MNI China Daily Summary: Wednesday, June 19

MNI BRIEF: Rate Changes Affect Eurozone More Than US Firms-ECB

MNI BRIEF: BOJ May Real Export Index Drops 1.4% M/M

MNI BRIEF: PBOC, MOF To Promote Treasury Trades Progressively

MNI: PBOC Net Injects CNY276 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY278 BILLION VIA 7-DAY REVERSE REPOS WEDS

US MBA: REFIS -0.4% SA; PURCH INDEX +2% SA THRU JUNE 14 WK

MNI: US MBA: MARKET COMPOSITE +0.9% SA THRU JUN 14 WK

MNI: EUROZONE APR CONSTRUCTION OUTPUT -0.2% M/M, -1.1% Y/Y

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

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Barclays Raises 2024 Brent Forecast on Tighter Supply

OIL

Barclays raised its 2024 Brent price forecast to $97/bbl, up by $8/bbl previously as market balances are expected to further tighten next year, the bank said in a note.

  • The bank lowered its 2023 Brent forecast by $3/bbl to $84/bbl and kept the 4Q23 Brent forecast unchanged at $92/bbl.
  • "Slowing non-OPEC+ supply growth, driven primarily by the US, and persistent underproduction from several OPEC+ producers due to structural constraints bolsters our core thesis behind a constructive view on oil prices," the bank said.
  • Barclays forecasts a supply deficit of 670kbpd in 2023 and of 250kbpd in 2024.
  • "A tussle between key producers and consumers is visible in the G-7 efforts to cap Russian export prices and OPEC+ announcing significant voluntary adjustments to output," the bank said.
  • "The urge to keep prices in check is also visible in the tapping of strategic petroleum reserves by the US and other key consumers, the US outreach to Venezuela and a potential informal agreement with Iran."
Energy BulletsCommodities
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