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Tidbits, ENSO, Gaps, Export Inspections, Markets & Rain Days Update 12/6/22


Early Monday news was China may announce ten COVID-19 easing measures as early as Wednesday, after three years of zero-tolerance measures; that news had crude oil, grains, soybeans higher yesterday morning.

Just before the price dropped late yesterday morning, the news was released that, effective today, China would cut retail gasoline and diesel prices by about $62.51 per mt to support the economy. China’s crude refineries were ordered to maintain production and facilitate transportation to ensure stable supplies. The retail price cut was viewed by the world markets as a sure sign that China’s economy was going into the dumper and, with it, the demand for crude oil and grains. The world markets ignored the order for refineries to maintain current levels of production.

But Chinese investors did not miss the point. Chinese company stocks and currency jumped on the news. Bank analysts around the world turned more bullish on China’s economic prospects as the testing and quarantine requirements are going to be reduced.

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