MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Another Bearish US Gas Storage Report Expected Later This Week

NATGAS

The US natural gas storage inventory injections for week ending 20 Oct due for release later this week are projected in the range of 80-85bcf according to S&P Global Commodity Insights' gas supply-demand and storage models.

  • This compares with a five-year-average build of 66bcf in the corresponding week and follows on from the bearish natural gas storage report for the week ended 13 Oct. Last week the EIA weekly gas inventories showed a build of +97bcf compared to the five-year average for this time of year of +85bcf. The total US inventories were above normal at 3,626bcf compared to the average of 3,429bcf.
  • The early BNEF view was last week suggesting an injection of 76Bcf for the week ending 20 October.
  • High storage levels before the winter heating season have helped drive the front month Henry Hub price down from a high of about 3.45$/mmbtu on 11 Oct down to 2.91$/mmbtu.
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