MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: FRANCE Q2 FLASH GDP +0.3% Q/Q, +1.1% Y/Y

MNI: FRANCE JUN CONSUMER SPENDING -0.5% M/M, -1% Y/Y

Australia Jun Total Dwelling Approved -6.5%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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US Gulf Coast Product Exports Lowest Since Mar 2021

OIL PRODUCTS

Gasoline and diesel exports from the US Gulf Coast have fallen to the lowest in two years with limited fuel supplies due to the heavy maintenance season.

  • Loadings in February so far have been the lowest since March 2021 at 1.14mb/d according to Kpler data compared to the recent peak of 1.83mb/d in July and Aug.
  • Exports have slowed since the winter disruption in late December due to high refinery outages. A spike in clean freight rates following EU’s ban on Russian product imports is also narrowing export arbitrages
  • Diesel and gasoline crack spreads have seen some support over the last week with the tighter supplies balanced against weak demand and slightly higher inventory levels.
    • US 321 crack down -0.7$/bbl at 30.95$/bbl
    • US gasoline crack down -1.3$/bbl at 25.1$/bbl
    • US ULSD crack up 0.7$/bbl at 42.64$/bbl
    • EU Gasoline-Brent down -1.8$/bbl at 12.65$/bbl
    • EU Gasoil-Brent up 0.8$/bbl at 26.79$/bbl
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