MNI China Daily Summary: Wednesday, Aug 28

MNI DATA TABLE: MNI China Interbank Liquidity Index (Aug) - 3

MNI DATA TABLE: MNI China Interbank Liquidity Index (Aug) - 2

MNI: PBOC Net Injects CNY19.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1216 Weds; +2.31% Y/Y

CHINA PBOC CONDUCTS CNY277.3 BILLION VIA 7-DAY REVERSE REPOS WEDS

EZ/UK Bond Supply Calendar: Slov Samurai Synd; IT, FI Thursday

US EIA: CRUDE OIL STOCKS EX SPR -0.85M TO 425.2M AUG 23 WK

US MBA: REFIS -0.1% SA; PURCH INDEX +1% SA THRU AUG 23 WK

UK: Week Ahead

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Prices Continue Falling On Low Demand And Strong Supplies

LNG

European LNG prices were down sharply on Monday due to the return to higher-than-average temperatures and stronger winds providing a boost to wind power. They fell 5.3% on Monday to EUR 36.55 to be down 13.2% in December to date, but are off the intraday low of EUR 35.92. Supplies have been steady with high pipeline flows from Norway and LNG shipments continuing to arrive.

  • An expected increase in French nuclear availability should also take some of the pressure off winter gas.
  • The market is looking to 2024 and the outlook for refilling European storage ahead of next winter.
  • US natural gas prices were down 5.6% to be 13% lower this month. Strong supplies and mild weather have been pressuring prices.
  • North Asian gas fell 1.4% on Monday to be down 2.4% in December.
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