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 Holding in Range as Economic Slowdown Balanced With China Optimism

OIL

Crude trading in a range with front month Brent between 79$/bbl and 81$/bbl. The market continues to assess the impact of an economic slowdown and central bank rate hikes on global oil demand growth and resilient Russian supply against optimism for a revival in Chinese oil consumption.

  • Brent FEB 23 up 0.3% at 80.06$/bbl
  • WTI FEB 23 up 0.4% at 75.67$/bbl
  • Gasoil JAN 23 down -0.4% at 876$/mt
  • WTI-Brent down -0.03$/bbl at -4.39$/bbl
  • The WTI-Brent spread is closing in from around -6$/bbl at the start of the month due to slowing US SPR withdrawals and Keystone pipeline disruption. The Keystone restart plan is under review following the leak earlier this month. TC Energy last week were aiming for a restart on 20 Dec.
  • Brent FEB 23-MAR 23 up 0.05$/bbl at -0.29$/bbl
  • Brent JUN 23-DEC 23 up 0.1$/bbl at 2.1$/bbl
  • Brent DEC 23-DEC 24 up 0.05$/bbl at 3.4$/bbl
  • Time spreads are edging higher with only the front spread still in contango. The curve has returned into backwardation supported by the speculation of a recovery in Chinese oil demand.
  • Diesel crack spreads have eased back from high levels at the end of last week while gasoline cracks remains weaker with the spreads just recovering from the lowest since September seen last week.
  • US gasoline crack up 1$/bbl at 16.27$/bbl
  • US ULSD crack down -0.6$/bbl at 53.24$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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