MNI China Daily Summary: Tuesday, July 23

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CHINA PBOC CONDUCTS CNY267.3 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1334 TUES VS 7.1335

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EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

Philippine's FinSec Open To Rate Cuts, Front-End Yields Lower

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

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WTI Flows to India Climb in April: Argus

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Improved arbitrage economics and firmer demand for petrochemical feedstocks has boosted naphtha-rich WTI crude flows to India in April to a near-year high, Argus said.

  • Around 208k b/d of US light sweet WTI was exported from the USGC for India in April, according to Kpler and Vortexa data.
  • This compares to 159k b/d of India-bound exports in March from the USGC, and the highest level since May 2023.
  • Indian refiners have been boosting purchases of WTI as the grade becomes more competitive compared to similar grades such as Abu Dhabi’s Murban crude.
  • Moreover, India’s state-owned BPCL has signed a deal with BP for 1m bbl per month of WTI for four months starting in June.
  • WTI is appealing for Indian refiners as it has a higher yield of naphtha compared to Murban or WAF grades. Naphtha is around 35% of WTI’s yield, Argus said.
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Improved arbitrage economics and firmer demand for petrochemical feedstocks has boosted naphtha-rich WTI crude flows to India in April to a near-year high, Argus said.

  • Around 208k b/d of US light sweet WTI was exported from the USGC for India in April, according to Kpler and Vortexa data.
  • This compares to 159k b/d of India-bound exports in March from the USGC, and the highest level since May 2023.
  • Indian refiners have been boosting purchases of WTI as the grade becomes more competitive compared to similar grades such as Abu Dhabi’s Murban crude.
  • Moreover, India’s state-owned BPCL has signed a deal with BP for 1m bbl per month of WTI for four months starting in June.
  • WTI is appealing for Indian refiners as it has a higher yield of naphtha compared to Murban or WAF grades. Naphtha is around 35% of WTI’s yield, Argus said.