MNI BRIEF: BOE Rate Cut Closer But Still Some Way Off - Pill

MNI China Daily Summary: Tuesday, April 23

RPT-MNI INTERVIEW: Kaplan Says Loose Fiscal Is Holding Up Cut

MNI BRIEF: Hungary Central Bank Cuts To 7.75% As Expected

MNI: PBOC Conducts CNY2 Bln Via OMO Tues; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1059 Tues; -5.03% Y/Y

MNI: UK JAN-MAR MEDIAN PAY AWARDS +4.8% :XpertHR/Brightmine

Brightmine (XpertHR): Pay Deals Fall to 4.8%; Expected 5% for 2024 Overall

US Treasury Auction Calendar

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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A Touch Softer

OIL

WTI & Brent sit ~$0.50 below their respective settlement levels after finishing around neutral levels on Wednesday.

  • A reminder that Wednesday's headline DoE crude inventory data revealed a larger than expected drawdown in headline crude stocks, alongside larger than expected builds in both gasoline and distillate stocks (with all 3 readings providing wider drawdowns/builds than the weekly API equivalents, while also printing in the same direction as those equivalents). The build in the product stocks comfortably outweighed the drawdown in headline crude. Finally, stocks at the Cushing hub saw an incremental build vs. a small draw in the weekly API reading.
  • Elsewhere, Libya seem to have provided a quick fix to a leaking pipeline at the ~350K bpd Waha oilfield.
  • Finally, we should flag that the Keystone XL pipeline's developer halted all construction on the project months after its permit was revoked by the Biden admin.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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