MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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Crude Edges Higher on Supply Issues and Weaker US Dollar

OIL

Crude markets are edging higher with support from short term supply disruptions and with a slightly weaker US dollar.

  • Further Canadian wildfires are still a risk to Canadian oil sands output after a heat wave resulted in an increase in fires over the weekend. Production has been gradually returning following outages last week with Vermilion Energy today saying 60% of the shut in production has been restored.
  • Crude oil exports from Iraq’s northern fields in the Kurdistan region have yet to restart despite Iraq’s desire to resume flows on Sat 13 May. Approximately 470kbpd of production has been missing from the market since 25 March.
  • Technical support for Brent is at 71.28$/bbl and resistance at the 20 day EMA of 77.61$/bbl.
    • Brent JUL 23 up 0.8% at 74.75$/bbl
    • WTI JUN 23 up 0.8% at 70.61$/bbl
Energy BulletsCommodities
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