DALY SEES 'NO URGENCY TO ADJUST THE POLICY RATE'

MNI BRIEF: Fed’s Collins Sees Rate Cuts Later Than Had Thought

MNI BRIEF: China March M2 Slows More Than Expected

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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

Crude Eases Lower Before EIA Data and WTI Open Interest Increases

OIL

Crude futures prices are edging slightly lower before the latest EIA inventory data release and after the JMMC as expected recommend no changes to OPEC production targets.

  • US petroleum inventory data due for release at 15:30GMT is expected to show another Cushing build and a gradual recovery in refinery utilisation. Crude and distillate stocks are expected to show a small draw and gasoline inventories are expected to build.
  • WTI crude oil aggregate open interest continues to increase but ICE Brent open interest has levelled off. Nymex WTI aggregate open interest has increase to 1.73m contracts from 1.4m in December. Open WTI positions were up at 2.5m at the start of 2021.
  • ICE Brent open interest increased strongly during the first half of January but has remained steady since 19 Jan with aggregate open interest today at 2.14m. Interest remains well below the peak of 2.79m in early 2021.
    • Brent APR 23 down -0.7% at 84.9$/bbl
    • WTI MAR 23 down -0.4% at 78.59$/bbl
    • Brent APR 23-MAY 23 down -0.05$/bbl at 0.24$/bbl
    • Brent JUN 23-DEC 23 down -0.08$/bbl at 2.88$/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.