MNI China Daily Summary: Wednesday, December 11

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CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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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Russian Refinery Runs Supported By High Margins: FGE

REFINING

Russian oil refinery runs are not expected to decline beyond normal seasonal maintenance with support from high margins according to FGE.

  • “The combination of lower feedstock costs for crude and a wider group of potential international buyers for Russian products — notably middle distillates — will keep Russian refinery margins high”.
  • There are more interested buyers for Russian middle distillates supplies than for crude. FSU Q2 3023 runs are forecast to fall by 350kb/d compared to elevated January levels mainly due to seasonal maintenance.
  • They see considerable crude options for China particularly with availability of Venezuelan and Iranian grades growing.
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