MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1268 FRI VS 7.1270

MNI: BANXICO HOLDS INTERBANK RATE STEADY AT 11.00%

MNI BRIEF: Fed's Bowman Says Policy Appears To Be Restrictive

1 and 3-Year Consumer Inflation Expectations Edge Down Slightly

MNI: ECB 1-YEAR CONSUMER INFLATION EXPECTATIONS 2.8%

CORRECTION: France Flash HICP In-Line

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

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Crude Drifts Lower on Concern for Surging Covid Cases in China

OIL

MNI (London) - Crude markets are drifting lower today after volatile trading yesterday on low traded volumes and with the Brent Feb23 contract expiring today. Prices are weighed down by concerns for the global economy and rising covid cases in China as it eases covid restrictions.

    • Brent MAR 23 down -1.1% at 83.04$/bbl
    • WTI FEB 23 down -1.1% at 78.13$/bbl
    • Gasoil JAN 23 up 1.1% at 931$/mt
    • WTI-Brent up 0.02$/bbl at -4.31$/bbl
  • The easing of restrictions in China has raised the concern for the spread of covid as the US and Italy are among the nations increasing virus testing for incoming travellers from China.
  • The potential for a recovery in Chinese demand next year and lower Russian output following sanctions are supporting the forward curve backwardation. Spreads have softened slightly this week with uncertainty for the extend of the Chinese demand recovery due to the current surge in covid cases.
    • Brent MAR 23-APR 23 up 0.03$/bbl at 0.09$/bbl
    • Brent JUN 23-DEC 23 down -0.18$/bbl at 2.44$/bbl
  • The API stock data last night showed a small draw in crude and small build in product inventories ahead of the updated EIA data later today.
  • Refined product crack spreads are easing back after trending higher over the last couple of weeks as US Gulf Coast refineries restart following the winter freeze disruption. A return to full capacity could take up to two weeks for some facilities.
    • US gasoline crack down -0.5$/bbl at 20.21$/bbl
    • US ULSD crack down -0.8$/bbl at 58.25$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

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.