MNI China Daily Summary: Monday, June 17

MNI BRIEF: China To Retaliate Against EU Pork Products

MNI BRIEF: China Consumption Can Continue Acceleration - NBS

MNI: PBOC Conducts CNY182 Bln Via 1Y MLF Mon; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1149 Mon; -1.41% Y/Y

CHINA PBOC CONDUCTS CNY4 BILLION VIA 7-DAY REVERSE REPOS MON

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

EZ/UK T-Bill Calendar: 6-Month ESM-Bill Auction on Tuesday

Empire Survey Shows Improving Manufacturing Optimism At End-Q2

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 Option Skew Narrows Slightly as Futures Gain Ahead of OPEC

OIL

The near term crude option skew is recovering slightly today as futures rally amid headlines that further OPEC cuts are being discussed although the group has yet to reach an agreement. The Feb24 Brent contract has today risen to the highest since Nov 7.

  • Crude markets are likely to be volatile following the meeting with recent headlines suggesting a higher chance of production cuts so the market could see a bearish reaction with a rollover of existing reductions.
  • WTI crude second month 25 delta call-put skew is today up to -5.8% after falling to -6.9% yesterday while the Brent second month skew is also up to -5.7%.
  • Brent aggregate traded futures volumes were yesterday back up to near normal at 1.07m but with WTI still down at 0.71m. Brent crude options aggregate volumes were 161k yesterday and WTI at 137k.
    • Brent FEB 24 up 1.2% at 83.84$/bbl
    • WTI JAN 24 up 1.2% at 78.78$/bbl
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