Free Trial

Crude Edges Further Away From Monday’s Trough

OIL

E-minis have nudged higher during Asia-Pac hours, supporting crude futures. WTI & Brent have added $0.60-0.70 vs. their respective settlement levels after a volatile Monday session ultimately saw the benchmarks shed ~$2.00, but finish well off their respective session lows. A reminder that Monday saw risk appetite dented by omicron worry (centring on Europe & the UK) and U.S. Senator Manchin putting President Biden’s BBB plan in jeopardy (note that subsequent reports have suggested that Biden & Manchin will pick up discussions re: that matter in the new year, which has supported risk appetite in Asia). The broader risk dynamic dominated on Monday, with idiosyncratic news flow headlined by RTRS sources flagging an uptick in OPEC+ overcompliance when it comes to the group’s production pact, in addition to Libyan supply headaches. The usual round of weekly API crude inventory estimates will cross later on Tuesday.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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.