Macroeconomics

1. [M2] Central Bank: At the end of August, the outstanding balance of broad money (M2) stood at 356.81 trillion RMB, up 7.5% year-on-year. The outstanding balance of narrow money (M1) was 115.77 trillion RMB, up 4.1% year-on-year. The outstanding balance of cash in circulation (M0) was 14.83 trillion RMB, up 11.2% year-on-year. Net cash injection totaled 736.4 billion RMB in the first eight months.

2. [RMB Loans] Central Bank: At the end of August, the outstanding balance of RMB loans was 282.35 trillion RMB, up 4.9% year-on-year. RMB loans increased by 10.44 trillion RMB in the first eight months.

3. [Aggregate Financing] Central Bank: Preliminary statistics show that the outstanding stock of aggregate financing to the real economy stood at 464.8 trillion RMB at the end of August 2026, up 7.2% year-on-year. Of this, the outstanding balance of RMB loans to the real economy was 278.63 trillion RMB, up 5% year-on-year. The cumulative increment of aggregate financing in the first eight months of 2026 was 23.91 trillion RMB, down 2.64 trillion RMB from the same period last year.

4. [US-Iran Conflict] US President Trump posted several messages on social media on the 14th defending his policy toward Iran. Trump stated he was "open" to negotiations with Iran and noted that the US assists with oil transport in the Strait of Hormuz, suggesting that other nations should compensate the US for providing such "escort services."

5. [South Korea Price Indices] South Korea's import price index rose 15.6% year-on-year in August (compared to 18.70% previously), while the export price index rose 42.4% year-on-year (compared to 49.10% previously).

6. [India CPI] India's CPI rose 4.82% year-on-year in August, up from 4.45% in July. This marks the tenth consecutive month of increases, further pressuring the Reserve Bank of India (RBI) to raise its key benchmark interest rate. The RBI has repeatedly emphasized its focus on core inflation, noting that core inflation does not currently pose a significant risk.

Energy

1. [Crude Oil] International crude oil futures closed higher on September 14. The settlement price for the October contract of US WTI crude oil futures was $101.39 per barrel, an increase of $1.34 or 1.3%. The settlement price for the Brent crude oil futures contract for November delivery was $105.68 per barrel, an increase of $1.07 or 1.0%.

2. [Crude Oil] On September 14, data from the U.S. Department of Energy showed that U.S. Strategic Petroleum Reserve (SPR) crude oil inventories fell to 285 million barrels last week, the lowest level since November 1982.

3. [Crude Oil] On September 14, a preliminary survey indicated that U.S. crude oil and gasoline inventories likely declined last week, while distillate inventories likely rose. Analysts estimated, on average, a decrease of approximately 1.8 million barrels in U.S. crude oil inventories for the week ending September 11. Gasoline inventories were expected to drop by about 1.2 million barrels, while distillate inventories—including diesel and heating oil—were projected to increase by approximately 830,000 barrels.

4. [Crude Oil] Preliminary vessel-tracking data released on Monday showed that the daily average number of commodity vessels passing through the Strait of Hormuz dropped to single digits over the weekend, far below the daily average of 14 vessels seen over the previous 10 days.

5. [Crude Oil] According to a report by Iran's Fars News Agency on the 14th, the Islamic Revolutionary Guard Corps (IRGC) stated that an oil tanker named "Algaya" exploded and caught fire after striking a sea mine while attempting to pass through a "restricted navigation zone" in the southern part of the Strait of Hormuz.

6. [Natural Gas] ExxonMobil: It expects its global LNG sales portfolio to reach approximately 50 million tonnes per year by 2030, up from its previous forecast of 40 million tonnes.

7. [Coking Coal] On September 14, a coal mine in the Lishi District of Lüliang suspended production starting September 12, having already completed its annual production quota. The mine has an approved capacity of 1 million tonnes, primarily producing medium- and high-sulfur lean coal. The date for resuming production remains unclear, and the shutdown may impact the regional supply of lean coal. 8. [Petroleum Coke] On September 14, Yatong Petrochemical quoted petroleum coke at 3,750 RMB/tonne, an increase of 170 RMB/tonne from the previous trading day. Specifications include a sulfur content of approximately 1.7% and a vanadium content of around 170 ppm; the delayed coking unit has an annual capacity of 1.6 million tonnes and a daily output of 800 tonnes.

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