MNI China Daily Summary: Thursday, April 18

MNI BRIEF: M2 Growth To Slow On Weak Demand - PBOC's Zou

MNI BRIEF: PBOC To Watch CNY Moves Closely - Vice Governor Zhu

MNI BRIEF: China Aims To Digitalise 70% Of Firms By 2025

MNI BRIEF: Q1 Cross Border Activity Up 117.8% - Ministry

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

MNI UK Inflation and Labour Market Insight: April 2024 Release

MNI: EUROZONE FEB CONSTRUCTION OUTPUT +1.8% M/M, -0.4% Y/Y

Q1 Industry Survey Suggests H1 Growth Tailwind

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 Oil Ending Lower Despite Reversing Slide On Inventory Build

COMMODITIES
  • Crude oil is ending the session lower on the day but has seen a solid intraday recovery off lows after a big build in US crude inventories due to lower refinery utilisation.
  • Crude inventories showed a big build as refinery runs fell with output impacted by the strong maintenance season. Refinery rates had not recovered following the December cold weather disruption before units have started going offline for maintenance.
  • The build came despite a drop in imports, higher exports and with production levels holding at recent highs. Cushing inventories reached the highest since Jun 2021.
  • WTI is -0.6% at $78.56 off a low of $77.25 although one that didn’t test support at $76.52 (Feb 9 low). Resistance remains at $80.62 (Feb 13 high).
  • Brent is -0.35% at $85.28 off a low of $83.88 that also held above support at $83.05 (Feb 9 low).
  • Gold is -1.0% at $1836.33, suffering amidst USD strength, off an earlier low of $1830.66 that now forms initial support after which sits the near-term support at $1825.2 (Jan 5 low).
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