OIL PRODUCTS: China Fuel Oil Imports Face Tax Change Hit
{ch} - CHINA FUEL OIL - China’s fuel oil imports are expected to slip in early 2025 due to a higher import tax for the product from Jan. 1.
- The rate for fuel oil rose from 1% to 3% on Jan. 1.
- Spot premiums for Russian M100 fuel oil have dropped $10-$15 to below $60 a metric ton to Singapore 380-cst fuel oil quotes for January from last month as a result.
- Fuel oil imports dropped below 1.7 million tons (348,225 barrels per day) in December according to Kpler after reaching a seven-month high of 2.55 million tons in November.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EQUITIES: EuroStoxx Holds on to Recovery
The S&P E-Minis contract maintains a bullish tone and price is trading at its latest highs. Recent gains confirm a resumption of the uptrend and signal scope for a continuation near-term. Note that moving average studies are in a bull-mode set-up. Eurostoxx 50 futures traded higher last week and the contract is holding on to its latest gains. The move higher undermines a recent bearish theme. Price has traded through the 50-day EMA, at 4873.27.
- Japan's NIKKEI closed higher by 69.33 pts or +0.18% at 39160.5 and the TOPIX ended 7.34 pts higher or +0.27% at 2734.56.
- Elsewhere, in China the SHANGHAI closed lower by 1.542 pts or -0.05% at 3402.534 and the HANG SENG ended 548.24 pts higher or +2.76% at 20414.09.
- Across Europe, Germany's DAX trades lower by 2.71 pts or -0.01% at 20378.86, FTSE 100 higher by 25.72 pts or +0.31% at 8333.32, CAC 40 up 37.25 pts or +0.5% at 7461.32 and Euro Stoxx 50 up 10.92 pts or +0.22% at 4987.2.
- Dow Jones mini up 2 pts or +0% at 44722, S&P 500 mini down 2.25 pts or -0.04% at 6097.25, NASDAQ mini down 14.5 pts or -0.07% at 21644.75.
COMMODITIES: Bearish WTI Threat Remains
Gold is unchanged and continues to trade inside a tight range, for now. The long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position. A bearish threat in WTI futures remains present and recent weakness reinforces this theme. A continuation down would open $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support.
- WTI Crude up $0.8 or +1.19% at $67.99
- Natural Gas up $0.16 or +5.33% at $3.241
- Gold spot up $21.05 or +0.8% at $2654.46
- Copper up $8 or +1.91% at $427.65
- Silver up $0.39 or +1.25% at $31.359
- Platinum up $19.61 or +2.11% at $951.38
BONDS: Bund/Bobl Swap trade
- OEH5 ~2k at 118.81 (suggest Receiver).
- RXH5 1k at 136.11 (suggest Payer).
