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: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

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

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 Extends Decline on Demand Concerns

OIL

Crude extends decline on concern for demand due to the rise in covid cases in China.

  • The March Brent contract is down to near 82$/bbl having lost all the gains seen late last week and earlier this week. The Brent Feb contract is due for expiry at the close today.
  • The longer dated crude time spreads are following the flat price move lower but the front spreads are relatively unchanged with Feb-Mar still in contango at -0.59$/bbl and Mar-Apr just above parity.
    • Brent MAR 23 down -2.3% at 82.1$/bbl
    • WTI FEB 23 down -2.5% at 77.01$/bbl
    • Brent MAR 23-APR 23 up 0.01$/bbl at 0.07$/bbl
    • Brent JUN 23-DEC 23 down -0.35$/bbl at 2.27$/bbl
    • Brent DEC 23-DEC 24 down -0.44$/bbl at 3.61$/bbl
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