MNI China Daily Summary: Wednesday, July 10

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CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

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Contrasting Momentum Dynamics Underscore Need For July Data

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MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Oil Products End of Day Summary: Diesel Cracks Ticking Up

OIL PRODUCTS
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Diesel cracks are headed for US close trading higher despite paring earlier gains. Cracks have gained ground as diesel outright prices have held up better than crude on the day. The latter is falling strongly on the abating geopolitical risk premium.

  • US ULSD crack up 0.2$/bbl at 24.12$/bbl
  • US gasoline crack up 0.4$/bbl at 31.86$/bbl
  • CVR Refining’s 75k b/d Wynnewood refinery in Oklahoma has begun restarting as workers assess the damage at areas affected by a fire on Sunday.
  • Europe’s diesel imports are set to surge by 30% on the month in April, driven by delayed arrivals as cargoes divert around the Cape of Good Hope, BNEF said.
  • Rusia’s Slavyansk oil refinery in Krasnodar region has been forced to suspend some operations after being damaged in a Ukrainian drone attack Tass reported on Saturday.
  • OIES estimates 300kb/d of Russian crude processing and 5% of total Russian refining capacity was lost in Q1 24 on a gross basis.
  • India received a fuel oil cargo from a Russian Sovcomflot tanker on Friday after a brief halt following stricter US led sanctions against the firm.
  • Chennai Petroleum Corp will shut some units of its operational 10.5m ton Manali refinery in Tamil Nadu for a month in July-August for maintenance.
  • Feedstock fuel oil arrivals at Ports in Shandong Province will have amounted to 1.8m mt in April, flat on the month from March, according to OilChem.
  • East Asia naphtha imports from West of Suez are set to drop in April, according to BNEF.
  • Gasoline shortages in Nigeria have persisted as the NNPC remains the sole importer of the fuel despite imports being opened to private firms late last year.
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Diesel cracks are headed for US close trading higher despite paring earlier gains. Cracks have gained ground as diesel outright prices have held up better than crude on the day. The latter is falling strongly on the abating geopolitical risk premium.

  • US ULSD crack up 0.2$/bbl at 24.12$/bbl
  • US gasoline crack up 0.4$/bbl at 31.86$/bbl
  • CVR Refining’s 75k b/d Wynnewood refinery in Oklahoma has begun restarting as workers assess the damage at areas affected by a fire on Sunday.
  • Europe’s diesel imports are set to surge by 30% on the month in April, driven by delayed arrivals as cargoes divert around the Cape of Good Hope, BNEF said.
  • Rusia’s Slavyansk oil refinery in Krasnodar region has been forced to suspend some operations after being damaged in a Ukrainian drone attack Tass reported on Saturday.
  • OIES estimates 300kb/d of Russian crude processing and 5% of total Russian refining capacity was lost in Q1 24 on a gross basis.
  • India received a fuel oil cargo from a Russian Sovcomflot tanker on Friday after a brief halt following stricter US led sanctions against the firm.
  • Chennai Petroleum Corp will shut some units of its operational 10.5m ton Manali refinery in Tamil Nadu for a month in July-August for maintenance.
  • Feedstock fuel oil arrivals at Ports in Shandong Province will have amounted to 1.8m mt in April, flat on the month from March, according to OilChem.
  • East Asia naphtha imports from West of Suez are set to drop in April, according to BNEF.
  • Gasoline shortages in Nigeria have persisted as the NNPC remains the sole importer of the fuel despite imports being opened to private firms late last year.