China’s customs service has just released another report, which reads that China’s export of oil products more than doubled in July 2016 and reached 970 000 tons over the reporting period. The export of diesel fuel more than tripled over the same reporting period and reached 1.53 million tons.
Despite the positive dynamics shown in July, Chinese oil refineries are reported to have cut down on their capacities to 10.7 million barrels a day in July 2016 versus 11 million in June 2016. They say this was caused by unexpected production breaks triggered by uncontrolled floods seen over most of the territory of China.
At the same time, it is reported that the import of crude oil to China is expected to be cut despite staying fairly high. In particular, they are planning to cut the import of crude oil from the current 7.55 million barrels a day all the way down to 7.3 million barrels a day.
Forex
Masterforex-V Academy reports that the Chinese Yuan is currently going down in value against the U.S. Dollar, which means that USDCNY is rallying.
The closest major levels of resistance are 6,6825 and 6,7066, while the closest major level of support is located at 6,6135.
