FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

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 Lower As Risk Pullback & Higher Output Outweigh Shipping Risks

OIL

Oil prices fell during the NY session to be down about 1.5% on the day. Growing tensions in the Red Sea supported prices through Asian and European trading but then weaker risk sentiment pushed crude lower resulting in a wide trading range. Continued robust US and Russian output is also likely weighing on prices. The dollar also rose strongly with the USD index up 0.9%.

  • WTI rose to an intraday high of $73.64/bbl before falling to a low of $70.06. It is currently down 1.6% to $70.50, below support at $70.99, December 18 low, which opens up $67.98, December 13 low. Thin trading volumes continue and are adding to volatility.
  • Brent moved above $79.00 briefly and then fell to a low of $75.60, below support at $76.00. It is down 1.4% on the day at $76.00.
  • China remains a key driver for the oil market in 2024. The increase in crude import quotas may be signalling a more optimistic outlook.
  • The 4-week average to year-end of Russia’s seaborne crude exports reached its highest level since early November, according to Bloomberg tanker-tracking data. It was around 120kbd lower than May/June but it is difficult to ascertain if it met its 300kbd commitment as it is split between crude and products. Russia has said that it will increase its cuts to 500kbd below May/June in Q1 2024.
  • According to Bloomberg the next OPEC+ meeting will be held in the first week of February.
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.