MNI BRIEF: China To Ensure Foreign Firms In Procurement

MNI: PBOC Net Drains CNY0.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1712 Thurs; -1.19% Y/Y

MNI BRIEF: China Feb LPR Remains Unchanged

MNI: Fed Can Take Time On Next Rate Cut - Jefferson

MNI China Daily Summary: Wednesday, February 19

MNI:AUSTRALIA JAN UNEMPLOYMENT RATE +4.1%

FED MINUTES: WANT FURTHER DISINFLATION BEFORE NEXT CUT

MNI: US REDBOOK: FEB STORE SALES +5.8% V YR AGO MO

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

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

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: Crude Holds Onto Gains, Sanction Developments Being Monitored

OIL
EM BulletCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

Oil prices are moderately higher after rising Monday/Tuesday on reports that OPEC is considering a further delay to output normalisation due to begin in April. Brent is flat at $75.85/bbl after an intraday high of $76.07 and WTI is 0.1% higher at $71.90/bbl following a peak of $72.11. The USD index is slightly lower.

  • With market attention currently on the supply side, US inventory data out later today is likely to be monitored closely. There has been a substantial crude build since President Trump’s inauguration as flows from Canada rose sharply to beat tariff deadlines. Also, planned refining maintenance may also contribute to higher inventories.
  • The US is tightening sanctions against Iran but oil exporters and consumers continue to find ways around them. Bloomberg reported that imports into China of Iranian crude rose 86% m/m to 1.74mbd in February with increased tanker-to-tanker transfers and other terminals. The US is aiming for Iran’s shipments to be under 10% of current levels.
  • Chevron’s exports of Venezuelan oil are also being considered by the new US administration.
  • Also on the supply side, talks have begun between the US and Russia on Ukraine but a peace is a long way off with Ukraine so far being excluded, Russia not accepting NATO peacekeepers but the US fine with them, and the G7 looking at tightening the current oil price cap on Russian exports.
  • A Ukrainian strike on a Russian pipeline is expected to reduce flows from Kazakhstan to the Black Sea by close to a third while repairs are underway, according to Bloomberg.
  • Later the FOMC meeting minutes are published and the Fed’s Jefferson speaks. In terms of data, there are January US housing starts/permits, NY Fed February services, UK January CPI/PPI and euro area December current account.
289 words

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.

Oil prices are moderately higher after rising Monday/Tuesday on reports that OPEC is considering a further delay to output normalisation due to begin in April. Brent is flat at $75.85/bbl after an intraday high of $76.07 and WTI is 0.1% higher at $71.90/bbl following a peak of $72.11. The USD index is slightly lower.

  • With market attention currently on the supply side, US inventory data out later today is likely to be monitored closely. There has been a substantial crude build since President Trump’s inauguration as flows from Canada rose sharply to beat tariff deadlines. Also, planned refining maintenance may also contribute to higher inventories.
  • The US is tightening sanctions against Iran but oil exporters and consumers continue to find ways around them. Bloomberg reported that imports into China of Iranian crude rose 86% m/m to 1.74mbd in February with increased tanker-to-tanker transfers and other terminals. The US is aiming for Iran’s shipments to be under 10% of current levels.
  • Chevron’s exports of Venezuelan oil are also being considered by the new US administration.
  • Also on the supply side, talks have begun between the US and Russia on Ukraine but a peace is a long way off with Ukraine so far being excluded, Russia not accepting NATO peacekeepers but the US fine with them, and the G7 looking at tightening the current oil price cap on Russian exports.
  • A Ukrainian strike on a Russian pipeline is expected to reduce flows from Kazakhstan to the Black Sea by close to a third while repairs are underway, according to Bloomberg.
  • Later the FOMC meeting minutes are published and the Fed’s Jefferson speaks. In terms of data, there are January US housing starts/permits, NY Fed February services, UK January CPI/PPI and euro area December current account.