MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

MNI BRIEF: Brazil Annual Inflation Rises To 4.87% 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

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 Up

OIL PRODUCTS

Gasoline and diesel crack spreads have rebounded today but refined products remain under pressure due to relatively lacklustre summer demand. U.S. retail gasoline demand fell 0.5-1.0% for the week ending July 20 (Sun-Sat), according to GasBuddy estimates.

  • US gasoline crack up 0.1$/bbl at 23.63$/bbl
  • US ULSD crack up 0.4$/bbl at 25$/bbl
  • US gasoline stockpiles were seen falling 0.5m bbl last week, according to a Reuters survey of six analysts. Distillate stockpiles are seen up just 30k bbl.
  • US gasoline stockpiles were seen falling 1.42m bbl last week, according to a Platts survey. Distillate inventories are seen down by 240k bbl
  • TotalEnergies 238kb/d Port Arthur refinery in Texas returned to normal operation over the weekend, according to Reuters sources.
  • China’s new mega 400,000 bpd Yulong petrochemical refinery intends to start test runs around September 30 according to Reuters sources.
  • The risk of refining run cuts in the US and Europe will accelerate starting in 4Q, according to Energy Aspects.
  • China’s jet fuel production showed an annual growth of 23.9% in H1 2024, the fastest in history, OilChem said.
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