MNI China Daily Summary: Monday, July 22

MNI BRIEF: PBOC Lowers Ceiling of Its Interest Corridor

MNI: China CFETS Yuan Index Down 0.05% In Week of Jul 19

MNI: PBOC Sets Yuan Parity Higher At 7.1335 Mon; -1.18% Y/Y

MNI: PBOC Conducts CNY58.2 Bln Via OMO Mon; 7day Repo Rate Cut

MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

CBRT Data Watch

NBH Data Watch

Pay concerns push back easing expectations; curve flattens

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Oil End of Day Summary: Crude Rises

OIL
Energy BulletsHomepagemarkets-real-timeBulletCommodities

Oil markets are headed for US close trading higher, driven by expectations that OPEC+ will rollover voluntary cuts and keep a lid on supply.

  • Brent JUL 24 up 1.2% at 84.13$/bbl
  • Barak Ravid at Axios reporting that Israel has submitted to Qatar, Egypt, and the US, "an official, written, and updated proposal regarding the Gaza hostage deal."
  • Saudi Aramco may cut prices for most of its crude it sells to Asia in July – the first in 5-months according to Reuters sources.
  • Mexico’s Pemex exported 681,000 bpd of crude in April – 31% lower y/y.
  • Crude throughput at China’s refineries is unlikely to see a strong recovery in May after hitting a four-month low in April, according to Platts.
  • Libya has revised down its planned crude exports for May to 1.1m b/d.
  • Russia’s seaborne crude exports have slipped back ahead of the latest OPEC+ meeting as the group wrestles with Russia’s confusing commitments to the group since the Ukraine invasion.
  • India’s Reliance signed a one-year deal with Rosneft for at least 3m bbl/month of Urals crude to be paid in roubles.
  • Nigeria plans to export 92k b/d of Amenam crude in July, near steady on the 95k b/d of exports for June, according to a loading programme seen by Bloomberg.
  • Iraq’s federal oil ministry called International Oil Companies working in Kurdistan for a meeting in Baghdad to discuss resuming oil exports via Ceyhan.
  • Daily shipping slots via the Panama Canal are slowly improving as water levels rise in the connected Gatun reservoir, shipping sources told OPIS.
  • Plains Pipeline is raising oil shipping rates from the company’s Ten Mile Station in Alabama to Chevron’s 330k b/d Pascagoula refinery in Mississippi, Bloomberg reported.
281 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Oil markets are headed for US close trading higher, driven by expectations that OPEC+ will rollover voluntary cuts and keep a lid on supply.

  • Brent JUL 24 up 1.2% at 84.13$/bbl
  • Barak Ravid at Axios reporting that Israel has submitted to Qatar, Egypt, and the US, "an official, written, and updated proposal regarding the Gaza hostage deal."
  • Saudi Aramco may cut prices for most of its crude it sells to Asia in July – the first in 5-months according to Reuters sources.
  • Mexico’s Pemex exported 681,000 bpd of crude in April – 31% lower y/y.
  • Crude throughput at China’s refineries is unlikely to see a strong recovery in May after hitting a four-month low in April, according to Platts.
  • Libya has revised down its planned crude exports for May to 1.1m b/d.
  • Russia’s seaborne crude exports have slipped back ahead of the latest OPEC+ meeting as the group wrestles with Russia’s confusing commitments to the group since the Ukraine invasion.
  • India’s Reliance signed a one-year deal with Rosneft for at least 3m bbl/month of Urals crude to be paid in roubles.
  • Nigeria plans to export 92k b/d of Amenam crude in July, near steady on the 95k b/d of exports for June, according to a loading programme seen by Bloomberg.
  • Iraq’s federal oil ministry called International Oil Companies working in Kurdistan for a meeting in Baghdad to discuss resuming oil exports via Ceyhan.
  • Daily shipping slots via the Panama Canal are slowly improving as water levels rise in the connected Gatun reservoir, shipping sources told OPIS.
  • Plains Pipeline is raising oil shipping rates from the company’s Ten Mile Station in Alabama to Chevron’s 330k b/d Pascagoula refinery in Mississippi, Bloomberg reported.