MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

MNI: China CFETS Yuan Index Down 0.36% In Week of Dec 6

MNI: PBOC Net Injects CNY13.8 Bln via OMO Monday

MNI BRIEF: PBOC Increases Gold Reserves

CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

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 Summary: Crude Falls

OIL

Crude front month is edging lower but still within the trading range seen so far this week with upside geopolitical risk set against a possible delay to Fed cuts this year, weak economic momentum in China and another possible rise in U.S. crude inventories in EIA data due later today.

    • Brent JUN 24 down 0.6% at 89.44$/bbl
    • WTI MAY 24 down 0.7% at 84.8$/bbl
  • Israel's war cabinet is set to meet today (17 Apr) to decide on a response to the drone/missile attack by Iran. The cabinet had been due to meet on Tuesday 16 April, but this was postponed at late notice.
  • API weekly oil stock data: Crude +4.09mbbl, Cushing -0.169mbbl, Gasoline -2.51mbbl, Distillate -0.427mbbl
  • The EIA weekly petroleum inventory data for the week ending Apr. 12 is due for release today at 10:30ET (15:30BST).
  • ARA crude inventories rose 3.7m bbl or 6.7% in the week ended April 12 to 59.1m bbl according to Genscape.
  • ADNOC Trading has bought at least four June-loading cargoes of Abu Dhabi's Upper Zakum crude in the spot market, tightening Middle East supply according to Reuters sources.
  • CPC blend crude oil exports are set to decline to around 4.9mn tons in May, compared with 5.4mn tons planned for April due to planned maintenance on the Tengiz oilfield, sources told Reuters.
  • Petronor’s 220kbpd Bilbao refinery is restarting the G1 gasoil desulfurization plant, the firm said on Tuesday.
  • Valero shut the small CDU at its 180,000bpd Memphis, Tennessee, refinery on Monday for a planned overhaul according to a Reuters source.
  • Motiva Enterprises’ 626kbd Port Arthur refinery in Texas is back at full production following an April 10 power interruption according to Reuters sources.
  • Petroleos Mexicanos executives expect refining at the Olmeca refinery (Dos Bocas) to reach 340kb/d by September according to Bloomberg.
  • The European Gasoil prompt time spreads are holding near parity after curve backwardation softened during the first half of April taking the prompt spread to the lowest since May 2023. Spreads are seeing downside pressure from healthy supplies into Europe and rising inventory levels since January. The Europe diesel cracks spread is also trading at the lowest since Jul 2023.
    • EU Gasoline-Brent up 0.1$/bbl at 24.69$/bbl
    • EU Gasoil-Brent down 0.2$/bbl at 19.48$/bbl
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