MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% Y/Y

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 Markets Soften as Middle East Premium Eases

OIL

Oil is down narrowly Wednesday balancing Middle East concerns against a range of economic figures such as European demand worries. Crude is still holding the premium priced in on the first trading day following the Hamas attack in Israel, having come off as fears of a spillover into the likes of Iran eases – helped most recently by US/Saudi diplomacy.

  • Brent DEC 23 down -0.5% at 87.59$/bbl
  • WTI DEC 23 down -0.6% at 83.25$/bbl
  • Gasoil NOV 23 down -0.6% at 875.75$/mt
  • WTI-Brent up 0.04$/bbl at -4.34$/bbl
  • Measures are ongoing to try and de-escalate the Middle East situation such as hostage negotiations which are limiting a ground offensive at present as well as limiting Hezbollah retaliation from Lebanon with its links to oil producing Iran.
  • US President Biden met with Saudi’s Crown Prince Mohamed bin Salman Tuesday to help prevent the Israel-Hamas conflict from widening whilst indicating growing ties between the US and Saudi, which have largely been strained under Biden’s presidency after a request to the kingdom to produce more oil last year was snubbed.
  • Looking towards China, President Xi Jinping stepped up support for the Chinese economy, issuing additional sovereign bonds and raising the budget deficit ratio.
  • US inventories declined by about 2.7 million barrels in the week ended Oct. 20, according to American Petroleum Institute figures on Tuesday.
  • Brent DEC 23-JAN 24 down -0.02$/bbl at 0.89$/bbl
  • Brent DEC 23-DEC 24 down -0.14$/bbl at 6.45$/bbl
  • Gasoline inventories dropped by 4.2 million barrels, while distillate inventories fell by about 2.3 million barrels, the API data showed.
  • EIA data on inventories is due later on Wednesday.
  • Gasoline cracks continue to edge back higher since mid-October despite weak demand persisting. Diesel spreads are holding at healthy levels driven by low stocks and tight supplies amid refinery outages ahead of the winter heating season.
  • US gasoline crack down 0$/bbl at 11.17$/bbl
  • US ULSD crack down -0.6$/bbl at 40.08$/bbl
Energy BulletsCommodities
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