Macroeconomics

1. [China Manufacturing PMI] China's RatingDog Manufacturing PMI rose to a two-month high of 51.5 in August; the growth rate of new export orders hit a six-month high, while factory-gate prices declined for the first time this year.

2. [Federal Reserve] Federal Reserve Governor Michael Barr stated on September 1 that decisive action to raise interest rates is warranted if inflation does not sufficiently ease, noting that current US inflation levels remain too high. He indicated his readiness to support a rate hike if inflation fails to subside. The Fed is scheduled to hold its next policy meeting in mid-September.

3. [Eurozone Inflation] The Eurozone's latest inflation figures rose to their highest level in nearly three years, reinforcing the case for an interest rate hike by the European Central Bank next week. Preliminary data released by Eurostat on September 1 showed that, driven by persistently high energy prices, the Eurozone's Harmonised Index of Consumer Prices (HICP) rose 3.3% year-on-year in August (matching expectations). This was up from 2.9% in July and marked the highest level since September 2023.

4. [Bank of Japan] Bank of Japan Governor Kazuo Ueda stated that the market has already priced in a strong possibility of a rate hike in September, adding that he would not comment on daily market fluctuations.

Energy

1. [Crude Oil] International crude oil futures surged on September 1. The settlement price for the US WTI crude oil futures contract for October delivery rose $4.46 (5.2%) to $90.22 per barrel. The settlement price for the Brent crude oil futures contract for November delivery rose $4.16 (4.6%) to $94.65 per barrel.

2. [Crude Oil] An expanded survey on September 1 indicated that US inventories of crude oil and refined products likely declined last week. Analysts estimated, on average, a drop of approximately 1.1 million barrels in US crude oil inventories for the week ending August 28. Gasoline inventories were estimated to have decreased by about 1.9 million barrels, while distillate inventories—including diesel and heating oil—were projected to fall by 1.3 million barrels. 3. [Crude Oil] Data from the American Petroleum Institute (API) shows that U.S. crude oil inventories fell by 2.6 million barrels last week, following a 4.2 million-barrel increase the previous week. API Cushing crude inventories rose by 200,000 barrels last week, compared to a 1 million-barrel increase previously. API gasoline inventories rose by 300,000 barrels (versus a 3.2 million-barrel drop previously), while distillate inventories fell by 300,000 barrels (versus a 500,000-barrel drop previously).

4. [Crude Oil] Venezuela's crude oil exports in August remained largely flat at 1.17 million barrels per day; increased exports to India and Europe offset the decline in exports to the United States.

5. [Crude Oil] Brazil's National Petroleum Agency reported that the country's oil production reached 4.5 million barrels per day in July, a year-on-year increase of 13.6%.

6. [Coking Coal] On September 1, coking coal prices in the Jinzhong market rose by 50 RMB/tonne. The ex-factory cash price (tax-inclusive) for medium-sulfur prime coking clean coal—with specifications of A10.5, S1.3, V25, G80, CSR65, and a reflectance of 0.15—was set at 2,200 RMB/tonne.

7. [Petroleum Coke] On September 1, Henan Fengli Petrochemical Co., Ltd. quoted petroleum coke at 2,450 RMB/tonne, down 80 RMB/tonne from the previous trading day (specifications: sulfur 2.8, vanadium 550).

SunSirs has been continuously tracking price data for over 200 commodities for nearly 20 years, please contact support@sunsirs.com for subscription.