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 Futures/Precious Metals Surge Amid Weaker USD Backdrop

COMMODITIES
  • Crude oil prices have rallied sharply on Tuesday, despite easing from their intraday highs in late trade. Price action was unable to breach last Friday’s highs, residing just above the $77 mark for WTI. Crude is rebounding amid the ongoing weakness for the US dollar and is also finding support from uncertainty over the upcoming OPEC+ meeting and potential further supply cuts, coupled with lower output from Kazakhstan as storms impact CPC loadings.
  • OPEC+ talks on oil policy are difficult, making a further delay or a rollover possible according to four OPEC+ sources cited by Reuters.
  • For Natural Gas, Henry Hub plummeted once again near US close and is trading just above its intraday low of $2.683/MMBtu. It is set for its lowest closing level since late September. Record domestic production is adding to healthy storage and an expected drop in demand next week due to a warning weather forecast.
  • In precious metals, some dovish leaning Fed comments and the associated weaker greenback has prompted a strong 1.4% rally for both spot gold and silver.
  • Spot gold extends its impressive run to trade at the highest level since May and significantly narrow the ga with the year’s highs at $2,063. Analysts appear to remain bullish on the yellow metal with strategists at Bank of America, stating they believe gold could finish 2024 at $2,400 per ounce, if earlier Fed rate cuts were to manifest.
  • Mining weekly reported that in their recently published Metals and Mining Outlook for 2024, the BofA analysts said that while the war in the Middle East has boosted gold in the near term, “the yellow metal ultimately remains a trade on rates, so once the Fed announces a decisive end to the hiking cycle in 2Q, new buyers should come into the market.”
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