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June 18 - Ship tracking data from an international shipping information platform showed that three Saudi-flagged oil tankers carrying a total of 6 million barrels of crude oil passed through the Strait of Hormuz on the 18th.On June 18th, it was reported that on June 17th, the General Office of the Anhui Provincial Peoples Government officially issued the "Anhui Province Low Altitude+ Application Scenarios Expansion Project Action Plan (2026-2028)," clarifying the provinces three-year work goals, key tasks, and promotion measures for the low-altitude economy. According to the plan, by 2028, Anhui Province aims to achieve 5 million hours of annual low-altitude flight time, gather over 300 low-altitude operation companies, and cumulatively build 100 low-altitude application demonstration scenarios, forming a development model that is safe, commercially sustainable, and easily accepted by the public.On June 18th, the Sichuan Provincial Development and Reform Commission issued the "Several Policy Measures of Sichuan Province to Support Green and Low-Carbon Development." Among them, it proposes to support interest subsidies for equipment renewal loans. For eligible equipment renewal loans, in addition to the central governments 1.5 percentage point interest subsidy, extra interest subsidies will be provided through ultra-long-term special treasury bonds as stipulated. For eligible "technological upgrading loans" and "equipment renewal loans," a provincial government interest subsidy of 1.5% per annum will be provided for a period not exceeding one year. Multiple technological upgrading or equipment renewal loans implemented by a single enterprise can be consolidated and submitted together, with a maximum annual provincial government interest subsidy of 5 million yuan per enterprise. Banks are encouraged to proactively apply for interest subsidy funds and promptly disburse them to enterprises, reducing their financing costs for equipment renewal.On June 18, the Sichuan Provincial Development and Reform Commission issued the "Several Policy Measures of Sichuan Province to Support Green and Low-Carbon Development." The measures propose guiding financial institutions to launch green and low-carbon transformation financial products and services. Focusing on 10 industries, including steel, coal power, building materials, ceramics, textiles, petrochemicals, chemicals, aluminum, water transportation, and agriculture, diversified financial services and policy support will be provided to entities financing transformation. Cities and prefectures with suitable conditions are encouraged to expand the coverage of green finance fiscal-financial interaction policies and provide fiscal subsidies for transformation financial activities. The progress of financial institutions transformation finance activities will be included in the Peoples Bank of Chinas green finance assessment.On June 18th, the Sichuan Provincial Development and Reform Commission issued the "Several Policy Measures of Sichuan Province to Support Green and Low-Carbon Development." Among them, it proposes to implement incentives for the clean utilization of coal. Support will be provided for projects involving efficient and clean coal utilization, large-scale extraction and utilization of coalbed methane (mine gas), utilization of ultra-low concentration methane (below 8%), utilization of waste heat and pressure, industrialization of coal-based clean fuels and high-end materials, resource utilization and near-zero emission projects of bulk solid waste in mining areas, and smart energy management and new energy coupling construction projects in mining areas. Provincial budgetary basic construction investment will provide subsidies to eligible projects at a rate not exceeding 30% of the total investment of a single project, with a maximum subsidy of 20 million yuan per project.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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