OIL: China Throughput Forecast Lowered but Daxie Start Expected in July: GL
Jul-11 07:55
China’s crude throughput growth forecast in 2025 is revised down to 1.5% from 1.8%, amid underperforming private integrated refineries, according to GL Consulting cited by Bloomberg.
- Limited downstream integration has capped run rates at the new Yulong Petrochemical, with little upside in 2H.
- CNOOC is expected to start commercial operations at the expanded Daxie refinery in late July. Final inspections were completed last month.
- Refined product exports are expected to rise to 3.89m tons in July, with 820k tons of gasoline and 620k tons of diesel, after major turnarounds completed.
- Total gasoline exports are expected to fall 14% on the year to 8.33m tons and diesel shipment to drop 11% to 7.1m tons, amid weaker fundamentals and slower inventory drawdowns.
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EGB OPTIONS: Bobl Put Fly Buyer
Jun-11 07:45
OEU5 117.25/116.75/116.50 broken put fly, bought for 10.5 in 2k.
FOREX: FX Exchange traded Roll
Jun-11 07:43
- EUR: 32% vs 28% Yesterday.
- GBP: 37% vs 24%.
- JPY: 50% vs 44%.
- CHF: 36% vs 30%.
- CAD: 33%% vs 22%.
- AUD: 41% vs 22%.
- NZD: 35% vs 31%.
- SEK: 38% vs 31%.
- NOK: 47% vs 33%.
US TSY OPTIONS: TYN5 112.00 Calls Trading Again
Jun-11 07:40
Further activity in the TYN5 112.00 calls, with another 4K trading at 0-02, initially triggered by a buyer (again). Total volume in the contract now at ~15K on the day, with the previously covered 8K block buy at 0-02 headlining.
