil rose 1.42 US dollars in late trading, or 1.83%, to close at 78.85 US dollars per barrel. Bilbao oil rose 1.35 US dollars, or 1.67%, to close at 82.43 US dollars per barrel. The U.S. Department of Energy stated that "currently" there is no plan to release strategic oil reserves to curb the rise in gasoline prices, and subsequent oil prices continue to rise. At the same time, progress has been made in the US debt ceiling negotiations, and market risk appetite has increased, which has boosted oil prices.

A report in the British "Financial Times" on Wednesday said that the US Secretary of Energy raised the possibility of releasing the Strategic Petroleum Reserve, and crude oil prices fell by 2.7%. In response to this, the US Department of Energy issued a statement on Thursday: “The Department of Energy continues to monitor global energy market supply and will work with our partner agencies to determine if and when action is required. To protect the American people, all tools in the toolbox are It is under consideration, but there is no plan to take action yet."

The United States also occasionally uses its strategic reserves, usually after hurricanes or other supply disruptions. However, since the end of the 40-year crude oil export ban in 2015, the country has become an important exporter and has never proposed to cut exports. There is speculation about whether the US government is considering using its Strategic Petroleum Reserve (SPR) or seeking to ban oil exports in order to reduce crude oil prices.

At the same time, US President Biden’s national security adviser on Thursday urged energy suppliers to increase supply to meet demand. He said the United States is worried about their failure to do this. Amrita Sen, chief oil analyst at Energy Aspects Ltd., said the key thing to remember is that the Biden administration is very eager to give consumers cheap gasoline. Therefore, if oil prices continue to rise and overheat, the United States will put pressure on OPEC.

Earlier this week, the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) agreed to only gradually increase production, pushing crude oil prices to multi-year highs. Due to the tight global supply, the demand from major import markets such as Asian consumer countries has recovered faster than expected after the new crown epidemic, and oil prices have been rising steadily. In a report, ING Group analyst Warren Patterson said that the oil market is tightening in the short term, which means that oil prices will still be well supported before the end of the year.

The market focus now returns to the shortage of global natural gas supply, which is bound to increase the demand for crude oil for power generation this winter. On the 7th local time, the British Gasoline Retailers Association stated that the recovery of fuel supply in some parts of the UK has not been fast enough, especially in the southeastern part of the UK, including London, which has not seen a significant improvement. The chairman of the association, Brian Madsen, said that the current fuel supply situation in the southeast of the UK is the most difficult, and the fuel inventory level is still below the 20% warning line. It can be seen that the region is more affected by the shortage of truck drivers. Gas station inventories in London and the East of England are slightly higher, with a capacity between 20% and 40%.

(U.S. Oil Hour Chart)

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