MNI China Daily Summary: Thursday, April 25

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CHINA SETS YUAN CENTRAL PARITY AT 7.1058 THURS VS 7.1048

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

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MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Oil End of Day Summary: Crude Slips Back

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Crude had has slipped back today following cautious optimism of progress on a Gaza ceasefire deal. However, recent news of the proposal’s rejection by Hamas is likely put a dent in such hope.

  • WTI MAY 24 down 0.7% at 86.34$/bbl
  • Wires reporting that Hamas has rejected the ceasefire proposal submitted by Israel today, per Hamas official Ali Baraka.
  • The US is “laser-focused” on ensuring Russia cannot develop any new energy projects that would give the country future export revenues, US Gov official.
  • Russia’s 2024 budget shortfall could be narrower than projected, according to Bloomberg, citing a government report, driven by elevated oil prices.
  • Iraq is working on repairing a pipeline that could allow it to send 350kbd to Turkey by the end of the month according to Reuters reports from an Iraqi oil minister on Monday.
  • China’s Teapots in Shandong Province are estimated to import 70% less Sokol crude in April and May compared with March: Platts
  • Brent crude prices are expected to remain below $100/bbl – in the base case, Goldman Sachs said in a note.
  • “[The] Second half of the year we are on track to have an extremely tight global oil market,” Citadel’s head of commodities Sebastian Barrack said.
  • Portfolio Investors are increasingly bullish about oil as OPEC+ squeeze production in the face of improved demand and rising Israel-Iran geopolitical tensions, Reuters said.
  • Robust economic growth this year is driving oil demand, Chief Economist at Trafigura, Saad Rahim, said.
  • BTC Azeri crude oil loadings from Ceyhan have been set at 24 cargoes, totalling 532kbpd in May, the lowest since March 2023.
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Crude had has slipped back today following cautious optimism of progress on a Gaza ceasefire deal. However, recent news of the proposal’s rejection by Hamas is likely put a dent in such hope.

  • WTI MAY 24 down 0.7% at 86.34$/bbl
  • Wires reporting that Hamas has rejected the ceasefire proposal submitted by Israel today, per Hamas official Ali Baraka.
  • The US is “laser-focused” on ensuring Russia cannot develop any new energy projects that would give the country future export revenues, US Gov official.
  • Russia’s 2024 budget shortfall could be narrower than projected, according to Bloomberg, citing a government report, driven by elevated oil prices.
  • Iraq is working on repairing a pipeline that could allow it to send 350kbd to Turkey by the end of the month according to Reuters reports from an Iraqi oil minister on Monday.
  • China’s Teapots in Shandong Province are estimated to import 70% less Sokol crude in April and May compared with March: Platts
  • Brent crude prices are expected to remain below $100/bbl – in the base case, Goldman Sachs said in a note.
  • “[The] Second half of the year we are on track to have an extremely tight global oil market,” Citadel’s head of commodities Sebastian Barrack said.
  • Portfolio Investors are increasingly bullish about oil as OPEC+ squeeze production in the face of improved demand and rising Israel-Iran geopolitical tensions, Reuters said.
  • Robust economic growth this year is driving oil demand, Chief Economist at Trafigura, Saad Rahim, said.
  • BTC Azeri crude oil loadings from Ceyhan have been set at 24 cargoes, totalling 532kbpd in May, the lowest since March 2023.