MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI: US Q2 GDP +2.8%

MNI: US JOBLESS CLAIMS -10K TO 235K IN JUL 20 WK

MNI:US JUN DURABLE NEW ORDERS -6.6%; EX-TRANSPORTATION +0.5%

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

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Henry Hub Slumps

NATURAL GAS

Henry Hub front month has slumped further during US hours, trading at its lowest since Jul 2020. Strong production, hampered LNG export feedgas flows, and near-term milder weather continue to add downside.

  • US Natgas MAR 24 down -3% at 1.79$/mmbtu
  • US Natgas AUG 24 down -1.4% at 2.39$/mmbtu
  • Domestic natural gas demand is slightly higher up to 91.0bcf/d today but still below the seasonal normal of around 99bcf/d at this time of year.
  • US gas production from top-shale producing regions is set to be 100.45 bcf/d in February before easing to a two-month low of 100.425 bcf/d in March.
  • Feedgas flows to US LNG export terminals are today at 14.1bcf/d according to Bloomberg with a recovery in Sabine Pass supply. Flows to Freeport LNG are still curtailed by about 0.6bcf/d.
  • US lower 48 gas production was yesterday holding strong up at 105.0bcf/d according to Bloomberg compared to an average of 104.75bcf/d so far in February.
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