MNI China Daily Summary: Monday, October 14

MNI BRIEF: China Sep M2 Rises To Four-Month High

MNI BRIEF: China Foreign Trade Grow Steady; Exports +4.3% YTD

MNI BRIEF: China Foreign Trade Facing Pressure In Q4

CHINA YTD NEW LOANS CNY16.0 TRLN VS MEDIAN CNY16.3 TRLN: PBOC

CHINA SEP EXPORTS +2.4% Y/Y VS MEDIAN +6.0% Y/Y: CUSTOMS

EZ/UK Bond Supply Calendar: Luxembourg Synd; UK, FI Due Tuesday

MNI: CHINA YTD EXPORTS +6.2% Y/Y IN YUAN TERM: CUSTOMS

MNI BRIEF: China Sep CPI Slows To 0.4% Y/Y On Base Effects

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

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OIL PRODUCTS: Oil Products Summary at European Close: Cracks Fall Back

OIL PRODUCTS
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US gasoline and diesel cracks are losing ground, tracking the sharp fall in crude on the day.

  • US gasoline crack down 0.2$/bbl at 13.01$/bbl
  • US ULSD crack down 0.6$/bbl at 22.63$/bbl
  • US gasoline demand fell by 1.7% last week w/w according to GasBuddy.
  • The European People's Party (EPP) has urged the EU to revise its 2035 ban on new combustion engine cars due to a crisis in the auto industry.
  • In the U.S., Hurricane Milton intensified into a Category 5 storm on its way to Florida after forcing at least one Chevron oil and gas platform in the Gulf of Mexico to shut on Monday. It has resulted in significant gasoline panic buying in PADD 1 according to GasBuddy.
  • China’s diesel and gasoline production is expected to keep falling in Q4 due to weak demand and low margins according to JLC.
  • Russia’s average primary oil-refining fell to 5.06mb/d in the first two days of October according to a Bloomberg sources – the lowest processing rate since mid-March.
  • Russian oil firms have been discussing a diesel exports ban for firms who do not produce the fuel as the companies may lose out on subsidies in the form of so-called damper payments Interfax reported.
  • China’s implied refinery runs remained above the 15mb/d mark in September - reaching 15.3mb/d - just below August’s YTD high, driven by stronger domestic fuel demand during the autumn season according to Vortexa.
  • Global airline passenger capacity is set to decline to 116.46m seats in the seven days commencing from Oct. 07, OAG said.
  • Brazil’s full-year 2024 diesel consumption is set to slightly increase in Brazil, despite weaker expectations for agricultural production, which hit record levels in H1 2023, Platts said.
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US gasoline and diesel cracks are losing ground, tracking the sharp fall in crude on the day.

  • US gasoline crack down 0.2$/bbl at 13.01$/bbl
  • US ULSD crack down 0.6$/bbl at 22.63$/bbl
  • US gasoline demand fell by 1.7% last week w/w according to GasBuddy.
  • The European People's Party (EPP) has urged the EU to revise its 2035 ban on new combustion engine cars due to a crisis in the auto industry.
  • In the U.S., Hurricane Milton intensified into a Category 5 storm on its way to Florida after forcing at least one Chevron oil and gas platform in the Gulf of Mexico to shut on Monday. It has resulted in significant gasoline panic buying in PADD 1 according to GasBuddy.
  • China’s diesel and gasoline production is expected to keep falling in Q4 due to weak demand and low margins according to JLC.
  • Russia’s average primary oil-refining fell to 5.06mb/d in the first two days of October according to a Bloomberg sources – the lowest processing rate since mid-March.
  • Russian oil firms have been discussing a diesel exports ban for firms who do not produce the fuel as the companies may lose out on subsidies in the form of so-called damper payments Interfax reported.
  • China’s implied refinery runs remained above the 15mb/d mark in September - reaching 15.3mb/d - just below August’s YTD high, driven by stronger domestic fuel demand during the autumn season according to Vortexa.
  • Global airline passenger capacity is set to decline to 116.46m seats in the seven days commencing from Oct. 07, OAG said.
  • Brazil’s full-year 2024 diesel consumption is set to slightly increase in Brazil, despite weaker expectations for agricultural production, which hit record levels in H1 2023, Platts said.