CHINA DATA: "*CHINA SEPT. CRUDE OIL IMPORTS 37.10M TONS, DOWN 21.5% Y/Y" - BBG

European gas is 3.8% higher at EUR 82.554 in early Monday trading following the weekend’s closure of Saudi Arabia’s east-west pipeline due to a drone attack from Iraqi territory and Houthi control of the Bab al-Mandab Strait and Yemen’s Red Sea coast. Recent developments have made a resumption of Qatari LNG exports, the second largest exporter in 2025, even more remote. Europe’s heating season is approaching and storage is only 68.0% full compared with around 80% at the same time last year.

• Dutch TTF is up 18.2% in September and has exceeded Friday’s high today reaching EUR 83.20 earlier. On 1 September it was at EUR 69.685, already elevated. Increased power costs over winter are likely to weigh on European growth at a time of ECB inflation vigilance.
• A meeting between Gulf nations and Iran over Hormuz was due to take place but has been delayed, according to Oman, due to a request from the Gulf, according to Iran. It appears they want to reach a “consensus” before negotiating. Saudi Arabia submitted alterations to the Oman-Iran proposal as it is concerned it creates a new status quo. Oman-Iran talks over fees will continue.
• US natural gas is 1.7% higher at $2.88 today after falling 0.5% on Friday due to higher-than-expected storage injections. Mild weather is reducing domestic demand. It has continued to range trade with a high of $3.026 on 2 September followed by a low of $2.753 on 10 September.
• Chevron’s Australia President sees Australian LNG prices staying elevated especially given its location close to Asia and Qatari shipments remaining shut in the Persian Gulf. He said he has “a hard time seeing the prices come down”, according to Bloomberg. 

The pair are trading a little softer this morning as risk opens the week firmly on the backfoot. Considering a US hike is being priced in this week and the move in Oil is adding to the headwinds for risk, the price action in the US Dollar continues to lag. Does it eventually play catch up or is it telling us something more ?

• {AUDUSD Curncy} - 0.7150, -0.26%
• {NZDUSD Curncy} - 0.5795, -0.34%
• {AUDNZD Curncy} -  1.2337, +0.05%

Below is a selection of key recent onshore media highlights for China ICYMI :

MNI China Press Digest September 14: Economy, U.S., Logistics.

BRICs (Xinhua): Xi says BRICS world's most influential platform for emerging markets cooperation.

BRICs (Xinhua): Xi charts course for high-quality development of greater BRICS cooperation, Chinese FM says.

India Relations (Xinhua): Xi, Modi conduct in-depth exchange of views, agree China, India should be partners.

BRICs (Global Times): Xi concludes India visit with five initiatives for greater BRICS co-op.

Tech Boom (Global Times): China’s share of global computing capacity likely to reach 30% by 2030.

Tech Boom (China Daily): China scales up embodied AI's reach.

FDI (SCMP): Veteran investor Fang Fenglei on why the China ‘investibility’ debate is no debate at all.

Capital (Sec Daily): It's not enough to just attract long-term capital; we must also ensure it stays.

Consumer (People's Daily): High-frequency data shows that consumer activity continued to improve in August.

Stocks (BBG): China’s Tax Clampdown Raises Fears of Founder Share Disposals.

Property (BBG): China’s Property Overhaul Puts Strain on Local Government Income.