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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

US EIA:NAT GAS STORAGE +22 BCF TO 3,231 BCF JUL 19 WK

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Aircraft-Led Durables Collapse Masks Rebound In Core Orders

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

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Oil Summary at European Close: Crude Highest Since Oct

OIL

Front month Brent crude has traded through the first resistance level and is on track for the highest close since Oct. 30. Upside comes from supply concerns driven by escalating drone attacks on Russian energy infrastructure. Ongoing geopolitical risks in the Middle East are adding further support.

  • Brent MAY 24 up 0.5% at 87.35$/bbl
  • WTI APR 24 up 0.9% at 83.43$/bbl
  • Total imports by China and India of Russia-origin crude have been climbing of late and this has coincided with a plateauing of Russian crude on water, along with a decline in Sokol volumes according to Vortexa.
  • India is pulling higher volumes of US crude after tighter sanctions push buyers away from Russian grades – particularly Sokol.
  • China’s Shandong Yulong Petrochemical Co. has purchased spot crude cargoes in preparation for the start of its new 400kb/d refinery according to Bloomberg sources.
  • Unipec, in a rare move, is sending a VLCC loaded with Libyan Bu Attifel crude to Asia, according to traders and shipping data from LSEG and Kpler, while the grade is usually shipped to Europe.
  • Angola is planning to export 1.04mbpd of crude oil in May, the lowest level since April 2023, and down from 1.09mbpd planned for April, according to a provisional schedule.
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