MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI: US MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Crude Little Changed As Geopolitics Offset Fundamentals

OIL

Oil prices have traded in a tight range and are little changed during APAC trading today as continued geopolitical tensions offset soft supply fundamentals, a trend that has been in place through January. WTI is at $74.28/bbl, close to the low, and Brent hasn’t been able to break through $80 and is currently at $79.44 following a low of $79.43. The slightly lower US dollar hasn’t provided a boost to crude.

  • Supply is expected to remain plentiful and with production beginning to come back on line in Libya following protests and in the US after a cold snap, markets are struggling to rally. But Brent’s bullish prompt spread’s backwardation structure has widened over January, signalling a tightening market.
  • Bloomberg reported that US crude inventories fell 6.67mn barrels in the latest week, according to people familiar with the API data. Gasoline rose 7.18mn but distillate fell 245k. The data is likely impacted by recent very cold weather which reduced output and refining. The official EIA data is released today.
  • Later preliminary January PMIs for US/Europe are released and the Bank of Canada’s decision is announced.
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