MNI BRIEF: China To Cut Rates, Boost Borrowing-Work Conference

MNI China Daily Summary: Thursday, December 12

RPT-MNI BOC WATCH: More Gradual Approach Seen After 50BP Cut

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

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

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Crude Markets Start the Week Flat Balancing Supply and Demand Fears

OIL

Crude is flat early in the session following on from last week when global demand concerns and inflation data set the scene for oil markets on top of lacklustre product demand in leading economies.

  • Brent NOV 22 unchanged at 91.35$/bbl
  • WTI OCT 22 down -0.2% at 84.91$/bbl
  • Gasoil OCT 22 down -0.7% at 946.75$/mt
  • WTI-Brent down -0.23$/bbl at -6.79$/bbl
  • The oil markets still have the overhanging supply pressure from the upcoming Russian oil and product bans from the EU while opposing that factor is ongoing uncertainty over the future oil demand from China as they continue with their Covid Zero policy. Reports last week that the US will not replenish SPR until after fiscal year 23 added to the downward sentiment.
  • China has started easing COVID curbs in Chengdu, a southwestern city of more than 21 million people but its refining industry data last week showed Aug throughput just 0.9% higher than July. China is considering extra oil product export quotas to help boost the economy.
  • Brent NOV 22-DEC 22 up 0.08$/bbl at 1.38$/bbl
  • Brent DEC 22-DEC 23 up 0.12$/bbl at 9.8$/bbl
  • Upside supply risks from Russia, Kazakhstan, Libya and other underproducing OPEC members are maintaining curve backwardation.
  • US 321 crack up 0.3$/bbl at 27.12$/bbl
  • US gasoline crack down -0.1$/bbl at 15.97$/bbl, US ULSD crack up 1$/bbl at 49.4$/bbl
  • Diesel crack spreads fell even faster than crude last week after sluggish EIA demand data earlier in the week added to the wider bearish market sentiment but are finding strength on the back of weak inventories ahead of winter in most global hubs. Gasoline markets are relatively stable so far today.
    • Energy BulletsCommodities
    Energy BulletsCommodities

    To read the full story

    Close

    Why MNI

    MNI is the leading provider

    of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

    Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.