MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI: US MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Global Oil Demand Growth to Slow to 1.3% in 2024: HSBC

OIL

Global oil demand growth is expected to almost halve in 2024 to 1.3%, slowing further to 0.9% in 2025 as demand normalises from its post Covid-10 recovery in China, while the transport electrification is weighing on oil demand, HSBC said in a note.

  • The bank forecasts Brent crude to average $82.5/bbl in 2024 and $76.5/bbl in 2025.
  • Oil prices are trading range bound currently as OPEC+ has limited room for manoeuvre in 2024, while demand growth normalises and non-OPEC supply growth remains strong, the bank said.
  • The latest round of OPEC+ cuts should be sufficient to keep the oil market in deficit through 2024 but the bank doubts that OPEC would further want to cut production levels. Instead, the bank expects Saudi Arabia to start unwinding its 1mbd voluntary cut in 2Q 2024, but the bulk of OPEC+ cuts is likely to remain in place until year-end.
  • US oil production growth is expected to slow to 0.5mbpd this year, from 1.5mbpd last year. Growth could then accelerate in 2025 driven by productivity improvements and economies of scale emerging from the current wave of consolidation in the US shale patch, the bank said.
Energy BulletsCommodities
Energy BulletsCommodities

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