MNI BRIEF: PBOC Added Outright Repo For Ample Lqdty In Nov

MNI China Daily Summary: Friday, November 29

MNI: GERMANY NOV UE RATE (SA) 6.1% (FCST 6.1%); OCT 6.1%

MNI BRIEF: China Extends U.S. Import Tariff Exemption List

MNI BRIEF: Trump Tariffs To Push China, EU Cooperation - BOC

MNI: PBOC Net Drains CNY156.1 Bln via OMO Friday

MNI: ITALY NOV FLASH HICP +0% M/M, +1.6% Y/Y

MNI: EUROZONE NOV FLASH HICP +2.3% Y/Y

MNI: UK OCT M4 MONEY SUPPLY -0.1% M/M, +3% Y/Y

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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Gasoline Extends Decline With Focus on Weak Demand

OIL PRODUCTS

Gasoline cracks extend the decline from yesterday with the US crack falling nearly 6$/bbl so far this week.

  • Gasoline cracks fell yesterday following the EIA data showing a stock build and drop in US implied demand. Demand concerns are weighing on margins and assisted by the return of US refineries from maintenance and the gradual return of French refineries.
  • Asian spreads are also falling driven by slower gasoline demand in major consuming nations such as Indonesia.
  • Oil product market oversupply could be eased if China cuts quota for refined oil products exports in a second batch for 2023. Quotas could be reduced as domestic demand improves while there is less need to boost its economy through oil products exports. China's refinery throughput hit a record-high in March.
    • RBOB MAY 23 down -2.6% at 2.58$/gal
    • US gasoline crack down -1.4$/bbl at 30.46$/bbl
    • EU Gasoline-Brent down -1$/bbl at 15.27$/bbl
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