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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.
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Free AccessWTI Reaching For $100; Beijing Lockdown Speculation Simmers
WTI is ~+$1.10 and Brent is ~+$1.40, printing $99.60 and $103.70 respectively and operating around session highs at typing.
- To recap, both benchmarks rose from worst levels on Monday to ultimately close between ~$3.50 to ~$4 lower apiece, with downward pressure coming from elevated worry re: impacted Chinese energy demand as well as a continued rally in the USD (DXY), with the latter hitting two-year highs during the session.
- Looking to China, the COVID outbreak in the nation’s capital has expanded, with 33 fresh cases reported for Monday, spurring authorities to announce mass testing for most of Beijing’s population (~21mn). Some media reports have pointed to limited stockpiling behaviour amongst residents in preparation for a lockdown (a possible scenario given current “dynamic COVID-Zero” posture), although no such measures have been announced so far.
- Elsewhere, RTRS and BBG source reports have pointed to Russian oil giant Rosneft’s difficulty in awarding a tender for at least ~37mn bbls of Urals crude for May and June after demanding prepayment in roubles, giving a glimpse into the potential for disruptions in Russia crude supplies as European buyers continue to stay away.
- A note that this comes amidst BBG source reports of some Asian buyers shunning Russian Sokol-grade crude in the country’s east primarily over marine insurance concerns after sanctions were imposed on a Russian tanker company used to ship the crude, highlighting another possible avenue for supply disruption.
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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.