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

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Diesel Cracks Holding Gains While Crude Falls

OIL PRODUCTS

Diesel crack spreads maintaining strength despite wider fall in oil markets.

  • Tight supply with limited refining capacity and seasonal low stocks levels are supporting diesel prices. The latest EIA data showed stocks still over 22% below the 5-year average normal. The Motiva Port Arthur FCC unit was shut for emergency repairs and may also have supported product prices, but latest reports are that they are attempting to restart.
  • Gasoline spreads are following outright crude lower on the back of oil demand concerns
    • Brent OCT 22 down -4% at 99.76$/bbl
    • WTI SEP 22 down -5.5% at 93.18$/bbl
    • US 321 crack down -0.8$/bbl at 36.96$/bbl
    • US gasoline crack down -1.7$/bbl at 29.95$/bbl
    • US ULSD crack up 1$/bbl at 50.98$/bbl
    • Gasoline-Brent down -3$/bbl at 16.39$/bbl
    • Gasoil-Brent up 3.3$/bbl at 35.43$/bbl
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