MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

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

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

MNI Commodity Analysis: Chinese Commodity Indicators Show Signs of Weakness

OIL


Executive summary:


  • The Chinese economic rebound has shown further signs of wavering as it recovers from lockdowns. It remains the main focus for oil demand growth expectations in 2023, but questions are being asked whether bullish oil demand growth expectations were overly optimistic in the first half of the year as Wall Street banks cut oil price outlooks.
  • Chinese jet fuel demand has regularly been cited as one of the main growth areas for global oil demand in the remainder of 2023 but its international travel is struggling to recover like its domestic. Russia has banned Europe/US/ “unfriendly nations” from flying over its air space to get to China which has slammed flight schedules in a longer term hit to international travel and consequently – jet fuel demand.
  • The most recent Chinese crude import figures appear bullish, but due to the lag effect based on their purchase timing versus arrival are more of a reflection of prior more optimistic sentiment. Growing Chinese onshore stockpiles against a backdrop of sluggish recovery are likely to weigh on Chinese crude imports looking ahead to July.


    • Full piece here:


    MNI Commodity Analysis - Chinese Commodity Indicators Show Signs of Weakness.pdf

    Energy BulletsCommodities
    Energy BulletsCommodities

    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.