MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

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MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1728 Thurs; -0.64% Y/Y

MNI: US FEB FINAL DEMAND PPI +0.0%, EX FOOD, ENERGY -0.1%

MNI: US JOBLESS CLAIMS -2K TO 220K IN MAR 08 WK

MNI: CANADIAN JAN BUILDING PERMITS -3.2% MOM

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

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OIL PRODUCTS: Oil Products End of Day Summary: Cracks Lose Ground

OIL PRODUCTS
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US product cracks reversed earlier gains to lose ground today, with diesel dropping amidst an unexpected build in distillates and a large drop in implied demand. 

  • EIA Weekly US Petroleum Summary - w/w change week ending Feb 07: Gasoline stocks -3,035 vs Exp +545, Implied mogas demand +248, Distillate stocks +135 vs Exp -1,478, Implied dist demand -914
  • The Dangote refinery’s utilisation rate should reach 65% by Q4, with Euro VI-grade gasoline production commencing in Q2, Kpler said.
  • Russian refinery runs seen close to last year’s level, or slightly above, Interfax reports, citing Deputy PM Alexander Novak.
  • Refinery runs could grow compared to 2024 given that early last year there were more incidents at Russian refineries than now, Novak said.
  • Oil petroleum production in Russia remains stable despite attacks and subsequent unscheduled repairs at a number of refineries in the country, Deputy PM Alexander Novak said, cited by Interfax.
  • Russia's 300kb/d Volgograd oil refinery gradually resumes processing to more than half of capacity after a halt in operations following a Ukrainian drone attack on February 3, according to Reuters sources.
  • Port of Fujairah oil product stocks climbed 10% in the week ended Feb 10 according to FOIZ data.
  • MNI COMMODITY WEEKLY: https://enews.marketnews.com/ct/x/pjJsdgDexu4I6a1hIUt0Tw~k1zZ8KXr-kA8x67HDMemptIPjO1OcQ
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US product cracks reversed earlier gains to lose ground today, with diesel dropping amidst an unexpected build in distillates and a large drop in implied demand. 

  • EIA Weekly US Petroleum Summary - w/w change week ending Feb 07: Gasoline stocks -3,035 vs Exp +545, Implied mogas demand +248, Distillate stocks +135 vs Exp -1,478, Implied dist demand -914
  • The Dangote refinery’s utilisation rate should reach 65% by Q4, with Euro VI-grade gasoline production commencing in Q2, Kpler said.
  • Russian refinery runs seen close to last year’s level, or slightly above, Interfax reports, citing Deputy PM Alexander Novak.
  • Refinery runs could grow compared to 2024 given that early last year there were more incidents at Russian refineries than now, Novak said.
  • Oil petroleum production in Russia remains stable despite attacks and subsequent unscheduled repairs at a number of refineries in the country, Deputy PM Alexander Novak said, cited by Interfax.
  • Russia's 300kb/d Volgograd oil refinery gradually resumes processing to more than half of capacity after a halt in operations following a Ukrainian drone attack on February 3, according to Reuters sources.
  • Port of Fujairah oil product stocks climbed 10% in the week ended Feb 10 according to FOIZ data.
  • MNI COMMODITY WEEKLY: https://enews.marketnews.com/ct/x/pjJsdgDexu4I6a1hIUt0Tw~k1zZ8KXr-kA8x67HDMemptIPjO1OcQ