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: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

US MBA: REFIS -2% SA; PURCH INDEX +1% SA THRU JULY 5 WK

Indeed Wages Tick Higher, But Future Revisions Are Likely

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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Flows Redirect to Limit Impact on Crude from Red Sea Disruption: Goldman

OIL

Disruption to energy flows through the Bab-El-Mandeb strait is unlikely to have a large impact on crude oil and LNG prices according to Goldman Sachs. Production should not be directly affected due to vessel redirection opportunities.

  • Spot crude prices would be boosted by 3-4$/bbl relative to long-dated prices from a hypothetical prolonged redirection of all 7mb/d of gross (northbound and southbound) oil flows.
  • Longer journeys of approximately 15 days would rise oil on water by about 100mbbls and reduce the availability of global commercial inventories.
  • A full redirection could increase clean tanker freight rates by $4/bbl (55%) and dirty tanker freight rates by $1/bbl (25%) and raise refined products in the importing New York Harbour and North West Europe regions.
Energy BulletsCommodities
Energy BulletsCommodities

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