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

CANADA GIVING UKRAINE CAD650 MILLION OVER 3 YEARS

FED'S DALY SAYS PATIENCE IS A PRUDENT STRATEGY RIGHT NOW

MNI BRIEF: ECB “Can’t Rule Out Cuts” On Latest Info - De Cos

EZ/UK T-Bill Calendar: Germany And France To Issue On Monday

MNI: US SEP FLASH S&P MANUF PMI 48.9 (FCST 48.2); AUG 47.9

MNI: CANADIAN JUL RETAIL SALES +0.3%; SALES EX-AUTOS/PARTS +1.0%

MNI BRIEF: Canada Shows No Progress Closing Housing Shortfall

MNI BRIEF: Highlights From BOC Governor Macklem Speech

MNI BRIEF: Finance Minister Calls BOC Pause 'Welcome Relief'

Crude Eases Back from Earlier Gains Before EIA Data

OIL
BulletEnergy BulletsHomepageCommodities

Crude markets pulls back to the previous close levels ahead of an expected US inventory stocks draw.

  • Brent Nov 23 earlier reached a peak just below the first technical resistance level at 92.91$/bbl while WTI has yet to breach the psychological round number at 90$/bbl.
  • Crude times spreads are following the move lower but prices are still holding the bullish trend in place since 24 August.
  • The EIA weekly petroleum inventory data is due for release this afternoon at 15:30BST. EIA data is expected to show a draw in crude stocks with a small draw in gasoline and small build in distillates according to a Bloomberg survey. Refinery utilisation is expected to decline.
  • US CPI data earlier showed stronger than expected core services CPI. General opinion from trading desks: this morning's data does little to change Fed's policy path (no change next week but with a hawkish tone for year end if inflation percolates higher).
    • Brent NOV 23 up 0.1% at 92.12$/bbl
    • WTI OCT 23 down 0% at 88.81$/bbl
    • WTI-Brent down -0.07$/bbl at -3.99$/bbl
    • Brent NOV 23-DEC 23 down -0.02$/bbl at 0.71$/bbl
    • Brent DEC 23-DEC 24 up 0.18$/bbl at 8.09$/bbl
185 words

To read the full story

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.

Crude markets pulls back to the previous close levels ahead of an expected US inventory stocks draw.

  • Brent Nov 23 earlier reached a peak just below the first technical resistance level at 92.91$/bbl while WTI has yet to breach the psychological round number at 90$/bbl.
  • Crude times spreads are following the move lower but prices are still holding the bullish trend in place since 24 August.
  • The EIA weekly petroleum inventory data is due for release this afternoon at 15:30BST. EIA data is expected to show a draw in crude stocks with a small draw in gasoline and small build in distillates according to a Bloomberg survey. Refinery utilisation is expected to decline.
  • US CPI data earlier showed stronger than expected core services CPI. General opinion from trading desks: this morning's data does little to change Fed's policy path (no change next week but with a hawkish tone for year end if inflation percolates higher).
    • Brent NOV 23 up 0.1% at 92.12$/bbl
    • WTI OCT 23 down 0% at 88.81$/bbl
    • WTI-Brent down -0.07$/bbl at -3.99$/bbl
    • Brent NOV 23-DEC 23 down -0.02$/bbl at 0.71$/bbl
    • Brent DEC 23-DEC 24 up 0.18$/bbl at 8.09$/bbl