MNI China Daily Summary: Thursday, July 4

MNI BRIEF: China Has Four Months To Negotiate EU EV Agreement

RPT-MNI INTERVIEW: ISM Choppiness Not A Clear Signal For Worry

MNI: PBOC Net Drains CNY98 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1305 Thurs; -0.79% Y/Y

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

DMP survey increases probability of August cut

MNI: UK JUNE CONSTRUCTION PMI 52.2 (FCST: 54.0); MAY 54.7

MNI: EUROZONE JUNE CONSTRUCTION PMI 41.8; MAY 42.9

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Asian Refiners Put Hopes on China for 2024 Jet Fuel Rebound

JET FUEL

Asian refiners are hoping 2024 jet fuel demand will be boosted by a further recovery from China and Southeast Asia, according to Reuters.

  • China’s international flight numbers are expected to be 71% of 2019 levels in Q1 and 85% by year end, according to FGE. It should take half of Asia’s Q1 jet demand growth - 263k b/d.
  • Overall Asian jet fuel demand in H1 is likely to rise by 20% on the year to 2.36m b/d, according to FGE.
  • However, Asian jet cracks are expected to narrow due to rising crude prices. Rystad sees the Asian jet crack averaging $16.70/b in 2024, while Wood Mackenzie predict $20.6/b.
  • Supplies of jet fuel are expected to match the 0.5m b/d growth, with additional supply from the Al Zour and Duqm refineries, and from Bahrain.
  • At full capacity, Al Zour and Duqm produce 46k b/d and 22k b/d of jet fuel respectively.
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