China set to announce easing of quarantine controls
China scales back epidemic quarantine control (trans.)
China considers another round of vaccinations ($BBG)
U.S. Treasury signals concern about too low price cap
Asia’s crude oil imports hit record high in November
China modernises and expands strategic nuclear force
United States eases oil sanctions on Venezuela ($FT)
U.S. wind farms and seasonal variations in generation
CHINA’s manufacturers reported a steep decline in activity last month as the economy buckled under pressure from city-level lockdowns. The official purchasing managers’ index slipped to 48.0 in November (1st percentile for all months since 2011), the lowest since April 2022, and before that the first wave of the pandemic in February 2020:
U.S. DISTILLATE inventories rose +4 million bbl to 113 million bbl last week. Stocks are still -20 million bbl (-15%, -1.04 standard deviations) below the pre-pandemic five-year average but the deficit has narrowed from -34 million bbl (-24%, -2.05 standard deviations) on October 7:
JKempEnergy.com 