MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

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

MNI: PBOC Sets Yuan Parity Lower At 7.1025 Weds; -5.39% Y/Y

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

US EIA: CRUDE OIL STOCKS EX SPR +2.74M TO 460.0M APR 12 WK

MNI: FOREIGN HOLDINGS OF CANADA SECURITIES -8.8B CAD IN FEB

ECB Underlying Inflation Metrics Support June Cut Consensus

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 Futures and Spreads Losing Friday Gains

OIL

Crude continues to drift lower as the US dollar strengthens and with covid cases rising in China

  • The market is easing back after optimism for Chinese oil demand supported prices following the more targeted covid policy. International travel and quarantine restrictions have been eased and China has issued a rescue package aimed to boost the struggling property market.
  • Time spreads are following the move lower while the WTI-Brent spread is holding steady just below -8$/bbl.
    • Brent JAN 23 down -1.3% at 94.75$/bbl
    • WTI DEC 22 down -1.5% at 87.63$/bbl
    • WTI-Brent down -0.05$/bbl at -7.87$/bbl
    • Brent JAN 23-FEB 23 down -0.12$/bbl at 1.46$/bbl
    • Brent FEB 23-MAR 23 down -0.08$/bbl at 1.35$/bbl
    • Brent JUN 23-DEC 23 down -0.2$/bbl at 4.59$/bbl
    • Brent DEC 23-DEC 24 down -0.26$/bbl at 5.67$/bbl
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