MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

US MBA: REFIS -2% SA; PURCH INDEX +1% SA THRU JULY 5 WK

Indeed Wages Tick Higher, But Future Revisions Are Likely

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

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

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Oil End of Day Summary: Crude Lowest Since March 27

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WTI is headed for its lowest close since March 27 as the risk premium associated with potential disruption to Middle Eastern supply shrinks further. The market is gathering hopes of momentum towards a cease-fire in Gaza.

  • WTI JUN 24 down 1.6% at 82.47$/bbl
  • Wires carrying comments from Blinken saying that Hamas has in front of them a proposal that is "extraordinarily generous". Says that Hamas "needs to decide, and it needs to decide quickly."
  • Saudi Aramco may raise the Arab Light OSP to Asia by $0.70-$0.90/bbl in June to a five-month high according to a Reuters survey of seven refining sources.
  • Global floating crude oil, stationary for at least 7 days fell to 62.83m bbl as of April 26, down 17% w/w according to Vortexa.
  • The North Sea combined BFOET loadings in June are scheduled to fall to the lowest since June 2022 at 537kbpd from 655kbpd in May.
  • Iraq’s 3.3mn b/d oil export cap "may continue to the end of 2024 to [help] compensate overproduction, or it may change,
  • The G7 price cap on Russian oil is becoming increasingly unenforceable, according to the International Group of P&I Clubs, cited by Bloomberg.
  • FGE has cut the forecast for crude processing rates in Asia by about 200kb/d in May and June according to a note from April 26.
  • Though fewer rigs are drilling this year, there are sins of efficiency gains, Macquarie analysts said in a note April 26.
  • Reliance Industries bought 2m bbl of Canadian crude from Shell for July delivery, the Indian refiner’s first oil purchase from Canada’s new TMX.
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WTI is headed for its lowest close since March 27 as the risk premium associated with potential disruption to Middle Eastern supply shrinks further. The market is gathering hopes of momentum towards a cease-fire in Gaza.

  • WTI JUN 24 down 1.6% at 82.47$/bbl
  • Wires carrying comments from Blinken saying that Hamas has in front of them a proposal that is "extraordinarily generous". Says that Hamas "needs to decide, and it needs to decide quickly."
  • Saudi Aramco may raise the Arab Light OSP to Asia by $0.70-$0.90/bbl in June to a five-month high according to a Reuters survey of seven refining sources.
  • Global floating crude oil, stationary for at least 7 days fell to 62.83m bbl as of April 26, down 17% w/w according to Vortexa.
  • The North Sea combined BFOET loadings in June are scheduled to fall to the lowest since June 2022 at 537kbpd from 655kbpd in May.
  • Iraq’s 3.3mn b/d oil export cap "may continue to the end of 2024 to [help] compensate overproduction, or it may change,
  • The G7 price cap on Russian oil is becoming increasingly unenforceable, according to the International Group of P&I Clubs, cited by Bloomberg.
  • FGE has cut the forecast for crude processing rates in Asia by about 200kb/d in May and June according to a note from April 26.
  • Though fewer rigs are drilling this year, there are sins of efficiency gains, Macquarie analysts said in a note April 26.
  • Reliance Industries bought 2m bbl of Canadian crude from Shell for July delivery, the Indian refiner’s first oil purchase from Canada’s new TMX.