MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1025 Weds; -5.39% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

US EIA: CRUDE OIL STOCKS EX SPR +2.74M TO 460.0M APR 12 WK

MNI: FOREIGN HOLDINGS OF CANADA SECURITIES -8.8B CAD IN FEB

ECB Underlying Inflation Metrics Support June Cut Consensus

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Oil Up As Saudi Raises Prices, Omicron Fears Subside

COMMODITIES
  • Oil futures are up 3% on the day, slowly grinding higher throughout the day in a narrow corridor after moving higher at open. It has been led by Saudi Aramco raising Jan oil prices for all crude grades to Asian and US buyers along with subsiding fears on the severity of Omicron.
  • WTI is +3.43% at $68.53. Thursday's rebound from the session low has defined $62.43 as a key short-term support, with initial support at $65.60. Resistance is seen at $69.22 (Dec 3 high) after which we could see a short-term recovery towards the low $70s.
  • Brent is +3.16% at $72.09. Similarly, the rebound from Thursday's low suggests potential for a short-term recovery that would allow an oversold condition to unwind. Next firm resistance is $74.35 (Nov 30 high), key short-term support is $65.72 (Dec 2 low).
  • Conversely, natural gas prices have continued to drop sharply, down -11.5% to $3.65 and a four-month low as record-high seasonal temperatures in the US have seen domestic stockpiles rebound.
  • Gold is down -0.1% at $1781, with attention remaining on the base of a bull channel at $1762.1 drawn off the Aug 9 low and an important support. Initial firm resistance is set $1815.6 (Nov 26 high).
Energy BulletsCommodities
Energy BulletsCommodities

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