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Free AccessCrude Dips with Stronger Dollar After US CPI Data
Crude dips in volatile trading in reaction to the updated US CPI data with a stronger USD and Fed swaps suggesting lower odds of March and May US rate cuts.
- Front month crude earlier spiked but remains within yesterday’s range after the hijack by Iranian military on an oil tanker carrying Iraqi crude oil to Turkey.
- CPI data for Dec'23: Unrounded % M/M (SA): Headline 0.303%; Core: 0.309% (from 0.285%), Unrounded % Y/Y (NSA): Headline 3.352%; Core: 3.93% (from 4.007%)
- Near term crude spread continue to rally supported by supply risks from the Middle East tensions. The WTI-Brent spread is holding steady around -5.4$/bbl.
- Brent MAR 24 up 1.6% at 78.01$/bbl
- WTI FEB 24 up 1.6% at 72.52$/bbl
- WTI-Brent down -0.06$/bbl at -5.43$/bbl
- WTI FEB 24-MAR 24 up 0.01$/bbl at -0.06$/bbl
- WTI JUN 24-DEC 24 up 0.14$/bbl at 1.78$/bbl
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Why 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.