MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

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MNI: FRANCE JUN CONSUMER SPENDING -0.5% M/M, -1% Y/Y

Australia Jun Total Dwelling Approved -6.5%

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

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Morgan Stanley Lowers 2H23 Crude Market Deficit To 0.3mbpd

OIL

Morgan Stanley has lowered its oil market deficit forecast for the second half of this year to 0.3mbpd, from 0.6mbpd previously, because of higher production data for the US, Canada and China, while China’s crude oil demand recovery is already behind us, a note by the bank said.

  • The bank forecasts the crude market be 0.5mbpd oversupplied in 2024.
  • Russian crude and condensate production is forecast to be around 10.5mbpd, around 0.4mbpd below February levels, for this year. Output is estimated to have declined by 0.3mbpd in March and by around 0.2mbpd in April, Morgan Stanley said.
  • On the demand side, Chinese demand for crude oil has already rebounded, or close to all-time highs in March, suggesting the post-lockdown normalisation is largely done.
  • Given the narrower deficit anticipated in 2H, the bank lowered its Brent forecast to $75/bbl by year-end.
Energy BulletsCommodities
Energy BulletsCommodities

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