News Oil 

Oil rallies on China import boost, Mideast tensions

“OPEC-led cuts have breathed new life into oil bulls but unless the organization digs deeper, the drawdown in global oil stockpiles will soon fizzle out,” broker PVM’s Stephen Brennock wrote” reports foxbusiness.com. Oil prices firmed on Friday as bullish news from strong Chinese oil imports and tensions in the Middle East put Brent on track for a nearly 3 percent weekly gain.Chinese oil imports hit 9 million barrels per day (bpd) in September, data showed on Friday.Imports averaged 8.5 million bpd between January and September, solidifying China’s position as the…

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News Oil 

Oil rallies on Chinese import boost and Mideast tensions

“Oil prices firmed on Friday as bullish news from strong Chinese oil imports to turmoil in the Middle East put Brent on track for a more than 3 percent weekly gain” reports foxbusiness.com. Chinese oil imports hit 9 million barrels per day (bpd) in September, data showed on Friday.Imports averaged 8.5 million bpd between January and September, solidifying China’s position as the world’s biggest oil importer.”U.S. sanctions could cut off a lot of Iranian oil trade finance,” FGE President Jeff Brown told Reuters this week.Later on Friday, U.S. President Donald…

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China’s trade data impressed in September

“Chinese trade data impressed in September with imports and exports both growing at a faster pace than August” writes David Scutt for businessinsider.com. Yes, China’s economy continues to deliver the goods ahead of the country’s Communist Party Congress next week.With imports growing at a faster pace than exports, the trade surplus narrowed to $28.47 billion from $41.99 billion in August.According to China’s General Administration of Customs, imports grew by 18.7% in the year to September in US dollar terms, accelerating upon the 13.3% level of August. Source: businessinsider.com Share This:

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China just went on an iron ore buying binge

“As a result of the buying frenzy, it left total iron ore imports over the year at 1.0791 billion tonnes” writes David Scutt for businessinsider.com. Indeed, iron ore port inventories climbed back towards record highs in late September, according to data from Shanghai Steelhome, reversing the trend seen between June and August.The massive increase helps explain why iron ore prices have come under pressure recently, falling 25% from the levels seen in late August, according to data from Metal Bulletin. Source: businessinsider.com Share This:

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Trump’s latest trade war salvo could hurt American workers and firms

“Ross “misses the main reason that the North American supply chain is valuable to the United States” writes Finanzen Net Gmbh for businessinsider.com. President Donald Trump’s trade team has come up with yet another way of trying to look tough while actually hurting America’s own firms.The purpose of the supply chain is not to import from ourselves, but to lower production costs, making our firms more competitive globally,” Freund wrote in a blog post.Therefore, tougher regulations on US content requirements could reverse some of the existing productivity benefits from the longstanding trade…

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China’s crackdown on intellectual property theft wasn’t driven by outside pressure, official says

“China’s commerce ministry said on Thursday that its months-long crackdown on intellectual property rights violations was not a response to probes by other countries as it also vowed boost imports to balance trade flows” writes Alfred Cheng for cnbc.com. In addition, China will boost imports to make its trade structure more balanced, a spokesman for the Ministry of Commerce said Thursday in Beijing. China runs a massive trade surplus and has been accused by other countries of restricting access to its markets in order to protect domestic industry. Source: cnbc.com Share…

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Trade panel says low-cost solar imports hurt US companies

“Cheap imports have led to a boom in the U.S. solar industry, where rooftop and other installations have surged tenfold since 2011” writes The Associated Press for seattletimes.com. While the U.S. solar industry employs about 260,000 people, fewer than 2,000 are involved in making solar panels like those made by Suniva and SolarWorld.The main trade group for the solar industry and many governors oppose tariffs, saying they could cause a sharp price hike that would lead to a drop in solar installations by more than 50 percent in two years. Source:…

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Trade panel: Cheap imports hurt US solar industry

“Cheap imports have led to a boom in the U.S. solar industry, where rooftop and other installations have surged tenfold since 2011” reports thebusinessjournal.com. The trade commission has until mid-November to recommend a remedy to President Donald Trump, with a final decision on tariffs expected in January.The main trade group for the solar industry and many governors oppose tariffs, saying they could cause a sharp price hike that would lead to a drop in solar installations by more than 50 percent in two years.Governors of four solar-friendly states — Nevada,…

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International Trade Commission ruling sets stage for Trump to impose tariffs on solar imports

“The International Trade Commission decided Friday that the solar industry is being hurt by cheap solar panel imports, setting the opportunity for President Trump to issue tariffs” writes Josh Siegel for washingtonexaminer.com. The Solar Energy Industries Association, the main trade group for the U.S. solar industry, testified before the commission asking it oppose the petition.While the broader U.S. solar energy opposes tariffs, two U.S. companies asked the Trump administration to act.His deliberation comes as the wider solar industry is booming in recent years, providing momentum for the transition away from…

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