© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

TEST FROM BOC, PLEASE IGNORE

MNI: Quarter Of Emerging Economies Cut Off From Bond Market

MNI China Daily Summary: Tuesday, June 6

EZ/UK Bond Supply Calendar: UK & DE to issue, ES, FR, LT Synds

EZ/UK T-Bill Calendar: Greece & EU to issue Wednesday

BoC Data Watch

MNI: Trade Growth Sustained Through U.S.-China Fight, IMF Says

MNI BRIEF: Trudeau Blames NIMBYs For National Housing Squeeze

(RPT)MNI INTERVIEW: Fed Needs Better QE Guardrails-Fed Adviser

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
Market News Topics

Crude Continues To Slide On Demand And Supply Uncertainties

OIL
HomepageCommoditiesEnergy BulletsBulletMarketsFixed Income NewsForeign Exchange News

Oil prices slumped over 4% on Tuesday after falling around 2.5% the previous day. Brent fell 3.8% to $77.70/bbl, close to the intraday low of $76.89, and WTI -4.4% to $71.33. Continued financial concerns, demand uncertainty from both the US and China, and supply concerns have put pressure on prices. The USD index is down 0.1%.

  • WTI broke through the March 13 low of $72.30 and is now close to the bear trigger at $70.86, the December 9 low. Brent is through $78.34 and $77.76, which opens the bear trigger at $76.04, the December 12 low.
  • OPEC forecasted in its latest monthly report a small surplus in Q2 due to a seasonal pullback in demand. It expects to produce about 300kbd more than is needed even with production cuts. The surplus could be larger if Russian production remains resistant to sanctions.
  • Estonia, Poland and Lithuania are calling for the price cap on Russian oil to be reduced to $51.45 from $60 to put more pressure on Russia’s finances. The cap will be reviewed by the EU this month.
  • Supply in Kazakhstan had been cut by up to 200kbd due to maintenance but yesterday Bloomberg reported that production has resumed at its largest field.
  • API inventories rose 1.155mn barrels last week but gasoline fell 4.587mn and distillate 2.9mn, as maintenance continues to impact stockpiles.
219 words

To read the full story

Why Subscribe to

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.

Oil prices slumped over 4% on Tuesday after falling around 2.5% the previous day. Brent fell 3.8% to $77.70/bbl, close to the intraday low of $76.89, and WTI -4.4% to $71.33. Continued financial concerns, demand uncertainty from both the US and China, and supply concerns have put pressure on prices. The USD index is down 0.1%.

  • WTI broke through the March 13 low of $72.30 and is now close to the bear trigger at $70.86, the December 9 low. Brent is through $78.34 and $77.76, which opens the bear trigger at $76.04, the December 12 low.
  • OPEC forecasted in its latest monthly report a small surplus in Q2 due to a seasonal pullback in demand. It expects to produce about 300kbd more than is needed even with production cuts. The surplus could be larger if Russian production remains resistant to sanctions.
  • Estonia, Poland and Lithuania are calling for the price cap on Russian oil to be reduced to $51.45 from $60 to put more pressure on Russia’s finances. The cap will be reviewed by the EU this month.
  • Supply in Kazakhstan had been cut by up to 200kbd due to maintenance but yesterday Bloomberg reported that production has resumed at its largest field.
  • API inventories rose 1.155mn barrels last week but gasoline fell 4.587mn and distillate 2.9mn, as maintenance continues to impact stockpiles.