MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Oil Ending The Week Down On Demand Fears

COMMODITIES
  • Oil prices are ending the week down almost 5% as demand concerns from ongoing China lockdowns are seen to outweigh lower supply, in particular Russia with April output announced earlier in the week to be down 0.9mln bpd from March at 10.1mln bpd.
  • This has come despite US and Canadian producers not being tempted to profit from high prices, with a small increase/decrease in rig counts respectively.
  • WTI is -1.6% at $102.11 to leave it down -4.5% on the week where it’s ranged from $100.7 to $109.81, now comfortably below resistance at $109.2 (Apr 18 high) with support still formed by the 50-day EMA of $97.37.
  • Brent is -1.6% at $106.62 to leave it down -4.5% on the week. Support is seen close by at $104.65 (Apr 20 low) after which it could open the 50-day EMA of $102.56.
  • Gold meanwhile ends the week sharply softer, -0.9% on the day for -2.2% on the week at $1934.04 as Fed hike expectations drive a surge in Treasury yields (2Y up 26bps on last Fri close), taking away some of the allure of gold. Talks between the UN and Putin could be the next geopolitical trigger point.
  • With the bearish threat remaining present, it sits closer to support at the 50-day EMA of $1927.5 having fleetingly cleared it earlier. Resistance remains the bull trigger of $1998.4 (Apr 18 high).
  • Final mention for European natural gas, -5% today and -10% on the week as the EU has suggested companies could keep paying for it in euros.
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.