FINWIRES · TerminalLIVE
FINWIRES

Market Chatter: China to Slash Domestic Fuel Prices

By

Beijing will lower retail gasoline and diesel caps by 525 yuan ($77.52) and 505 yuan per ton effective Friday, June 5, the National Development and Reform Commission reportedly said on Thursday, Reuters reported.

China's second fuel price cut since the outbreak of the Iran war comes as high crude costs and electric vehicle displacement drag domestic oil consumption lower.

The NDRC could not be reached out for a request for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Related Articles

Commodities

Increasing Scottish Onshore Wind Post-2030 Could Save $6.72 Billion Annually, Study Says

Increasing wind power deployment in Scotland after 2030, specifically the onshore kind, could slash energy system costs by 6% or 5 billion British pounds ($6.72 billion) per year between 2030 and 2050, according to a study by Aurora Energy Research.The study, commissioned by the Scottish Onshore Wind Developers' Forum, analyzed the impact of a higher share of Scottish wind capacity onshore post 2030 on total system-costs, Aurora Energy Research said in its report published Tuesday.The study compared a base case which was in line with UK's Clean Power Action Plan and Gate 2 capacity targets, with another scenario in which some planned Scottish offshore wind projects were instead changed to onshore projects after 2030."In the modelling, the onshore-priority pathway lowers average total system costs by around 6% between 2030 and 2050, approximately [5 billion pounds] a year relative to the base case, driven by a 21% reduction in policy costs and a 13% reduction in balancing costs," it said."The counterfactual still assumes a substantial Scottish offshore wind buildout, in line with market-consensus deployment expectations," the report said.Less than 1 gigawatt of new onshore wind is likely to be added in Scotland between 2030 and 2035 as per current capacity allocations under the Clean Power Action Plan and Gate 2 connection reforms, the report said.

Commodities

Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Thursday as Investors Weigh Economic Data

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.4%, and the actively traded Invesco QQQ Trust (QQQ) fell by 1.2% in Thursday's premarket activity, as investors weighed economic data amid corporate earnings.US stock futures were mixed, with S&P 500 Index futures down 0.5%, Dow Jones Industrial Average futures gaining 0.4%, and Nasdaq futures retreating 1.3% before the start of regular trading.US employers announced 97,006 planned job cuts in May, the highest total for the month since 2020, driven largely by reductions in the technology sector, according to Challenger, Gray & Christmas on Thursday.US initial jobless claims rose to 225,000, above expectations of 215,000 and up from 212,000 in the prior week.US nonfarm productivity growth for the first quarter was revised down to an annualized rate of 0.3% from a preliminary estimate of 0.8%, falling short of expectations for a 0.4% increase, while unit labor cost growth was revised down to 1.8% from 2.3%, below forecasts of a 2.4% gain.Weekly natural gas stocks are due to be released at 10:30 am ET.Federal Reserve Richmond President Thomas Barkin and San Francisco President Mary Daly are slated to speak on Thursday.In premarket action, bitcoin was down by 4.6%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 4.4% lower, Ether ETF (EETH) retreated 3.5%, and Bitcoin & Ether Market Cap Weight ETF (BETH) declined by 3%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 1.5%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained 1.4%. The iShares US Consumer Staples ETF (IYK) was 0.8% higher. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advanced by 0.5%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was down 0.5%.LGI Homes (LGIH) shares were down more than 4% pre-bell after falling 5% at the prior close. The company said late Wednesday that it closed 498 homes in May, compared with 416 homes a year earlier.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 1.5%, the Vanguard Health Care Index Fund (VHT) was up 1.2%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was 1% higher.BrightSpring Health Services (BTSG) stock was down more than 3% premarket after the company said late Wednesday it has priced a secondary offering by certain shareholders of 15 million shares at $58.75 per share.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.8%, while the Vanguard Industrials Index Fund (VIS) was flat and the iShares US Industrials ETF (IYJ) was up 1%.X-Energy (XE) stock was down more than 3% before the opening bell after the company reported a wider Q1 net loss.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 2.3%, and the iShares US Technology ETF (IYW) was 1.6% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 2.7%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) fell by 3.8%, while the iShares Semiconductor ETF (SOXX) declined by 4.3%.Accenture (ACN) shares were up more than 2% in premarket activity after the company agreed to a deal to embed AI and digital technologies in the operations of Tokyo Electric Power subsidiary TEPCO Solution Advance.EnergyThe iShares US Energy ETF (IYE) gained 0.1%, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.7%.Clean Energy Fuels (CLNE) stock was up more than 1% before the opening bell after the company said it has begun producing renewable natural gas at its East Valley Dairy facility in Jerome, Idaho, its eighth dairy RNG project.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 2.8%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 3% lower.Marsh & McLennan (MRSH) shares were up more than 1% pre-bell after the insurance broker and certain units signed a new $4.25 billion multi-currency unsecured five-year revolving credit facility with Citibank (C).CommoditiesFront-month US West Texas Intermediate crude oil retreated by 3.7% to $92.46 per barrel on the New York Mercantile Exchange. Natural gas was up 1.2% to $3.25 per 1 million British Thermal Units. The United States Oil Fund (USO) fell by 3.9%, while the United States Natural Gas Fund (UNG) was 1.1% higher.Gold futures for July gained by 1.6% to $4,539.90 an ounce on the Comex. Silver futures advanced by 1.5% to $74.77 an ounce. SPDR Gold Shares (GLD) was up by 1.1%, and the iShares Silver Trust (SLV) increased by 1.3%.

$^DJI$^IXIC$^SPX$ACN$BETH$BITO$BTSG$C$CLNE$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$LGIH$MRSH$PMR$QQQ$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XE$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Commodities

Market Chatter: Russian Deputy PM Acknowledges Crude Oil Production Dip

Russian oil production has fallen since the start of 2026, Deputy Prime Minister Alexander Novak said on Thursday, attributing the decline to unplanned refinery maintenance, Reuters reported.The comments are the first official acknowledgement of a decline in output this year, the article said.Russia, the world's No. 3 oil producer, ceased publication of oil production data in April 2023, a little more than a year after the start of its full-scale invasion of its neighbor, Ukraine.Novak did not provide further details on the refinery maintenance, but Ukraine has intensified attacks on Russian refineries this year, causing fires and damage."Current production is indeed somewhat lower than it was at the beginning of the year, Novak told reporters at the St Petersburg International Economic Forum, the article said."This is due to the fact that a number of our oil refineries are currently undergoing unscheduled maintenance.""Naturally, we are utilising our export infrastructure to its maximum capacity. As the refineries return to full operational mode, production will increase and return to its previous levels," he said.Hours before the Economic Forum event opened, Ukraine carried out drone strikes near St. Petersburg, hitting the oil terminal and naval base in the town of Kronstadt, the BBC reported.International Energy Agency data puts Russian crude oil output in April at 8.8 million barrels per day, down about 460,000 bpd from a year earlier, the story said.Commenting on the departure of the UAE from the OPEC+ group, Novak said the remaining members continued to play an important role in the market."In any case, OPEC and our agreements, which have proven their effectiveness, help smooth fluctuations and volatility in global markets," he said, according to the article.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)