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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WCS Discount to WTI Widened on Whitening Outage

OIL

Western Canadian Select’s discount to WTI widened to $18.60/bbl from $18.10/bbl yesterday following the outage at BP’s Whitening refinery, according to person familiar and General Index prices quoted on Bloomberg.

  • The discount widened to as much as $19/bbl after shutdown, the person said.
  • BP is planning to restart units at the 435kbpd Whiting, Indiana, refinery today – the largest US Midwest refinery - after a power outage led the company to shut down operations, the firm said, cited by Argusmedia. The refiner expects power to be restored to the plant by 11:00pm ET Friday before restarting, the City of Whiting said in a statement this evening, citing BP officials.
  • The refinery is one of the largest consumers of Canadian heavy crude in the region.
  • WCS prices have already weakened earlier this week as the Trans Mountain pipeline expansion faced another delay due to technical issues.
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