Free Trial
DATA REACT

US PMI Data Sounds The Recession Alarm

US TSYS

Bid on Weak PMI Set

STIR FUTURES

Another jump higher after US PMI data

COLOMBIA

JPMorgan On Colombian Economy/Petro Agenda

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

Brent back within recent traded range

OIL

Crude tested resistance levels yesterday before falling back within the recent traded range.

  • Brent JUL 22 unchanged at 111.98$/bbl
  • WTI JUN 22 up 0.5% at 112.94$/bbl
  • Gasoil JUN 22 down -2.5% at 1063$/mt
  • Late in the day prices fell as the US announced they will allow dialogue with Venezuela and allow Chevron to negotiate its license with the state oil company PDVSA. Chevron would not be permitted to drill or export Venezuelan oil.
  • Signs are that China’s covid situation may be easing and that Shanghai could start easing restrictions soon after 3 days of no new cases. Chinese demand will not however immediately recover and one area in Beijing is just entering a 7 day lockdown.
  • The US will suggest tariffs on Russia oil as an alternative to bans, as the EU struggle to reach an agreement on their proposed oil sanctions. Hungary is still opposed to the ban saying it would cost them at least $810m.
  • API data last night showed draws in crude, gasoline and at Cushing pushing WTI closer to Brent and supporting gasoline prices.
  • WTI-Brent up 0.08$/bbl at -1.83$/bbl
  • Brent JUL 22-AUG 22 down -0.06$/bbl at 2.02$/bbl
  • Brent DEC 22-DEC 23 up 0.02$/bbl at 12.19$/bbl
199 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.

Crude tested resistance levels yesterday before falling back within the recent traded range.

  • Brent JUL 22 unchanged at 111.98$/bbl
  • WTI JUN 22 up 0.5% at 112.94$/bbl
  • Gasoil JUN 22 down -2.5% at 1063$/mt
  • Late in the day prices fell as the US announced they will allow dialogue with Venezuela and allow Chevron to negotiate its license with the state oil company PDVSA. Chevron would not be permitted to drill or export Venezuelan oil.
  • Signs are that China’s covid situation may be easing and that Shanghai could start easing restrictions soon after 3 days of no new cases. Chinese demand will not however immediately recover and one area in Beijing is just entering a 7 day lockdown.
  • The US will suggest tariffs on Russia oil as an alternative to bans, as the EU struggle to reach an agreement on their proposed oil sanctions. Hungary is still opposed to the ban saying it would cost them at least $810m.
  • API data last night showed draws in crude, gasoline and at Cushing pushing WTI closer to Brent and supporting gasoline prices.
  • WTI-Brent up 0.08$/bbl at -1.83$/bbl
  • Brent JUL 22-AUG 22 down -0.06$/bbl at 2.02$/bbl
  • Brent DEC 22-DEC 23 up 0.02$/bbl at 12.19$/bbl