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: Oil End of Day: Bearish Themes Resume

OIL
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Oil markets started the day positive with signs of economic support out of China but more bearish themes have taken hold again as crude moves back into negative territory. 

  • Brent NOV 24 down -0.5% at 74.15$/bbl
  • WTI NOV 24 down -0.5% at 70.68$/bbl
  • China’s 10bp reduction in the 14-day repo rate signals that the authorities may be prepared to stimulate demand.  The move follows a larger than expected 50bp rate cut by the US Fed last week.
  • Tensions in the Levant remain extremely high amid the risk of a regional escalation. The Israeli Defence Forces (IDF) have confirmed a new wave of airstrikes against Hezbollah targets in southern Lebanon.
  • Shell plans for a precautionary shut in of production at its Stones and Appomattox facilities in the Gulf of Mexico due to a tropical disturbance, according to Reuters while Chevron removes non-essential staff.
  • Near record speculative short oil positions have been driven by soft fundamentals and concerns of an OPEC+ price war, according to Bank of America.
  • Russia’s crude processing is on track to reach the lowest weekly level since late June with an average of 5.28mb/d during Sept. 12-18, sources told Bloomberg.
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Oil markets started the day positive with signs of economic support out of China but more bearish themes have taken hold again as crude moves back into negative territory. 

  • Brent NOV 24 down -0.5% at 74.15$/bbl
  • WTI NOV 24 down -0.5% at 70.68$/bbl
  • China’s 10bp reduction in the 14-day repo rate signals that the authorities may be prepared to stimulate demand.  The move follows a larger than expected 50bp rate cut by the US Fed last week.
  • Tensions in the Levant remain extremely high amid the risk of a regional escalation. The Israeli Defence Forces (IDF) have confirmed a new wave of airstrikes against Hezbollah targets in southern Lebanon.
  • Shell plans for a precautionary shut in of production at its Stones and Appomattox facilities in the Gulf of Mexico due to a tropical disturbance, according to Reuters while Chevron removes non-essential staff.
  • Near record speculative short oil positions have been driven by soft fundamentals and concerns of an OPEC+ price war, according to Bank of America.
  • Russia’s crude processing is on track to reach the lowest weekly level since late June with an average of 5.28mb/d during Sept. 12-18, sources told Bloomberg.