China’s appetite for naphtha, a key feedstock for its massive petrochemical industry, is surging to record highs this year, driven by a mix of new domestic ethylene capacity and strategic caution over U.S. supplies of alternative feedstocks like propane and ethane amid lingering geopolitical and trade risks.

China is likely to import between 16 million and 17 million metric tons (roughly 144 million to 153 million barrels) of naphtha in 2025. That would mark an all-time high, easily eclipsing previous peaks. Full-year imports are expected at about 15 million tons, still up substantially from prior years.

Germany’s sweeping spending plans are shaking up European markets, propelling stocks past U.S. peers and reviving the euro from its near-parity level with the dollar.

Chancellor-in-waiting Friedrich Merz vowed to do “whatever it takes” to strengthen Germany’s defense and security, echoing the famous words of former European Central Bank (ECB) chief Mario Draghi. The government plans to amend the constitution to exempt defense and security from debt limits and is also pushing for changes to EU fiscal rules.

The European Union (EU) is set to launch its third round of joint gas buying next month, as the bloc continues its efforts to secure gas supplies in anticipation of another winter with limited Russian gas availability. The collective gas buying initiative was initiated this year as a response to Russia reducing gas deliveries in 2022 following its invasion of Ukraine. The scheme involves gathering gas demand from companies, seeking offers from global gas suppliers, and matching buyers and sellers. The EU aims to fill storage caverns ahead of winter and leverage the collective market clout of EU countries to avoid competition that could drive up gas prices.