MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% Y/Y

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 Lower As Israel Delays Next Phase

OIL

Oil prices fell around 2% as negotiations to release more hostages continue to delay an Israeli ground offensive into Gaza. Two elderly women were released on Monday. The lower dollar (USD index -0.5%) didn’t support prices as events in the Middle East continue to drive crude moves.

  • Brent fell 1.8% to close around $90.45/bbl. It broke below $90 briefly a number of times during the NY session with the intraday low at $89.62. During European trading Brent rose to a high of $92.45. Support is at $88.08, the 50-day EMA.
  • WTI is down 2.2% to $86.13/bbl. There were a number of short breaks below $85.50 with the low at $85.35. Earlier WTI rose to $88.29. Support is at $84.06.
  • JP Morgan said in recent research that Brent is overinflated by around $7/bbl and that apart from the 1973 Yom Kippur war, conflict in Israel hadn’t resulted in a long lasting impact on oil prices, as reported by Bloomberg.
  • Vortexa is reporting that crude in floating storage has fallen to a four year low. According to Reuters China used some of its crude inventory in September to refine. US stocks have also been trending lower. API data is released later today.
Energy BulletsCommodities
Energy BulletsCommodities

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