MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

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Crude Steady with Strong USD Balanced Against China Optimism

OIL

Crude holding just below close levels as a stronger US dollar is balanced against hopes of higher oil demand from China after they eased some covid restrictions.

  • China last week reduced international travel restrictions in China and have issued a rescue package to boost its struggling property market.
    • Brent JAN 23 down -0.2% at 95.79$/bbl
    • WTI DEC 22 down -0.3% at 88.72$/bbl
    • Gasoil DEC 22 up 0.7% at 995$/mt
    • WTI-Brent down -0.05$/bbl at -7.87$/bbl
  • Time spreads are slightly softer but remain at high levels with economic risks and central bank tightening weighed against the supply risk from Russia ahead of the EU ban from Dec 5. Significant uncertainty remains over the impact of the G7 price cap and an EU ban on Russian oil. It is likely not all affected barrels with be rerouted away from Europe with some analysts estimating over 1mbpd missing from the market.
    • Brent JAN 23-FEB 23 down -0.07$/bbl at 1.51$/bbl
    • Brent JUN 23-DEC 23 down -0.06$/bbl at 4.73$/bbl
  • Diesel and gasoline crack spreads have rallied after falling earlier on Friday with refined product prices initially not following the crude rally early in the day.
    • US gasoline crack up 0.6$/bbl at 21.27$/bbl
    • US ULSD crack up 1.1$/bbl at 62.97$/bbl
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