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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Beryl Indicates How Season Could Play Out: CIBC Trader

OIL

Beryl’s reduction to a tropical storm means we won’t see any long-term significant production outages according to Senior Energy Trader Rebecca Babin at CIBC Private Wealth.

  • The storm will likely result in some short term shut ins and some closures of Mexican terminals Babin added. A storm on a similar trajectory in 2016 (Chris) caused production and export shut-ins for 2-3 days which could be repeated.
  • Babin said the shut in could be around 800,000 bpd for a couple of days but added any shut in on that scale would not have an impact on the market due to the short duration.
  • Beryl’s early season start is sending warning signals to oil markets according to Babin.
  • “This storm isn’t going to have a production impact, but we have a very long hurricane season ahead of us, let me cover some shorts, let me buy some upside tail hedges after this early indication of how the season will play out,” Babin said.
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