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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

Headline CPI Ticks Down To 0.2% Y/Y, PPI In Line

CHINA JUNE FOOD PRICES -2.1% Y/Y VS -2.0% Y/Y MAY

CHINA JUNE CPI +0.2% Y/Y VS MEDIAN +0.4%; MAY +0.3% Y/Y: NBS

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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Gasoline Margins Approaching Highs From Last Week

OIL PRODUCTS

Gasoline margins continue to trend higher and are testing the highs from last week and the highest since Jul 2022.

  • Prices are rallying ahead of the summer driving season and with the switch to summer grade gasoline. Prices are also supported by a gradual rebound in US gasoline demand this year and below normal US inventories. EIA four week gasoline implied demand has risen from the low end of the five year range in January up to around the five year average in recent weeks.
  • The US has this year not received the usual boost in gasoline supply from Europe that usually recedes the driving season. Gasoline arrivals are set to be the lowest since Feb 2022 at 227kbpd in March according to preliminary Vortexa data. High and volatile freight rates are also limiting trans-Atlantic arbitrage economics.
    • US 321 crack down -0.2$/bbl at 38.1$/bbl
    • US gasoline crack up 0.5$/bbl at 38.24$/bbl
    • US ULSD crack down -1.5$/bbl at 37.83$/bbl
    • EU Gasoline-Brent up 1$/bbl at 22.59$/bbl
    • EU Gasoil-Brent down -0.8$/bbl at 23.74$/bbl
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