MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

MNI BRIEF: Brazil Annual Inflation Rises To 4.87% In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

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: WTI/Brent Narrows on Curtailed Supply and Strong Demand at Cushing: Sparta

OIL

The WTI/Brent spread has been narrowing as WTI in Cushing prices higher on curtailed supply and strong regional demand, according to Sparta Commodities.

  • PADD-3 intakes were hit less than expected from Hurricane Beryl, and crude exports saw little reduction.
  • The narrowing WTI/Brent spread was expected to negatively impact the relative economics for WTI. However, the US remains the cheapest source of West of Suez light-sweet crude for Asia due to softer prompt FOB prices for waterborne WTI and due to higher North Sea and WAF crude markets.
  • Physical differentials for WTI and freight loading from USGC could pick up with WTI attractive to ship both East and West.
  • Cushing inventory draws are expected to continue through the summer amid WTI curve backwardation.
  • North Sea could strengthen through the remainder of Q3. Johan Sverdrup remains a sought-after grade for buyers in the East when the opportunity arises.
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