MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

MNI: China CFETS Yuan Index Down 0.36% In Week of Dec 6

MNI: PBOC Net Injects CNY13.8 Bln via OMO Monday

MNI BRIEF: PBOC Increases Gold Reserves

CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

Crude Extends Decline After Large API US Stocks Build

OIL

Crude markets are extending a decline from yesterday towards the front month Brent low from last week of 85.06$/bbl. Market volatility remains subdued with geopolitical risks, potential Fed easing this year and expectation of a market deficit in Q2 due to tighter supply weighed against demand uncertainty in China and non-compliance with OPEC+ quotas.

    • Brent MAY 24 down 1.1% at 85.33$/bbl
    • WTI MAY 24 down 1% at 80.79$/bbl
    • Gasoil APR 24 down 1.2% at 807.75$/mt
    • WTI-Brent up 0.04$/bbl at -4.53$/bbl
  • Strong US supply also weighs on prices with API data yesterday suggesting another significant crude stock build of 9.34mbbl last week according to Bloomberg. Data also showed gasoline inventories fell 4.4mbbl suggesting a decline for an eight week while distillates stocks increased slightly by 0.5mbbl. The official EIA weekly petroleum data is out later today.
  • OPEC+ is unlikely to make any output policy changes until the next full OPEC+ ministerial meeting in June, three OPEC sources told Reuters.
  • India has stopped buying Venezuelan oil because of the possibility that the US waiver of sanctions on Venezuela won’t be renewed according to Bloomberg.
    • Brent MAY 24-JUN 24 down 0.06$/bbl at 0.56$/bbl
    • Brent JUN 24-DEC 24 down 0.19$/bbl at 3.93$/bbl
  • Diesel and gasoline cracks have steadied after a drop yesterday amid a recovery in US refining and weak seasonal demand. The US diesel crack spread is the lowest since June 2023, but gasoline cracks are seeing more support with demand increasing ahead of the summer driving season.
    • US gasoline crack down 0.1$/bbl at 31.13$/bbl
    • US ULSD crack up 0$/bbl at 28.13$/bbl
HomepageCommoditiesEnergy BulletsBullet
HomepageCommoditiesEnergy BulletsBullet

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.