MNI: PBOC Net Drains CNY20.7 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1886 Thurs; -2.34% Y/Y

MNI BRIEF: PBOC To Issue Record Volume of CNH Bills Next Week

CHINA DEC CPI +0.1% Y/Y VS MEDIAN +0.1%; NOV +0.2%: NBS

MNI BRIEF: US Hiring, Pay Growth Continue Downshift- ADP

MNI China Daily Summary: Wednesday, January 8

MNI:AUSTRALIA NOV TRADE BALANCE A$+7079

MNI: AUSTRALIA NOV RETAIL SALES +0.8% M/M

MNI: UK DEC BRC SHOP PRICES +0% M/M, -1% Y/Y

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

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: Crude Set for Monthly Gain After China Data

OIL
BulletEnergy BulletsCommodities

Oil prices are ticking higher towards the upper end of the recent range with support from China’s manufacturing PMI data as the market looks for the possible impact of stimulus measures on oil demand.

  • Brent is currently up 4% in December and WTI is 5.3% higher while both benchmarks are likely to be little changed over the year.
  • China’s manufacturing PMI remained above 50 in December even though it was down 0.2 points and slightly lower than expected. The composite rose to 52.2 from 50.8 driven by non-manufacturing.
  • China issued at least 152.49m metric tons of crude oil import quotas to independent refiners in a second batch for 2025 so far according to Reuters sources on Dec. 30.
  • Saudi Aramco may raise the Arab Light OSP to Asia by $0.1/bbl in February, according to a Bloomberg survey.
  • US industry-based API inventory data is published later today ahead of the official EIA data on Thursday. U.S. crude stockpiles are expected to have fallen last week while distillate and gasoline inventories rose, according to a preliminary Reuters poll.
  • Diesel and gasoline cracks as pulling back to reverse some of the gains seen yesterday.
    • Brent MAR 25 up 0.8% at 74.56$/bbl
    • WTI FEB 25 up 0.8% at 71.59$/bbl
    • Brent MAR 25-APR 25 up 0.02$/bbl at 0.44$/bbl
    • Brent JUN 25-DEC 25 up 0.06$/bbl at 1.76$/bbl
    • US gasoline crack down 0.3$/bbl at 12.29$/bbl
    • US ULSD crack down 0.3$/bbl at 25.35$/bbl
224 words

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.

Oil prices are ticking higher towards the upper end of the recent range with support from China’s manufacturing PMI data as the market looks for the possible impact of stimulus measures on oil demand.

  • Brent is currently up 4% in December and WTI is 5.3% higher while both benchmarks are likely to be little changed over the year.
  • China’s manufacturing PMI remained above 50 in December even though it was down 0.2 points and slightly lower than expected. The composite rose to 52.2 from 50.8 driven by non-manufacturing.
  • China issued at least 152.49m metric tons of crude oil import quotas to independent refiners in a second batch for 2025 so far according to Reuters sources on Dec. 30.
  • Saudi Aramco may raise the Arab Light OSP to Asia by $0.1/bbl in February, according to a Bloomberg survey.
  • US industry-based API inventory data is published later today ahead of the official EIA data on Thursday. U.S. crude stockpiles are expected to have fallen last week while distillate and gasoline inventories rose, according to a preliminary Reuters poll.
  • Diesel and gasoline cracks as pulling back to reverse some of the gains seen yesterday.
    • Brent MAR 25 up 0.8% at 74.56$/bbl
    • WTI FEB 25 up 0.8% at 71.59$/bbl
    • Brent MAR 25-APR 25 up 0.02$/bbl at 0.44$/bbl
    • Brent JUN 25-DEC 25 up 0.06$/bbl at 1.76$/bbl
    • US gasoline crack down 0.3$/bbl at 12.29$/bbl
    • US ULSD crack down 0.3$/bbl at 25.35$/bbl