MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

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

MNI: PBOC Sets Yuan Parity Lower At 7.1025 Weds; -5.39% Y/Y

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

US EIA: CRUDE OIL STOCKS EX SPR +2.74M TO 460.0M APR 12 WK

MNI: FOREIGN HOLDINGS OF CANADA SECURITIES -8.8B CAD IN FEB

ECB Underlying Inflation Metrics Support June Cut Consensus

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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TTF Opens Higher With Possible End to Warm Weather Next Week

NATURAL GAS

European gas opens slightly higher with weather forecasts suggesting a return towards normal temperatures in NW Europe in the second half of January. A short period of slightly below is forecast in some areas such as the UK.

    • TTF FEB 23 up 2% at 71.5€/MWh
    • TTF SUM 23 up 1.1% at 74.2€/MWh
  • Storage levels remain high with only small storage withdrawals. Concern for the ability to replenish EU stock levels during the upcoming summer is supporting the Sum23 contract above the front month.
  • Risks to supply are limiting the downside with spreads favouring LNG spot diversions to Asia but high terminal storage levels in Asia, weak Chinese demand and warm weather in Japan are limiting the impact.
  • European storage is lower today at 82.83% but still high compared to the seasonal normal of 66%.
  • LNG supplies into Europe were around 350mcm/d on 8 Jan, Norwegian imports are today nominated at 340mcm/d and Ukraine transit gas flows are 35.5mcm/d.
Energy BulletsCommodities
Energy BulletsCommodities

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