© 1982-2022 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial
US TSYS

Cheapening On Chinese PMIs

AUD

A$ Back To Flat

CHINA RATES

China Repo Rates Rise on Thursday

CHINA PRESS

China Local Bond Sales Peak In June-Journal

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Trending Top 5
Topics

A Little Higher In Asia

OIL
EM BulletFixed IncomeCommoditiesEquitiesBulletMarketsEmerging MarketsForeign Exchange

WTI is ~+$1.00 and Brent is ~+$1.10, operating around the upper end of their respective ranges for Wednesday at typing.

  • Both benchmarks closed virtually unchanged on Wednesday, with familiar concerns re: demand destruction (arising from lowered global growth forecasts and China’s ongoing COVID outbreak) countering well-documented worry over tight global crude supplies.
  • Looking to China, a straightforward recovery in industrial activity seems unlikely despite a phased re-opening of factories in affected regions, with initial reports pointing to difficulties in resuming production owing to supply chain disruptions, with some factories re-entering lockdowns as well (e.g. Taiwan’s Unimicron Technology suspended production from today to Apr 27, just one day after emerging from their previous suspension on Apr 19).
  • Elsewhere, the latest round of U.S. EIA data crossed on Wednesday, showing a large, surprise drawdown in crude inventories (~8mn bbl drawdown vs WSJ median 2.2mn build) that was attributed to a surge in U.S. oil exports to over two-year highs, coming as a larger than expected drawdown in distillate stocks was observed as well. A decline in gasoline stockpiles came in largely within expectations, while Cushing hub inventories edged downwards.
  • The drawdown in crude and distillate inventories largely corroborated reports of Tuesday’s API inventory estimates of the same, while differing on gasoline and Cushing hub stockpile figures.
210 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

WTI is ~+$1.00 and Brent is ~+$1.10, operating around the upper end of their respective ranges for Wednesday at typing.

  • Both benchmarks closed virtually unchanged on Wednesday, with familiar concerns re: demand destruction (arising from lowered global growth forecasts and China’s ongoing COVID outbreak) countering well-documented worry over tight global crude supplies.
  • Looking to China, a straightforward recovery in industrial activity seems unlikely despite a phased re-opening of factories in affected regions, with initial reports pointing to difficulties in resuming production owing to supply chain disruptions, with some factories re-entering lockdowns as well (e.g. Taiwan’s Unimicron Technology suspended production from today to Apr 27, just one day after emerging from their previous suspension on Apr 19).
  • Elsewhere, the latest round of U.S. EIA data crossed on Wednesday, showing a large, surprise drawdown in crude inventories (~8mn bbl drawdown vs WSJ median 2.2mn build) that was attributed to a surge in U.S. oil exports to over two-year highs, coming as a larger than expected drawdown in distillate stocks was observed as well. A decline in gasoline stockpiles came in largely within expectations, while Cushing hub inventories edged downwards.
  • The drawdown in crude and distillate inventories largely corroborated reports of Tuesday’s API inventory estimates of the same, while differing on gasoline and Cushing hub stockpile figures.