MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

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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Mid-Day Oil Products Summary: Cracks Strengthen

OIL PRODUCTS

Diesel and gasoline crack spreads have found some support this week after the bearish trend through July amid muted summer demand.

  • US gasoline crack down 0$/bbl at 23.25$/bbl
  • US ULSD crack up 0.4$/bbl at 25.45$/bbl
  • API weekly oil stock data from late yesterday according to Bloomberg: Gasoline -2.77mbbl, Distillate -1.5mbbl
  • The Russian government may consider a ban on diesel exports if the fuel prices rise sharply, according to Kommersant sources.
  • India’s Reliance has received U.S. approval to import Venezuelan oil according to Reuters sources.
  • Rystad suggest persistent tight balances for both crude and liquids, leading to significant stock draws. Liquids supply is growing by approximately 800kbpd y/y but crude supply is expected to show minimal gains.
  • Port of Fujairah oil product stocks fell 8.3% w/w for the week ended July 22 according to Fujairah Oil Industry Zone data.
  • Refining margins in the two largest US refining centres – the US Gulf Coast and the US Midwest – show how hot weather and storms can have opposite reactions on refining margins and crack spreads, Platts said.
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