MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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 Products End of Day Summary: Gasoline Cracks See Late Jump

OIL PRODUCTS

Gasoline cracks regained ground to be trading positive near US close, adding to yesterday’s gains. U.S. retail gasoline demand saw an increase of 2.0% for the week ending December 16 (Sun-Sat), according to GasBuddy.

  • RBOB JAN 24 up 1.6% at 2.19$/gal
  • US gasoline crack up 0.1$/bbl at 18.76$/bbl
  • Gasoil JAN 24 up 0.4% at 788.75$/mt
  • US ULSD crack up 0.4$/bbl at 40.5$/bbl
  • US gasoline average pump prices are down 5.3 cents/gal from the previous week’s average to be $3.057/gal, according to GasBuddy.
  • China’s refined oil exports were 3.64m mt, up 6.7% on the month but down 24.8% on the year, according to GACC data, cited by OilChem.
  • Diesel and gasoline crack spreads have eased back after yesterday’s increase following the rally in wider oil markets.
  • Rising demand for air travel during winter is boosting refinery margins for jet fuel, according to Bloomberg.
  • Global jet fuel demand is likely to exceed pre-pandemic levels in H1 2024, according to Argus.
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