MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1728 Thurs; -0.64% Y/Y

MNI: EUROZONE JAN IP +0.8% M/M, +0% Y/Y

MNI: SWEDEN FINAL FEB CPIF +2.9% Y/Y

MNI: US FEB TREASURY BUDGET -$307.0B

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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OIL: Oil Summary At European Close: Crude Rises

OIL
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Crude prices are higher today as the market weighs tariff threats by the Trump administration and concerns for global demand over a potential China/US trade war. 

  • Brent APR 25 up 1.4% at 75.74$/bbl
  • WTI MAR 25 up 1.7% at 72.22$/bbl
  • US President Trump said that 25% tariffs on all steel and aluminium imports would be announced on Monday. These could impact investment in the US energy sector, particularly for drillers, who require a certain type of steel, according to Bloomberg.
  • China’s retaliatory measures for 10-15% tariffs on imports of US oil and gas have come into effect today, in response to the US 10% tariff on all imports from China.
  • Trump said on Sunday that he had spoken to Russian President Putin about ending the war in Ukraine and that “it’s going to end”. A Kremlin spokesman said he could neither confirm nor deny that a conversation had taken place.
  • Ramped up sanctions on Iran are resulting in building Iranian barrels at sea and harsher Russian restrictions are supportive of crude markets.
  • Russia’s crude production slipped marginally below OPEC+ quotas in January according to sources speaking with Bloomberg.
  • Small group of European countries holding talks on large-scale seizures of Russian tankers in Baltic Sea, Politico reports.
  • The new U.S. administration can lower domestic energy prices by helping to lower the cost of operations according to the U.S. Energy Secretary.
  • Iraq has followed Saudi Arabia in raising official selling prices for Asian buyers for March.
  • Saudi Aramco will supply approximately 41mbbl of crude oil to China for March loading, according to Bloomberg sources.
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Crude prices are higher today as the market weighs tariff threats by the Trump administration and concerns for global demand over a potential China/US trade war. 

  • Brent APR 25 up 1.4% at 75.74$/bbl
  • WTI MAR 25 up 1.7% at 72.22$/bbl
  • US President Trump said that 25% tariffs on all steel and aluminium imports would be announced on Monday. These could impact investment in the US energy sector, particularly for drillers, who require a certain type of steel, according to Bloomberg.
  • China’s retaliatory measures for 10-15% tariffs on imports of US oil and gas have come into effect today, in response to the US 10% tariff on all imports from China.
  • Trump said on Sunday that he had spoken to Russian President Putin about ending the war in Ukraine and that “it’s going to end”. A Kremlin spokesman said he could neither confirm nor deny that a conversation had taken place.
  • Ramped up sanctions on Iran are resulting in building Iranian barrels at sea and harsher Russian restrictions are supportive of crude markets.
  • Russia’s crude production slipped marginally below OPEC+ quotas in January according to sources speaking with Bloomberg.
  • Small group of European countries holding talks on large-scale seizures of Russian tankers in Baltic Sea, Politico reports.
  • The new U.S. administration can lower domestic energy prices by helping to lower the cost of operations according to the U.S. Energy Secretary.
  • Iraq has followed Saudi Arabia in raising official selling prices for Asian buyers for March.
  • Saudi Aramco will supply approximately 41mbbl of crude oil to China for March loading, according to Bloomberg sources.