MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI INTERVIEW2: Policy Lag Justifies Faster CNB Easing - Holub

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

EZ/UK Bond Supply Calendar: SlovGB Auction Monday

US EIA:NAT GAS STORAGE -62 BCF TO 1,698 BCF MAR 07 WK

MNI: US FEB FINAL DEMAND PPI +0.0%, EX FOOD, ENERGY -0.1%

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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OIL: Trade Tensions Threatening Oil Demand As OPEC+ Boosts Output: IEA

OIL
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Trade tensions are threatening oil demand as OPEC+ boosts supply, according to latest IEA report. 

  • The IEA expects oil demand of 103.9m b/d this year, representing a 100k b/d downward revision to last month’s forecast, citing a deterioration in macroeconomic conditions amidst rising trade tensions.
  • The IEA’s current balance suggests that supply may exceed demand by 600k b/d this year.
  • If OPEC+ extends the unwinding of output cuts beyond April, without reining in supply from overproducing members, another 400k b/d could be added to the market, the IEA said.
  • Asia is expected to account for almost 60% of demand gains this year, led by China, where petrochemical feedstocks will provide the entirety of growth as demand for refined fuels plateau. 
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Trade tensions are threatening oil demand as OPEC+ boosts supply, according to latest IEA report. 

  • The IEA expects oil demand of 103.9m b/d this year, representing a 100k b/d downward revision to last month’s forecast, citing a deterioration in macroeconomic conditions amidst rising trade tensions.
  • The IEA’s current balance suggests that supply may exceed demand by 600k b/d this year.
  • If OPEC+ extends the unwinding of output cuts beyond April, without reining in supply from overproducing members, another 400k b/d could be added to the market, the IEA said.
  • Asia is expected to account for almost 60% of demand gains this year, led by China, where petrochemical feedstocks will provide the entirety of growth as demand for refined fuels plateau.