MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

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CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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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Oil Demand Could Surprise to the Upside in 2024: Rystad

OIL

Steady demand growth could lead a tight market this year and push oil prices higher, according to Claudio Galimberti at Rystad Energy in a Bloomberg interview.

  • This year could see tight balances in the first and second quarter of 2024. Demand growth was around 3mb/d last year and is expected at 1.2mb/d according to Rystad but could surprise to the upside.
  • “We can call the market a Saudi market in the past six-eight months, because they single-handedly generated a shortage on the market by implementing their very significant cuts,” he added.
  • Oil demand could increase “quite dramatically” this year and allow Saudi Arabia, and potentially OPEC, to gradually unwind their cuts.
  • At some point in the course of 2024 the oil market will be tight even without very deep cuts from the Saudis and OPEC.
Energy BulletsCommodities
Energy BulletsCommodities

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