Free Trial

Crude Finds Further Strength

OIL

Crude has extended gains this morning, following momentum yesterday as the EIA announced falling crude and distillate stockpiles in the US last week.

  • Inventory figures also showed stronger draws than anticipated in the Middle East and Europe this week.
  • A weaker dollar and continued optimism about the return of Chinese demand remain as a supportive backdrop as well as signs that Russian crude flows have fallen off the market following the EU oil import ban and G7 oil cap.
  • Traffic congestion indicators in China have however thrown caution to crude recovery upside as they show a drop off prompted by a surge in infections as the country pivots away from a zero Covid policy.
  • Brent FEB 23 up 1.7% at 83.61$/bbl
  • WTI FEB 23 up 1.7% at 79.64$/bbl

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.