MNI China Daily Summary: Monday, May 6

MNI: China CFETS Yuan Index Up 0.03% In Week of Apr 30

MNI: PBOC Net Drains CNY8 Bln Via OMO Mon; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.0994 Mon; -4.33% Y/Y

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

CHINA SETS YUAN CENTRAL PARITY AT 7.0994 MON VS 7.1063

PPI ex-energy remains at -1.3%Y/Y in March

MNI: EUROZONE MAR PPI -0.4% M/M, -7.8% Y/Y

Services PMIs improve more in core than periphery vs March

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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Crude Ends July Strongly, WTI Highest Since November 2022

OIL

Oil rallied again to finish July up sharply. It was supported by signs of further supply tightening from Saudi Arabia and optimism regarding China stimulus. WTI rose 1.5% to $81.76/bbl and has started the day steady at $81.77. Brent is 1.1% higher at $85.31. The USD index was up 0.25%.

  • WTI reached an intraday high of $82 but found resistance here, the highest since early November last year. Resistance is now at $83.59, 11 July 2022 high. It ended July up 15.5%. Brent’s high was $85.58 and ended the month 13.3% higher. Resistance is at $85.60, January 27 high, followed by $86.18, January 23 high.
  • Saudi Arabia is expected to extend its voluntary output cuts to September, according to Bloomberg. And a Reuters survey suggests that OPEC production fell 840kbd in July. With Saudi and Russia reducing output, consumers have turned to the US, but production fell there for the second straight month in July according to the EIA and refining has been impacted by the heat. Oil production in Alberta, Canada, is also down due to maintenance. The market is expected to be in deficit in H2 2023.
Energy BulletsCommodities
Energy BulletsCommodities

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