OIL PRODUCTS: China’s CDU Rates at State-Owned Refineries Rise on Week: OilChem
May-22 16:22
China’s state-owned refineries’ CDU capacity utilisation rates rose in the week to May 23, while rates at teapots fell, according to OilChem.
- Rates at state-owned refineries rose 0.80 percentage points to 73.26%.
- At state-owned refineries, crude throughput was up 96.1k mt mt on the week, according to an OilChem survey.
- Rates at independent refineries were down 0.78 percentage points on the week to 59.13%.
- Crude oil throughput in China’s independent refineries dropped 62.5k mt on the week, falling by 47.5k mt in Shandong, and 24.0k mt in Northeast China.
- Crude throughput across all of China’s refineries combined was up 33.6k mt on the week.
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Apr-22 16:22
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FOREX: Equity Recovery Helps USDJPY Stabilise, Boosted Further by Bessent
Apr-22 16:13
- Tuesday’s solid recovery for major benchmarks in the US has helped USDJPY stabilise after printing a fresh seven-month low overnight. While the psychological 140.00 mark was pierced, the pair’s selloff did fall short of the September lows, located at 139.58. These two spot references appear to have assisted the short-term recovery, with spot consolidating around the 140.70 mark, and then catching an additional bid on the latest Bessent/China headlines.
- Low liquidity moves on Monday may have exacerbated the price action for the dollar, and the powerful turnaround for risk sentiment on Tuesday might suggest that a lot of bad news was priced into the market, leaving the greenback susceptible to a short-term correction.
- For USDJPY specifically, resistance remains much further out at 143.28 initially, the April 16 high. Above here, the 20-day exponential moving average comes in just below the 145 handle.
- The Bank of Japan is expected next week to delay its forecast for when underlying inflation will reach the 2% price stability target by about half a year to fiscal 2026, while also lowering its growth outlook for FY2025, further reducing the likelihood of rate hikes, MNI understands.
US TSYS: Brief Unwind on US/China Tariff Standoff
Apr-22 16:11
- Treasuries retreated from recent highs after headlines that Tsy Sec Bessent (speaking at a JP Morgan event in DC - closed to public and media) sees the China tariff standoff as unsustainable and expects a de-escalation to occur.
- Jun'25 10Y futures had climbed to 110-30 high then retreated to 110-23.5 before bouncing back to 110-27.5 last (+1.5).
- Stocks like the possibility of de-escalation, the DJIA, SPX eminis and Nasdaq all rising to highs for the week:
- DJIA up 995.81 points (2.61%) at 39165.74
- S&P E-Mini Future up 134.5 points (2.59%) at 5319.5
- Nasdaq up 459.1 points (2.9%) at 16329.69
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