NORGES: RATES PROBABLY AT CURRENT LEVEL QUITE SOME TIME

RATES MAY NEED TO BE ON HOLD LONGER THAN ENVISIONED: NORGES

MNI: NORGES BANK LEAVES RATES UNCHANGED AT 4.50%

MNI WATCH: CNB Seen Cutting 50Bps to 5.25%, Signal Slower Pace

MNI China Daily Summary: Tuesday, April 30

MNI BRIEF: China To Keep Tackling Risks In Real Estate, Debts

MNI: BAKER HUGHES US RIG COUNT 605; OIL RIGS 499; GAS RIGS 102

BoE Data Watch

RBA Data Watch

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

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

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

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Crude Erases Some Gains

OIL

Crude has erased earlier gains. It briefly returned to trading down on the day, following Baker Hughes data showing an increased US rig count, but has since moved back positive.

  • WTI FEB 24 up 0.1% at 71.85$/bbl
  • Strong non-OPEC+ supply is adding downward pressure to the market. Meanwhile, scepticism around OPEC’s ability to enforce its output cuts is failing to give prices support.
  • Pressure on shipping in the Red Sea has eased slightly, although tensions remain. Several large shippers have either returned or are intending to return to the region.
  • The US is trying to reassure shipping companies that the task force to protect the Red Sea route is making it safe to transit despite the threat of Houthi rebel attacks.
Energy BulletsCommodities
Energy BulletsCommodities

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