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CROSS ASSET: Bonds Look Through Pullback In Oil

CROSS ASSET
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No real support for bonds derived from a ~$2 fall in crude oil futures.

  • Market disappointment with the Chinese MoF press conference, a downtick in Chinese oil imports in the monthly trade data (alongside a narrower-than-expected trade surplus) and OPEC’s latest mark lower to its global oil demand estimates weigh on crude today.
  • Still, pullbacks remain relatively shallow in the grander scheme of things, with Thursday’s lows intact in both WTI & Brent.
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No real support for bonds derived from a ~$2 fall in crude oil futures.

  • Market disappointment with the Chinese MoF press conference, a downtick in Chinese oil imports in the monthly trade data (alongside a narrower-than-expected trade surplus) and OPEC’s latest mark lower to its global oil demand estimates weigh on crude today.
  • Still, pullbacks remain relatively shallow in the grander scheme of things, with Thursday’s lows intact in both WTI & Brent.