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On September 18th, the State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan." An official from the Ministry of Housing and Urban-Rural Development stated that the key to improving peoples living standards is building "good houses." What kind of good houses should be built? Safe, comfortable, green, and smart. How to build good houses? Promote the entire chain and the entire life cycle from good standards, good design, good materials, good construction, and good operation and maintenance. What are good standards? We believe that standards that the people consider good are good standards. The official stated that they have carefully listened to the publics opinions on improving living conditions and have raised housing quality requirements in 14 aspects.On September 18, the State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan". Chen Shaowang, spokesperson and vice minister of the Ministry of Housing and Urban-Rural Development, said at the conference that the 15th Five-Year Plan period aims to achieve five goals: significant progress in the construction of modern peoples cities, a new improvement in the living standards of the people, remarkable results in the upgrading of the construction industry, a significant enhancement of global influence in the field of human settlements, and a comprehensive consolidation of the foundation for high-quality development.According to data from the National Bureau of Statistics, Chinas aluminum production in August 2026 was 5.609 million tons, a year-on-year decrease of 0.3%; the cumulative production from January to August was 43.285 million tons, a year-on-year decrease of 1.6%. Looking at the provincial data, Shandong ranked first with a production of 9.3153 million tons from January to August, followed by Henan with 8.0752 million tons, and Guangdong with 3.1162 million tons.According to the latest data from the National Bureau of Statistics, Chinas copper production reached 15.958 million tons from January to August 2026, a year-on-year decrease of 1.8%. The top three producing provinces were Jiangxi, Zhejiang, and Jiangsu, with Jiangxi producing 4.1839 million tons of copper.On September 18th, the State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan." Officials from the Ministry of Housing and Urban-Rural Development introduced that the housing and urban-rural development sector faces new challenges during the 15th Five-Year Plan period. The sector mainly comprises three major areas: urban and rural construction, housing and real estate, and the construction industry. All three areas are at a critical stage of transformation and development, summarized as "two shifts, two transformations, and three transformations." The "two shifts" refer to the urban and rural construction sector, meaning that urbanization is shifting from a period of rapid growth to a period of stable development, and urban development is shifting from a stage of large-scale incremental expansion to a stage focused on improving the quality and efficiency of existing assets. The "two transformations" refer to the housing and real estate sector, namely, a significant change in the supply and demand relationship in the real estate market and the entry of the real estate market into a stock-based era. The "three transformations" refer to the construction industry sector, namely, the transformation of the construction industry towards intelligence, greening, and integration.

WTI struggles to prolong its two-day uptrend below $78, as negative sentiment undermines expectations for China-led oil demand

Daniel Rogers

Mar 02, 2023 15:46

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Following a two-day uptrend that reached the greatest levels in a fortnight, the price of WTI crude oil fluctuates between $77.80 and $90 early Thursday.

 

The recent struggles of the black gold may be related to the contradictory signals encircling China and the Oil equities. However, negative sentiment and the resurgence of the US Dollar appear to be the quote's greatest obstacles to the upside.

 

In addition, higher-than-anticipated US inventories weigh on the energy benchmark. The weekly data from the US Energy Information Administration (EIA) indicates a 1.165M increase in Oil inventories, compared to the expected 0.45M increase and the previous level of 7.648M.

 

The willingness of US President Joseph Biden to continue pumping the markets with the Strategic Petroleum Reserve (SPR) and the absence of offers for Russian Oil also exert downward pressure on the price of WTI crude oil.

 

The latest New York Times (NYT) headlines suggest a potential rift between the United States and China at the important event. According to the news, "China is urging the start of peace talks, and some Group of 20 nations may support that notion when they meet in India, but U.S. officials contend Russia would not negotiate in good faith."

 

It should be noted, however, that the recent uptick in China activity data and optimistic remarks from the dragon nation's policymakers keep black gold purchasers optimistic. China's Minister of Human Resources recently stated, "China's employment will continue to increase this year and remains stable overall." On Wednesday, China's Finance Minister Liu He expressed a willingness to increase the country's fiscal expenditure while noting that the foundation of China's economic recovery remains fragile.

 

However, hawkish remarks from policymakers of the US Federal Reserve (Fed), the Bank of England (BoE), and the European Central Bank (ECB) highlighted the need for additional rate hikes to combat inflation issues, which exerted downward pressure on the price of oil.

 

In response to these events, 10-year US Treasury bond yields surpassed 4% for the first time since early November 2022, while 2-year yields ascended to their highest levels since June 2007 by flashing 4.91%. The increase in US Treasury bond yields reflects the market's concerns, which in turn have impacted on bulls on Wall Street, S&P 500 Futures, and WTI bulls recently. Consequently, S&P 500 Futures were down 0.5 percent as of press time despite the varied closing of Wall Street benchmarks.

 

Moving on, G20 updates could be combined with comments from central bankers and secondary US data to amuse Oil traders.


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