MNI China Daily Summary: Monday, June 17

MNI BRIEF: China To Retaliate Against EU Pork Products

MNI BRIEF: China Consumption Can Continue Acceleration - NBS

MNI: PBOC Conducts CNY182 Bln Via 1Y MLF Mon; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1149 Mon; -1.41% Y/Y

CHINA PBOC CONDUCTS CNY4 BILLION VIA 7-DAY REVERSE REPOS MON

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

EZ/UK T-Bill Calendar: 6-Month ESM-Bill Auction on Tuesday

Empire Survey Shows Improving Manufacturing Optimism At End-Q2

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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MNI Weekly: Russian Export Cuts Under Question While Unlikely Suspects Bolster Global Supply

OIL


  • Russian Export Cuts Under Question While Unlikely Suspects Bolster Global Supply: Russian oil exports gathered pace in October, leading the markets to question its voluntary cut commitments though its oil exports at a 17-month low help to fill the gap. Meanwhile, Nigeria, Iran and Kazakhstan help to bolster global oil supplies while Saudi remains steadfast to cuts.
  • Oil Markets: Crude shows no clear direction amid sensitivity to Middle East headlines while focus turns towards global demand uncertainty. Diesel cracks have softened in H2 Oct but remain relatively robust compared to historical levels supporting strong refinery runs despite weak gasoline fundamentals.
  • Gas Markets: European natural gas prices have eased in the past week as supply risk fears ease but prices remain volatile to developments in the Israel-Hamas conflict. US Natgas is trading higher on the week supported by above-average demand due to colder weather.

*Also see our deep dive this week on the Middle East escalation on gas markets.


Full piece here:


MNI Commodity Weekly - Russian Export Cuts Under Question While Unlikely Suspects Bolster Global Supply.pdf


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