MNI BRIEF: China June CPI Hits Three Month Low

RBNZ MPC SAYS OCR "HAS SIGNIFICANTLY REDUCED CPI"

MNI: RBNZ LEAVES OCR AT 5.5%

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

Headline CPI Ticks Down To 0.2% Y/Y, PPI In Line

CHINA JUNE FOOD PRICES -2.1% Y/Y VS -2.0% Y/Y MAY

CHINA JUNE CPI +0.2% Y/Y VS MEDIAN +0.4%; MAY +0.3% Y/Y: NBS

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 Products End of Day Summary: Cracks Creep Up

OIL PRODUCTS

Gasoline and diesel cracks are up on the day, although have softened during US hours. Diesel cracks remain weak having hit their lowest level since mid-July yesterday. Weekly (Sun-Sat) US gasoline demand fell 0.2% but was 1.1% above the average of the last four weeks at 8.518m b/d according to GasBuddy.

  • US gasoline crack up 1.2$/bbl at 16.93$/bbl
  • US ULSD crack up 0.2$/bbl at 35.7$/bbl
  • China has raised its 2024 fuel oil import quota to 20mn tons for non-state refiners, up from 19.2mn tons for 2023 according to the Ministry of Commerce.
  • Exports of gasoline, gasoil, and kerosene from China in November rose by 7% on the month to 3.64m mt, according to OilChem, citing GACC data.
  • Fujairah Oil product stocks as of Dec. 25 were 17.336m bbl, down 7.7% on the week, according to Platts, citing data from the Fujairah Oil Industry Zone (FOIZ).
  • Fujairah prices ($/b) were as follows (Change on the week) - Gasoline 95 unleaded: 97.01 (-1.01), kerosene: 100.30 (+0.24), ULSD: 98.45 (+0.92), HSFO ($/mt): 395.39 (+15.38).
  • New production of naphtha from recently opened Middle East refineries will add further downside to refining margins in 2024, according to Argus.
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