MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

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

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

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

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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Prices Ease On Thin Trading, Attention On Russian Supply

OIL

Crude has been supported by increased purchases by China and the expected end of outsized Fed hikes. Both Brent and WTI are above their 50- and 100-day moving averages. Oil prices have eased today by around 0.3% to $81.37/bbl for WTI and $87.33 for Brent but have remained in a tight range of less than a dollar on thin trading due to Lunar New Year holidays. DXY has eased 0.2%.

  • Brent traded at a high of $87.82 during today’s session, testing key short-term resistance of $87.85, the January 18 high. WTI also approached its resistance at $82.38. On the downside attention is on $77.75, the 20-day EMA.
  • There is attention on Russian fuel exports as the February 5 deadline approaches for the implementation of the G7 & EU price cap. Russia has said that oil companies will need to monitor the rules surrounding the cap. International sanctions are expected to weigh on Russian drilling this year. In addition, US Treasury Secretary Yellen said that she believes it’s possible for restrictions to be extended to Russian refined products, although it would be more complicated.
  • The only data of note later are the US Chicago Fed index for December and preliminary January euro area consumer confidence. On Tuesday preliminary PMIs/ISM are published for January.
Energy BulletsCommodities
Energy BulletsCommodities

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