OIL PRODUCTS: Chinese Clean Product Exports Surged Late 2022
Jan-12 10:56
Chinese clean product exports:
- Chinese refiners have exported nearly 34mt of clean fuel in 2022, with monthly exports surging to an all-time high to 6.8mt in December according to Vortexa. Exports were prompted by an unusual batch of export quotas in late September in part to spur economic activity in the refining sector.
- If the refiners continue to utilise the remaining 2022 quotas in Q1 this year, China’s product exports are likely to continue doubling year-on-year in the coming months.
- Vortexa expects the subsequent export quotas to reduce as demand recovers from Q2 as the country recovers from lockdown restrictions.
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OUTLOOK: Price Signal Summary - USDJPY Corrective Cycle Extends
Dec-13 10:50
- In FX, EURUSD is unchanged and the pair is trading closer to its recent highs. Key short-term resistance at 1.0595 is intact, the Dec 5 high. A break of this hurdle would confirm a resumption of the uptrend and open 1.0615, the Jun 27 high. Note that while price remains below 1.0595, a bear candle on Dec 5 - a shooting star - continues to highlight a possible short-term bearish threat. A move lower would open 1.0402, the 20-day EMA.
- GBPUSD trend conditions remain bullish. The pair has recently cleared the 200-dma - a bullish development. A resumption of gains would open 1.2406, the Jun 16 high. Initial support is at 1.2049, the 20-day EMA.
- USDJPY traded higher Monday. The short-term outlook is bullish and the pair remains in a corrective cycle, following the recovery from 133.63, Dec 2 low. This is allowing a recent oversold trend reading to unwind and attention is on 138.60, the 20-day EMA. On the downside, the bear trigger is unchanged at 133.63.
BELGIUM T-BILL AUCTION RESULTS: 3/11-month TCs
Dec-13 10:39
| Maturity | Mar 9, 2023 | Nov 9, 2023 |
| Amount | E1.489bln | E1.315bln |
| Target | E1.4bln | E1.2bln |
| Previous | E1.563bln | E2bln |
| Avg yield | 1.806% | 2.498% |
| Previous | 1.563% | 2.421% |
| Bid-to-cover | 1.56x | 2.69x |
| Previous | 2.63x | 1.46x |
| Previous date | Dec 06, 2022 | Nov 08, 2022 |
OUTLOOK: Price Signal Summary - EUROSTOXX50 Remain Above Support
Dec-13 10:35
- In the equity space, S&P E-Minis traded higher Monday. The recent move down is considered corrective and the uptrend that started on Oct 13 is intact. However, attention is on support at the 50-day EMA, which intersects at 3953.99. A clear break of this EMA would threaten bullish conditions and suggest potential for a deeper reversal. The bull trigger, to resume recent bullish activity, is at 4142.50.
- EUROSTOXX 50 futures trend conditions are unchanged and remain bullish - the latest pullback is still considered corrective. Recent high prints mark an extension of the uptrend that started in early October. The focus is on 4049.50, Feb 23 high (cont). First support to watch is 3903.30, the 20-day EMA. A break would signal scope for a deeper pullback.
