MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

MNI: US MAR PERSONAL INCOME +0.5%; NOM PCE +0.8%

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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Concern for Economy fuels Crude Fall

OIL

After recovering some losses during the day yesterday crude prices have fallen 4$ overnight on rising economic concerns. Brent is now down to the lowest level for over a month.

  • Brent AUG 22 down -3.9% at 110.22$/bbl
  • WTI AUG 22 down -4.2% at 104.92$/bbl
  • Gasoil JUL 22 down -4.4% at 1262.5$/mt
  • WTI-Brent down -0.19$/bbl at -5.3$/bbl
  • Rising inflation and the impact of higher US interest rates are increasing fears that the US could be headed for a recession. Reports are that Biden will call for a suspension of the gasoline federal tax holiday to help ease the pressure of record prices at the pumps. The federal tax is 18.4c/gal for gasoline and 24.4c/gal for diesel. It is not known how long tax the suspension would last.

US gasoline and diesel cracks spreads have followed the crude prices slightly lower to lose gains made over the last few days.

  • US 321 crack down -3.1$/bbl at 54.04$/bbl
  • US gasoline crack down -2.9$/bbl at 46.36$/bbl
  • US ULSD crack down -3.3$/bbl at 69.41$/bbl
  • US said talks are continuing on how to cap the price of Russian oil. The US and allies are trying to find a plan to restrict energy revenues to Russia while preventing spill over effects to the global economy. It is currently unclear how a price cap would be implemented.

Crude time spreads have not significantly moved, and the curve remains steeply backwardated with supply still tight. Production from Libya is still below start of the year levels and Ecuador could face disruption to exports due to protests.

  • Brent AUG 22-SEP 22 down -0.06$/bbl at 2.82$/bbl
  • Brent DEC 22-DEC 23 down -0.99$/bbl at 11.69$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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