MNI China Daily Summary: Wednesday, July 3

MNI BRIEF:BOJ Q1 Output Gap Hits 16th Negative Reading In Row

MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

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

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

May Trade Balance Weaker Than Expected From Gold Volatility

MNI: US MAY TRADE GAP -$75.1B VS APR -$74.5B

MNI: US JOBLESS CLAIMS +4K TO 238K IN JUN 29 WK

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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Fujairah Oil Product Stocks Climb to Six-Week High

OIL PRODUCTS
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Stockpiles of oil products from the UAE’s Port of Fujairah have hit a six-week high as of June 3, driven by slower demand for fuel oil, according to Fujairah Oil Industry Zone data cited by Platts.

  • Total inventories were up 5.9% on the week to 21.573m bbl, the highest since April 22.
  • Stockpiles are up 24% since the end of 2023, Platts said.
  • Stocks of heavy distillates were up 5.8% on the week to 10.704m bbl, a six-week high.
  • Middle distillate inventories rose 14% on the week to 3.724m bbl, a seven-week high.
  • An uptick in power demand for HSFO is expected soon, traders told Platts.

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Stockpiles of oil products from the UAE’s Port of Fujairah have hit a six-week high as of June 3, driven by slower demand for fuel oil, according to Fujairah Oil Industry Zone data cited by Platts.

  • Total inventories were up 5.9% on the week to 21.573m bbl, the highest since April 22.
  • Stockpiles are up 24% since the end of 2023, Platts said.
  • Stocks of heavy distillates were up 5.8% on the week to 10.704m bbl, a six-week high.
  • Middle distillate inventories rose 14% on the week to 3.724m bbl, a seven-week high.
  • An uptick in power demand for HSFO is expected soon, traders told Platts.

Keep reading...Show less