MNI China Daily Summary: Monday, July 22

MNI BRIEF: PBOC Lowers Ceiling of Its Interest Corridor

MNI: China CFETS Yuan Index Down 0.05% In Week of Jul 19

MNI: PBOC Sets Yuan Parity Higher At 7.1335 Mon; -1.18% Y/Y

MNI: PBOC Conducts CNY58.2 Bln Via OMO Mon; 7day Repo Rate Cut

MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

CBRT Data Watch

NBH Data Watch

Pay concerns push back easing expectations; curve flattens

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

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GasBuddy Expects Lower Gasoline and Diesel Prices in 2024

OIL PRODUCTS

Lower gasoline and diesel prices are expected in 2024 after two years of above average gas prices according to the GasBuddy Fuel Price Outlook.

  • GasBuddy expects the yearly national average will drop from $3.51/gal to $3.38/gal in 2024. Diesel prices are also predicted to fall incrementally from 2023, peaking at $4.13/gal in March 2024.
  • Gasoline prices could fall below $3/gal this winter before starting to rise in late-February to a high of $3.89/gal as summer approaches but with uncertainty from the hurricane season in late summer.
  • “The global refining picture continues to improve, providing more capacity and peace of mind that record-setting prices will stay away from the pump in 2024. I anticipate that we’ll still have some volatility, unexpected outages and disruptions, and potentially weather-related issues, but I do not expect it to lead to record prices,” said Patrick De Haan.
  • Any major refinery issues over the summer could however drive some California prices above $6/gal.
  • EVs and the 2024 presidential election have the potential to impact fuel prices in the year ahead, with a potential slowdown in the EV transition at stake.
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