MNI China Daily Summary: Thursday, April 25

MNI BRIEF: China Opposes Accusations Of Overcapacity - MofCom

MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

MNI: PBOC Sets Yuan Parity Higher At 7.1058 Thurs; -4.80% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1058 THURS VS 7.1048

France Manufacturing Sentiment Reverses Year-To-Date Gains

MNI: FRANCE APR MANUF SENTIMENT AT 100

US Treasury Auction Calendar

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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Diesel Markets Edge Up from Multi Month Lows

OIL PRODUCTS

The diesel crack spreads in Europe, US and Asia have all seen a trend lower over the last few weeks although are seeing some support today..

  • The US diesel crack yesterday reached the lowest since April at 40.5$/bbl and the European Gasoil-Brent spread was the lowest since March at 23.1$/bbl.
  • Diesel refinery margins in Asia are near the lowest level since March with the Singapore 10ppm diesel spread to Dubai crude trading as low as 23.2$/bbl late yesterday. The spread was up at 41.3$/bbl on 23 Jan.
  • The latest round of sanctions on Russian product flows comes into effect on 5 Feb but the decline suggests the market expects the ban to have minimal short-term impact on supply.
  • Low demand and mild winter reducing the fuel consumption for heating and power generation has added to the downwards pressure on diesel prices.
    • US gasoline crack down -0.1$/bbl at 25.39$/bbl
    • US ULSD crack up 1.7$/bbl at 43.65$/bbl
    • EU Gasoline-Brent up 0.8$/bbl at 12.92$/bbl
    • EU Gasoil-Brent up 1.8$/bbl at 26.07$/bbl
    • Singapore Gasoil-Dubai up 0.9$/bbl at 24.74$/bbl
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