MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1728 Thurs; -0.64% Y/Y

US EIA:NAT GAS STORAGE -62 BCF TO 1,698 BCF MAR 07 WK

MNI: US FEB FINAL DEMAND PPI +0.0%, EX FOOD, ENERGY -0.1%

MNI: US JOBLESS CLAIMS -2K TO 220K IN MAR 08 WK

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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AMERICAS OIL: WTI crude is modestly weaker but holding onto Wednesday’s 2% gain

AMERICAS OIL
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WTI crude is modestly weaker but holding onto Wednesday’s 2% gains as firm near term demand and larger than expected US oil product stock draws are weighed against global economic growth concerns.

  • OPEC MOMR kept its world oil demand growth forecast stable at 1.45m b/d for 2025 but showed that its February output exceeded targets due to Kazakhstan significantly exceeding its quota. The IEA publishes its monthly oil report later today.
  • Kazakhstan has agreed with international oil companies to cut output in the near future however loading programs for Caspian CPC Blend are expected to remain near record highs next month.
  • Oil markets have been concerned about the impact of increased protectionism on global growth with threats of further tariffs on EU goods. Europe and Canada said they would retaliate for the US’s import duties on steel and aluminium.
  • EIA data showed a bigger than expected draw of 5.7mbbl in US gasoline stocks and higher weekly implied demand. US crude inventories rose roughly in line with expectation by 1.45mbbl with an increase in refinery runs and drop in exports back to 3.29mbpd.
  • Delek’s 73,000 b/d Big Spring, Texas, refinery reported equipment malfunction resulting in exceeding emissions quantity limits on Mar 12.
  • IEA cut its 2025 oil demand outlook as trade war threatens the economy. The March report sees global demand at 103.9m b/d in 2025 and global supply at 104.5m b/d.
  • Iran will enter direct talks with the US on equal terms only while Iran discusses a “new idea” with the IAEA to resolve nuclear concerns.
  • Gasoline cracks gained some ground yesterday with support from the EIA data while diesel cracks firmed off of supportive implied demand.
    • WTI APR 25 down 0.3% at 67.47/bbl
    • US gasoline crack up 0.3$/bbl at 22.91$/bbl
    • US ULSD crack up 0.1$/bbl at 25.11$/bbl
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WTI crude is modestly weaker but holding onto Wednesday’s 2% gains as firm near term demand and larger than expected US oil product stock draws are weighed against global economic growth concerns.

  • OPEC MOMR kept its world oil demand growth forecast stable at 1.45m b/d for 2025 but showed that its February output exceeded targets due to Kazakhstan significantly exceeding its quota. The IEA publishes its monthly oil report later today.
  • Kazakhstan has agreed with international oil companies to cut output in the near future however loading programs for Caspian CPC Blend are expected to remain near record highs next month.
  • Oil markets have been concerned about the impact of increased protectionism on global growth with threats of further tariffs on EU goods. Europe and Canada said they would retaliate for the US’s import duties on steel and aluminium.
  • EIA data showed a bigger than expected draw of 5.7mbbl in US gasoline stocks and higher weekly implied demand. US crude inventories rose roughly in line with expectation by 1.45mbbl with an increase in refinery runs and drop in exports back to 3.29mbpd.
  • Delek’s 73,000 b/d Big Spring, Texas, refinery reported equipment malfunction resulting in exceeding emissions quantity limits on Mar 12.
  • IEA cut its 2025 oil demand outlook as trade war threatens the economy. The March report sees global demand at 103.9m b/d in 2025 and global supply at 104.5m b/d.
  • Iran will enter direct talks with the US on equal terms only while Iran discusses a “new idea” with the IAEA to resolve nuclear concerns.
  • Gasoline cracks gained some ground yesterday with support from the EIA data while diesel cracks firmed off of supportive implied demand.
    • WTI APR 25 down 0.3% at 67.47/bbl
    • US gasoline crack up 0.3$/bbl at 22.91$/bbl
    • US ULSD crack up 0.1$/bbl at 25.11$/bbl