MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

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

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

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

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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EIA Oil Inventory Preview: Data Delayed

OIL

EIA Oil Inventory Preview: The EIA weekly petroleum status report was expected to be released at 11:00 EDT (16:00 BST) today. The release has been delayed due to systems issues. Delayed data will be released as soon as possible.

  • Crude inventories are expected to draw by -1.02mbbls for the week to 17th June. Last week saw the first increase in production since early April. The increase was likely driven by higher US shale production forecasts for both June and July. The data also showed the biggest ever draw from strategic reserves of 7.7mbbls as the US continues its 1mbbls per day release, expected to continue until October.
  • The WTI-Brent spread has continued to fall as concerns for the US economy have pushed WTI prices down faster than Brent resulting in a spread as low as -5.81$/bbl. With the average spread last week of 4.6$/bbl, the overseas demand is likely to maintain high crude exports. API data last night showed a further draw of -0.39mbbls at Cushing and with stocks so low, further EIA draws could help to limit the fall in the WTI-Brent spread.
  • Last week’s data showed US distillate stocks are 22.5% below the 5-year average and gasoline 10.7% below. These low stock levels are helping maintain the bullish sentiment in crack spreads with the 321 crack spread up to 58.2$/bbl. Gasoline is expected to draw by -0.38mbbls and distillates by -0.06mbbls.
  • Refined product demand - including gasoline - edged lower last week, in what could be a sign that high prices are starting to have an impact on demand. The four-week rolling average has been trailing further from the increasing seasonal normal in recent weeks.
  • Refinery utilization fell slightly last week but remains high at 93.7%. An outage on the west coast contributed to the fall last week and planned maintenance at Chevron’s Richmond refinery could send west coast refinery utilization even lower.
  • The API data released last night showed a build in crude of +5.6mbbls, a build in gasoline of +1.2mbbl and draw in distillates -1.66mbbl.
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

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