Free Trial

Crude Little Changed, US/UK Strike Houthis

OIL

Oil prices are little changed during APAC trading today and have been moving in a narrow range. WTI is flat at $74.73/bbl, but close to its intraday high of $74.82. Brent has broken through $80 during the session but is just below at $79.97, after a high of $80.10. The USD index is 0.1% lower.

  • The US and UK hit Houthi sites on Monday in defence of commercial shipping. Ongoing geopolitical tensions in the Red Sea are providing a floor for oil prices. The market is also sensitive to any further Ukrainian attacks on Russian oil and gas infrastructure.
  • Whereas IEA forecasts of plentiful supply have been putting a lid on how far crude can rally. US industry-sourced inventories are released later today and the recent cold snap may drive a further decline as production and refining were impacted by the weather.
  • Another quiet calendar today with January US Richmond/Philly Fed indices released and euro area preliminary consumer confidence.

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.