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

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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 Slides On Weak US Demand, Gas Volatility Continues

COMMODITIES
  • Crude oil slides despite the initial rise following OPEC+ agreeing to a small production increase of just +100k in September, helped lower by a sharp drop in US gasoline demand to sit at the lowest since Feb and more than 1mbpd below the 2015-19 average.
  • WTI is -3.2% at $91.39, through support at $94.91 (Aug 1 low) and closer to the bear trigger of $88.23 (Jul 14 low).
  • Brent is -3.2% at $97.34, also moving closer to a key short-term support at $96.7 (Jul 25 low).
  • Gold is +0.15% at $1763.3, little changed from a technical viewpoint whilst sitting above the 20-day EMA of $1748.9.
  • Natural gas meanwhile remains in focus. EU prices sees continued volatility with continued turbine back and forth on whether it can be delivered or not (NBP +2.4%, TTF -2.9%) – most recently with Gazprom saying the Western sanctions make the return of the turbine impossible.
  • Henry Hub prices in the US on the other hand surged +7% later in the session potentially coinciding with Freeport LNG’s Consent Agreement with the PHMSA plus Germany’s Uniper saying coal supplies may be limited by Rhine water levels, increasing demand for US gas in the process.
Energy BulletsCommodities
Energy BulletsCommodities

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