MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1268 FRI VS 7.1270

MNI: BANXICO HOLDS INTERBANK RATE STEADY AT 11.00%

MNI BRIEF: Fed's Bowman Says Policy Appears To Be Restrictive

MNI BRIEF: Japan June Tokyo Core CPI Rises 2.1% Vs. May 1.9%

Japan May Ind. Output 2.8% M/M; Shipments +3.5% M/M

MNI BRIEF:Japan May Factory Output Hits First Rise in 2 Months

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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Brent Pushing Through Top of Weekly Range

OIL

Brent crude is testing the weekly highs around 81$/bbl with the first technical resistance at the 20 day EMA of 82.03$/bbl.

  • Crude time spreads remain largely unchanged on the week with longer dated spreads supported by Chinese demand optimism for next year.
  • The prompt spread remains in contango with soft near term demand. Uncertainty remains over Russian supplies after Bloomberg ship tracking data showed a drop off in supply in the first week following the introduction of sanctions on Dec 5. The impact from the sanctions however is unclear due to a four day outage to Urals exports from Primorsk during the week.
  • The Brent-WTI spread is holding around -3.9$/bbl after narrowing following the delayed restart of the Keystone pipeline to full operations until 28-29 Dec.
    • Brent FEB 23 up 1.3% at 81.01$/bbl
    • WTI FEB 23 up 1.2% at 77.13$/bbl
    • WTI-Brent down -0.13$/bbl at -3.88$/bbl
    • Brent FEB 23-MAR 23 up 0.05$/bbl at -0.49$/bbl
    • Brent JUN 23-DEC 23 up 0.11$/bbl at 2.17$/bbl
    • Brent DEC 23-DEC 24 unchanged at 3.45$/bbl
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