MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

Aircraft-Led Durables Collapse Masks Rebound In Core Orders

MNI: BELGIUM JUL BNB BUSINESS SURVEY -12.3

MNI: US Q2 GDP +2.8%

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

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Oil Products End of Day Summary: Diesel Cracks Continue Surge

OIL PRODUCTS

Gasoline and diesel crack spreads have made gains of around 20% since the start of the week, amid tighter supplies from Red Sea diversions, refinery maintenance, and drone attacks on Russian energy infrastructure. Diesel cracks surged further Feb. 9, continuing the momentum seen since Feb. 2.

  • US gasoline crack down -0.3$/bbl at 21.45$/bbl
  • US ULSD crack up 2.6$/bbl at 47.62$/bbl
  • Euroilstock: Europe 16 nations oil inventories: Crude -6mb to 420mb, Gasoline +1mb 105mb, Middle distillate -1mb to 384mb, Fuel oil +2mb to 57mb, Naphtha -1mb to 28mb
  • Nigeria’s mega Dangote refinery is expected to deliver fuel into the local market within weeks according to four Reuters sources.
  • Shell has resumed supply of crude from its Bonny export terminal to the Port Harcourt refinery, according to Zawya.
  • Ukraine claims drone attacks on two Russian refineries overnight Friday according to AFP reports.
  • A fire broke out at the Ilsky refinery in the Krasnador region based on early morning Tass reports. The fire caused by the attack has been extinguished, it added.
  • Motiva Enterprises has completed the restart of the large CDU at its 626,000 bpd Port Arthur, Texas refinery according to Reuters.
  • The gasoil front-month east-west price spread between Singapore 10 ppm sulphur gasoil swaps and ICE low sulphur gasoil futures has reached the widest discount since Nov 2022 at almost $88 per metric ton according to LSEG data.
  • US Refinery Maintenance Schedule - See PDF for the latest refinery maintenance update for the US: : https://roar-assets-auto.rbl.ms/files/59916/MNI%20US%20Refinery%20Maintenance%20Schedule%20.pdf
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