CANADA MAY RETAILS -0.8% VS FORECAST -0.6%, PRIOR +0.6%

MNI: Canada June Retails Fall And May Biggest Drop In A Year

MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 477; GAS RIGS 103

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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

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

Crude Holds Onto Eventual Bounce Despite US Inventory Build

COMMODITIES
  • Crude oil ends a six-day losing streak, holding onto the prior move after latest EIA data showed a larger than expected crude build and another drop in refinery utilisation in the US. Gasoline cracks rallied with a pick up in demand but diesel remained lower.
  • At least 23mbbls of Russian crude and additional volumes of refined fuels have been transferred from one tanker to another in the coast of Greece since the start of the year according to tanker tracking by Bloomberg, one of a series of workarounds that traders have used to overcome EU sanctions.
  • WTI is +2.0% at $75.43, which after the recent rout is still a little way off next resistance at $80.62 (Feb 13 high). Renewed downside would see support at $73.80 (Feb 23 low).
  • Downside protection leads options activity in the CLJ3 today, with most active strikes at $70/bbl puts.
  • Brent is +2.0% at $82.21, also some way off next resistance at $86.95 (Feb 14 high). Renewed downside would see support at $80.40 (Feb 23 low).
  • Gold is -0.1% at $1823.65, off a low of $1817.58 that fleetingly cleared $1819.0 (Feb 17 low), a stronger clearance of which could open $1805.3 (2.0% 10-dma envelope).
Energy BulletsCommodities
Energy BulletsCommodities

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.