• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 20 hours Energy Armageddon
  • 10 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 10 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 5 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 5 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 5 days The Federal Reserve and Money...Aspects which are not widely known
  • 3 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 6 days Goldman Betting on Cryptocurrencies
  • 10 days Сryptocurrency predictions
  • 14 days Putin and Xi Bet on the Global South

China Sees Record-Breaking Electricity Consumption In August

China’s electricity consumption hit a record this month after rising steadily since the start of summer, the People’s Daily reported, noting that the trend suggested a robust recovery in economic activity in Asia’s second-largest economy.

Electricity consumption in the manufacturing sector has specifically posted a marked recovery since July, reversing a negative consumption trend from the first half of the year.

In even better news, electricity consumption in the consumer goods production sector rose by as much as 46.1 percent during the second quarter of the year, signaling expectations of more robust consumer spending—a vital indicator of an economy’s health and conducive to higher energy demand.

The data is the latest sign that China’s economy is improving steadily after the lockdowns prompted by the pandemic, and ties in with data about oil imports, which have also been rising over the past few months.

There has been, however, worry that the end of China’s oil-buying spree is nearing after imports declined in July from June. Even with the slowdown, though, the July 2020 average was 25 percent higher than the average for July 2019.

Positive economic news from China has been as crucial to oil prices’ recovery as OPEC+’s production cuts, and it will only become more critical now that the group has eased its cuts by some 2 million barrels daily.

Related: How To Stop Wind Farms From Becoming ‘Bird Graveyards’

The latest in this respect were the results from a CNBC survey among global CFOs, which revealed the executives were more optimistic about China’s economy than that of the United States, for the first time in history ever.

The average outlook of the SFOs surveyed by CNBC was “stable” for China’s GDP, while their outlook for U.S. economic growth was for a “moderate decline.” Even their outlook for Europe is more favorable than that of the U.S.: the executives have also given Europe’s economy a “stable” outlook.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News