MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

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

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

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

Labour Market Continues Firming Despite Headline Unemployment Uptick

EZ/UK Bond Supply Calendar: Italy, EU Auctions, BoE APF Monday

MNI: ECB 1-YEAR CONSUMER INFLATION EXPECTATIONS 3%

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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US Diesel Exports to EU Fall After Winter Storms in Dec

DIESEL

Diesel exports from the US Gulf Coast have fallen from the peak in December after the severe cold reduced production. Diesel flows to Europe have halved so far this month to 104kbpd from 202kbpd in December according to Kpler.

  • The severe cold late in December shut in nearly 40% of Texas refining capacity and refineries are still gradually returning to operation. EIA data for week to 13 Jan showed US refinery utilisation up to 85.3% but still about 7% below pre disruption levels.
  • Shipping rates from the US Gulf Coast to Europe have dropped to their lowest level in about a year due to the reduced flows. Rates have lost about 75% of value since early December according to Baltic Exchange data.
    • US gasoline crack down -0.5$/bbl at 28.59$/bbl
    • US ULSD crack up 0.3$/bbl at 61.85$/bbl
    • EU Gasoline-Brent up 0.4$/bbl at 16.11$/bbl
    • EU Gasoil-Brent up 0.2$/bbl at 40.13$/bbl
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