MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate 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

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: GERMAN NOV CPI +2.2 % Y/Y

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

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% 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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Simple Refining Margins in NWE Negative for Most Grades: Sparta

OIL PRODUCTS

Margins for simple refining in NWE are negative for most crude grades, according to a note by Sparta Commodities’ analyst Neil Crosby, cited by Bloomberg.

  • Crosby sees simple margins for Aug. 16-20 at minus $1.10/b for Agbami, minus $1.80/b for Azeri Light, minus $2.50/b for Qua Iboe, minus 10 cents/b for Es Sider, minus $1.65/b for Saharan Blend, and minus $2.25/b for BTC Blend.
  • If these figures are representative of the marginal barrel of throughput, then product cracks will have to rise slightly before crude demand can strengthen, Crosby said.
  • Complex refinery margins have improved slightly for medium and heavy grades, but light sweet grades have deteriorated.
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