MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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Diesel Cracks Resume Trend Higher on Refinery Outages and Low US Stocks

DIESEL

Diesel cracks have resumed the trend higher after a dip from a peak yesterday with demand concerns still weighing on prices after support from recent refinery outages and low US inventories.

  • A plant at Shell’s Pernis refinery was halted on Tuesday night due to an electric motor failure and follows a halt to a 200kbpd CDU last week. TotalEnergies Gonfreville 247kb/d oil refinery in Normandy also halted yesterday with the units impact still unknown.
  • EIA data released yesterday showed a fall in distillates weekly implied demand with the four week demand below all years except 2020 from the last five years.
  • Data this week showed US distillate stocks 14.4% below the five year average, Singapore Middle Distillates inventories 22.2% below average and European ARA Gasoil stocks holding just above normal.
  • US diesel and gasoil exports to Europe in May rose to the highest level since August 2019, as Europe replaced missing Russian imports with US products, while Brazil has been replacing US products with Russian origin supplies.
  • US gasoline crack up 0.1$/bbl at 39.27$/bbl
  • US ULSD crack up 0.4$/bbl at 31.05$/bbl
  • EU Gasoline-Brent up 0.1$/bbl at 21.84$/bbl
  • EU Gasoil-Brent up 0.2$/bbl at 18.17$/bbl
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