MNI China Daily Summary: Thursday, May 16

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CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

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Homebuilding Activity Transitioning From Plateau To Pullback

MNI: US JOBLESS CLAIMS -10K TO 222K IN MAY 11 WK

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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Oil End of Day Summary: Crude Finds Late Rebound

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Crude markets have rebounded to approach US close trading higher. A reversal in US dollar strength has offered support to WTI. Demand concerns continue to be weighed against fears for Middle East supply

  • WTI JUN 24 up 0.8% at 83.45$/bbl
  • The US may leverage new Iran sanctions to pressure Chinese buyers to cut Iranian oil purchases, but measures are unlikely to have a near-term impact: Platts.
  • After initially planning large crude supply cuts in May, Mexico’s Pemex may have more volumes to supply after two of its refineries were hit by fires Bloomberg sources said.
  • Chinese buyers are receiving slight discounts on Venezuelan barrels now that sanctions have been reimposed.
  • Vancouver-loading rates fell to a six-month low on April 19 amid oversupply of Aframax tankers, according to Bloomberg citing Argus.
  • Baker Hughes sees a balanced global oil market, although powering up international spheres are offsetting tapering North American activity.
  • Russia has warned Kazakhstan its oil shipments to Germany could stop in June due to a payment issue according to Reuters sources.
  • Russia, which has pledged to deepen its OPEC+ crude operation cuts in Q2, kept the numbers of its inactive oil wells nearly flat by end-March, Bloomberg said.
  • Libya plans to export 8.8m bbl, or 284k b/d, of Es Sider crude in May.
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Crude markets have rebounded to approach US close trading higher. A reversal in US dollar strength has offered support to WTI. Demand concerns continue to be weighed against fears for Middle East supply

  • WTI JUN 24 up 0.8% at 83.45$/bbl
  • The US may leverage new Iran sanctions to pressure Chinese buyers to cut Iranian oil purchases, but measures are unlikely to have a near-term impact: Platts.
  • After initially planning large crude supply cuts in May, Mexico’s Pemex may have more volumes to supply after two of its refineries were hit by fires Bloomberg sources said.
  • Chinese buyers are receiving slight discounts on Venezuelan barrels now that sanctions have been reimposed.
  • Vancouver-loading rates fell to a six-month low on April 19 amid oversupply of Aframax tankers, according to Bloomberg citing Argus.
  • Baker Hughes sees a balanced global oil market, although powering up international spheres are offsetting tapering North American activity.
  • Russia has warned Kazakhstan its oil shipments to Germany could stop in June due to a payment issue according to Reuters sources.
  • Russia, which has pledged to deepen its OPEC+ crude operation cuts in Q2, kept the numbers of its inactive oil wells nearly flat by end-March, Bloomberg said.
  • Libya plans to export 8.8m bbl, or 284k b/d, of Es Sider crude in May.