MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI: US Q2 GDP +2.8%

MNI: US JOBLESS CLAIMS -10K TO 235K IN JUL 20 WK

MNI:US JUN DURABLE NEW ORDERS -6.6%; EX-TRANSPORTATION +0.5%

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

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Volatile Energy Markets Expected for Years: Vitol

ENERGY

The energy market will be for volatile for years to come without the ability to cope with supply and demand shocks, according to head of Vitol in North America, Ben Marshall.

  • Alternative energy supplies can’t keep up with the drive to decarbonise which is limiting hydrocarbon production. Depleted US strategic petroleum reserves has removed a key cushion for energy markets.
  • “The next five to ten years will be volatile as we run out of shock absorbers.” Marshall said on Monday.
  • Oil product supplies could tighten further due to a declining refining sector in the Atlantic basin and when additional sanctions against Russian fuels start on 5 Feb Marshall added.
  • Vitol expects supplies of LNG to remain limited with new US terminals not expected until 2025 and may not all materialise.
  • Many projects have not yet reached the final investment decision although some are expected in Q1 2023. “The reality is that inflation, hydrocarbon policies, and challenging financial markets are putting a lot of pressure on these projects,” Marshall said.
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