MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

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

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

MNI JAPAN MAY CORE MACHINE ORDERS -3.2% M/M; APRIL -2.9%

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: Italy, UK Auction on Thursday

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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East of Suez Diesel/Gasoil Flows Surge into Atlantic Basin

OIL PRODUCTS
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Almost 1.2mbd of diesel/gasoil is expected to arrive into the Atlantic Basin this month from the East of Suez, a strong 300kbd m/m increase according to Vortexa.

  • The increase has been supported by flows from India and Saudia Arabia, flows which should see less availability in the short term as arbitrage opportunities tighten.
  • Argus pricing shows the premium for Ice Gasoil in Northwest Europe to Singapore 10ppm gasoil stood at around $11/t on 25 April, down from $59/t a month earlier.
  • Another important point is the recent emergence of a contango market structure in Ice gasoil futures Vortexa added.

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Almost 1.2mbd of diesel/gasoil is expected to arrive into the Atlantic Basin this month from the East of Suez, a strong 300kbd m/m increase according to Vortexa.

  • The increase has been supported by flows from India and Saudia Arabia, flows which should see less availability in the short term as arbitrage opportunities tighten.
  • Argus pricing shows the premium for Ice Gasoil in Northwest Europe to Singapore 10ppm gasoil stood at around $11/t on 25 April, down from $59/t a month earlier.
  • Another important point is the recent emergence of a contango market structure in Ice gasoil futures Vortexa added.

Keep reading...Show less