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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.
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Free AccessCrude Little Changed, As Supply Concerns Offset Risks
MNI (Australia) - Oil prices are little changed during APAC trading today thus holding onto Wednesday’s losses. Brent remains below $80 at $79.75/bbl and WTI is just above $74. The weaker dollar (USD index -0.2%) and risks to shipping in the Red Sea are supporting prices but higher US inventories are weighing on them given the market remains concerned about excess supply.
- WTI’s 50-day average is hovering around the 200-day, which if they cross will be seen as bearish. WTI is down 2.6% this month and Brent -1.4%.
- Sinopec expects China’s product demand growth to ease to 1.7% in 2024 from 16.1% in 2023, which had been boosted by post-Covid demand, according to Bloomberg. Gasoline is forecast at 1.6% compared with 23% and diesel flat vs 3.1%. Demand for refining should increase 3% after 10% this year. The peak in crude demand is forecast for 2027.
- Bloomberg reported a US crude inventory build of 1.84mn barrels in the latest week after almost a million the week before, according to people familiar with the API data. Gasoline stocks fell 482k but distillate rose 272k. The official EIA data is out today.
- Later US November trade data and weekly jobless claims print.
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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.