MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Japan Nov CGPI Rises 3.7% Y/Y, Import Prices Drop

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI China Daily Summary: Tuesday, December 10

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.14B BSL

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

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 Holds Within Range Amid Further Russia Drone Attacks

OIL

Crude front month futures continue to trade within the $80.7/bbl to $84.3/bbl range seen over the last month with little change yesterday following the US CPI data and industry reports. Brent is pulling back from a high of $82.6/bbl earlier today amid broader USD strength and potential for higher interest rates following the US CPI print.

    • Brent MAY 24 up 0.4% at 82.21$/bbl
    • WTI APR 24 up 0.4% at 77.85$/bbl
    • Gasoil APR 24 up 0% at 807.75$/mt
    • WTI-Brent up 0.03$/bbl at -4.66$/bbl
  • Another fire and possible drone attacks was reported on an oil refinery in Russia’s Ryzan region. The latest attack follows on from similar strikes on infrastructure yesterday. Lukoil’s 340kbpd Norsi refinery shut the main CDU yesterday, meaning at least half of the refinery’s production is halted.
  • OPEC Monthly Oil Market Report maintained its oil demand growth forecasts for 2024 at 2.25mbpd this year. OPEC raised oil output 200kbpd to 26.6mbpd in February, it also overshot its production target by 200kbpd.
  • The EIA STEO forecast a supply deficit of 0.26m b/d in 2024 and a surplus of 0.36m b/d in 2025. Brent crude oil price forecast is seen at $87/bbl in 2024 and at $84.80/bbl in 2025.
    • Brent MAY 24-JUN 24 unchanged at 0.46$/bbl
    • Brent JUN 24-DEC 24 up 0.1$/bbl at 3.4$/bbl
  • Crude time spreads are also holding steady after seeing a pull back over the last week, although the curve remains in strong backwardation suggesting tighter market conditions.
  • Gasoline cracks spreads rallied yesterday to the highest closing level since August. Upside comes from refinery outages and signs of tightening supply as summer driving season approaches. API data showed further draws in US gasoline and distillates stocks last week.
    • US gasoline crack up 0.1$/bbl at 31.31$/bbl
    • US ULSD crack up 0.3$/bbl at 32.63$/bbl
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.