Macroeconomics

1. [Reverse Repo] The central bank announced that, to better align with the banking system's short-term liquidity needs, the People's Bank of China will conduct overnight reverse repo operations from September 14 to September 17. These operations will utilize fixed-rate, quantity-based tendering, with a daily volume not exceeding 600 billion RMB.

2. [US PPI] US Producer Price Index (PPI) rose 0.4% month-on-month and 5.4% year-on-year in August, marking the largest monthly increase in three months; markets are betting on a 70% probability of a Federal Reserve rate hike next week.

3. [US Treasuries] The US Treasury's long-term bond buyback operation, exceeding $5 billion, fell short of the maximum target; the sell-off in US Treasuries remains unstoppable, with the 10-year yield approaching 5%.

4. [ECB Rate Hike] The European Central Bank raised its three key interest rates by 25 basis points. Specifically, the deposit facility rate was raised from 2.25% to 2.5%, while the main refinancing rate and the marginal lending rate were also raised, reaching 2.65% and 2.9%, respectively.

5. [Shipping] According to Iranian sources, Iran has ordered a temporary suspension of the 10% freight surcharge on foreign vessels transporting energy products into or out of the country. This move is a tactical adjustment amidst ongoing maritime tensions in the Strait of Hormuz, a critical shipping channel vital to global energy supplies.

Energy

1. [Crude Oil] International crude oil futures surged on September 10. The settlement price for the US WTI crude oil futures contract for October delivery rose by $6.43 (6.7%) to $102.48 per barrel. The settlement price for the Brent crude oil futures contract for November delivery rose by $6.42 (6.3%) to $107.63 per barrel.

2. [Crude Oil] US EIA crude oil inventories fell by 391,000 barrels last week; analysts had expected a decline of 1.27183 million barrels, following a drop of 4.45 million barrels the previous week.

3. [Crude Oil] OPEC's monthly report raised the forecast for global oil demand growth in 2027 to 2.36 million barrels per day (bpd) (previously 2.16 million bpd) and lowered the forecast for 2026 to 0.38 million bpd (previously 0.58 million bpd). OPEC's crude oil production in August rose by 346,000 bpd to 24.08 million bpd, while OPEC+ production increased by 297,000 bpd to 38.05 million bpd.

4. [Fuel Oil] Data from Enterprise Singapore (ESG) shows that for the week ending September 9, Singapore's fuel oil inventories fell by 98,000 barrels to 20.355 million barrels; middle distillate inventories rose by 326,000 barrels to 8.237 million barrels; and light distillate inventories increased by 1.196 million barrels to 11.874 million barrels.

5. [Refined Oil Products] The window for the current round of domestic refined oil price adjustments opens at 24:00 on September 11; retail prices are set to rise.

6. [Coal] The National Mine Safety Administration issued guidelines to further strengthen work safety in state-owned coal mining enterprises. The guidelines mandate that group companies organize safety inspections covering all coal-related subsidiaries at least once every six months, with a spot-check ratio of no less than 20% of the mines owned by each subsidiary.

7. [Petroleum Coke] On September 10, Yatong Petrochemical quoted petroleum coke at 3,520 RMB/tonne, down 30 RMB/tonne from the previous trading day. Specifications include a sulfur content of approximately 1.9% and vanadium content of around 180 ppm; the delayed coking unit has an annual capacity of 1.6 million tonnes and a daily output of 800 tonnes.

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