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

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Mid-Day Oil Summary: Crude Extends Losses

OIL
Energy BulletsHomepagemarkets-real-timeBulletCommodities

Crude extends the earlier decline towards the Brent front month low of $80.51/bbl from July 23. Bearish sentiment is driven by concern for weak demand in China and with hope for progress in a ceasefire deal in the Middle East to offset recent US stocks draws.

  • Brent SEP 24 down 1.2% at 80.69$/bbl
  • WTI SEP 24 down 1.2% at 76.66$/bbl
  • Today’s unexpected China stimulus included a 20bp MLF cut and a 2000bn liquidity injection, which follows Monday’s 10bp reduction in key rates. China demand growth concerns has been weighing on markets and the monetary policy easing this week may be confirming those fears.
  • The crude call-put option spreads continue to widen as market focus has turned to downside risks in recent weeks since a Brent future high of $87.95/bbl in early July.
  • A number of lightning strikes have started a range of new wildfires in Canada, putting oil production under threat.
  • Mexico’s incoming president Claudia Sheinbaum will likely face a challenge in fulfilling the dream of energy independence, Reuters said.
  • Global oil demand remains robust as OECD commercial oil inventories fell 15mbbl last week, according to JPMorgan.
187 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Crude extends the earlier decline towards the Brent front month low of $80.51/bbl from July 23. Bearish sentiment is driven by concern for weak demand in China and with hope for progress in a ceasefire deal in the Middle East to offset recent US stocks draws.

  • Brent SEP 24 down 1.2% at 80.69$/bbl
  • WTI SEP 24 down 1.2% at 76.66$/bbl
  • Today’s unexpected China stimulus included a 20bp MLF cut and a 2000bn liquidity injection, which follows Monday’s 10bp reduction in key rates. China demand growth concerns has been weighing on markets and the monetary policy easing this week may be confirming those fears.
  • The crude call-put option spreads continue to widen as market focus has turned to downside risks in recent weeks since a Brent future high of $87.95/bbl in early July.
  • A number of lightning strikes have started a range of new wildfires in Canada, putting oil production under threat.
  • Mexico’s incoming president Claudia Sheinbaum will likely face a challenge in fulfilling the dream of energy independence, Reuters said.
  • Global oil demand remains robust as OECD commercial oil inventories fell 15mbbl last week, according to JPMorgan.